Federal Reserve regulators are taking a closer look at the effectiveness of both internal and external risk management audits at a number of banks, says board governor Mark W. Olson. Speaking at the Bank Administration Institute’s April audit, compliance and electronic security conference, Olson questioned—in view of some banks’ recent “material financial consequences”—the reliability of attestations their internal auditors have made about the adequacy of measures in place to ensure the institutions’ safety and soundness. The Fed also is reviewing the workpapers of the banks’ external auditors to see whether they reflect adequate scrutiny of risk management practices and what, if any, additional regulatory measures may be necessary to improve audit quality and maintain public and investor confidence in the institutions’ financial security. ( )


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.