Fraud


Events that contributed to the global financial crisis have led to careful examination of how securities firms protect their clients’ assets.

To help regulators improve supervision of such firms, the International Organization of Securities Commissions (IOSCO) published a consultation report, Recommendations Regarding the Protection of Client Assets.

The report, available at tinyurl.com/bntsbyw, describes eight principles to clarify the roles of regulated securities firms—called “intermediaries” in the report—and regulators in protecting clients’ assets.

Although laws to protect investing clients vary across jurisdictions, the report describes the basic responsibilities of intermediaries and regulators. Intermediaries placing client assets with third parties should reconcile the clients’ accounts and records with those of the third party, while regulators must maintain effective safeguarding of clients’ assets, according to the report.

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

News quiz: Taking an economic snapshot and looking to the future

Recent news included IRS actions that affect individuals and partnerships and a possibly influential move by a Big Four accounting firm.Take this short quiz to see how much you know about the news.