Financial Reporting


AICPA Board Chairman James G. Castellano testified in February before the House Energy and Commerce Committee in support of accounting, auditing and financial reporting reforms. He called for a modernized financial reporting model, more frequent reporting, revised accounting rules for special purpose entities, a new auditing standard enabling auditors to better detect financial statement fraud and a requirement that companies’ management ensure and testify to the effectiveness of their internal control systems, with subsequent auditor reporting on the effectiveness of management’s assertion. ( http://ftp.aicpa.org/public/download/news/stmt_jgc_021402.pdf )

FASB Chairman Edmund L. Jenkins, who testified before the same House committee, said in the second quarter the board will propose guidance on consolidated reporting for special purpose entities.

SPONSORED REPORT

Building client loyalty with payroll services

In this report, CPA experts detail their tactics for performing successful payroll services, how to mitigate risk in the process, and the impact payroll can have as a value-added service.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.