A new survey presents mixed views on the progress women have made in the past 10 years in their ability to advance in the finance field. More than half (53%) of CFOs say there has been no change in women’s ability to advance in careers in the finance field in
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UK regulator creates 10-year retendering requirement
Companies in the U.K. FTSE 350 will be required to place their audit contracts out for bid every 10 years under new rules announced Tuesday by the U.K. Competition Commission (CC). The rules represent a softening of the five-year mandatory retendering proposed earlier by the CC. Some businesses and regulators,
Salaries, demand on the rise for U.S. accounting professionals
Starting salaries for finance professionals in the United States continue to show signs of growth, and hiring demand for recent college graduates is on the rise. Meanwhile, the CPA designation is employers’ most sought-after credential, according to a new guide on salaries. Average starting salaries for jobs in corporate accounting
ARSC to propose new preparation, compilation, association standards
From Staff Reports Three new standards the AICPA Accounting and Review Services Committee (ARSC) voted Thursday to propose would help practitioners clearly distinguish between preparation and reporting services. ARSC voted to expose for public comment proposals titled Preparation of Financial Statements, Compilation Engagements, and Association With Financial Statements. An exposure
PCAOB approves standards for auditors of broker-dealers
The PCAOB on Thursday approved new standards for auditors of brokers and dealers. Two new attestation standards are designed to help protect customer funds by establishing rules for examinations and reviews of compliance information that broker-dealers submit to the SEC. A new auditing standard applies to procedures performed and reporting
Federal courts to stay open through Oct. 17
The federal judiciary announced on Thursday that federal courts will remain open through Thursday, Oct. 17, unless the government shutdown is resolved and court funding is restored before then. When the federal government first shut down on Oct. 1, the federal judiciary estimated that between fees and federal appropriations that
Federal impasse could crush investor confidence, survey shows
The federal government shutdown and the lack of congressional agreement on raising the debt ceiling have the potential to crush investor confidence, according to a new Center for Audit Quality (CAQ) survey. If the shutdown lasts another week, investor confidence in U.S. capital markets would shrink to 60% from 69%,
IRS not issuing liens or levies, enforcement actions limited, during shutdown
The IRS updated its website to notify taxpayers that, during the current government shutdown, the IRS is not sending out liens or levies either generated automatically or sent by personnel. Taxpayers may still receive notices of liens or levies with October mailing dates, the IRS says, but these notices were
Five key objectives for in-demand internal auditors
The perception of internal audit as a function that can add value in addition to enforcing compliance is placing importance on several objectives for internal auditors. “I think the expectation from the executive suite has increased,” PwC’s Walter Smiechewicz, CPA, said in a telephone interview. “And they are looking for
Big Ten tops all conferences in producing CFOs
The Big Ten is America’s power conference when it comes to producing chief financial officers, according to a recent report from Crist|Kolder Associates. The report found that 69 of the CFOs at Fortune 500 and S&P 500 companies received undergraduate degrees from the Big Ten, the most of any conference.
Orthodontist sues to reinstate employer mandate in health care law
While many large employers welcomed the IRS’s recent delay of the so-called employer mandate, requiring them to provide health coverage for their employees, an orthodontics practice in Florida filed suit on Tuesday to force the federal government to reinstate the original effective date of the Sec. 4980H shared-responsibility penalty that
PCAOB to consider adopting broker-dealer audit standards
The PCAOB will meet at 9:30 a.m. Thursday to consider adopting attestation standards for auditors of brokers and dealers. A new standard on auditing supplemental information that accompanies financial statements audited in accordance with PCAOB standards also will be considered. If approved, the new standards for auditors of brokers and
Internal auditors get modest raises in U.S., Canada
U.S. organizations gave internal auditors slightly more generous base-salary increases in the past 12 months, but the magnitude of raises fell slightly in Canada, according to a new survey report. The percentage of U.S. organizations that gave internal auditors base salary increases of 4% or more grew to 16% from
Survey shows division over FASB, IASB credit loss proposals
Investment professionals are hungry for international convergence of financial reporting standards for estimating credit losses, but they are divided on the best method for reporting, according to a new global survey. Despite numerous calls for a converged standard following the financial crisis, FASB and the International Accounting Standards Board (IASB)
Tax Court holds assumption of estate tax liability may reduce value of gift
Holding that there was a genuine issue of material fact, the Tax Court on Monday denied an IRS motion for summary judgment in an estate and gift tax case where the 89-year-old taxpayer, Jean Steinberg, made gifts to her daughters while requiring them to pay any tax liability that would
U.S. CFOs confident in finance teams’ compliance skills
Accounting and finance teams possess the skills to handle current regulatory compliance tasks, according to a new survey. Nearly half (45%) of 2,100 U.S. CFOs said their accounting and finance teams possess “excellent” regulatory and compliance expertise, according to a survey developed for finance, accounting, and business systems talent provider
Payroll: Ready to boost your bottom line and client relationships?
Download this Special Focus Report here. Wage and tax calculations, IRS requirements, treatment of 401(k) and other contributions, and filing deadlines are only a few of the arduous tasks that can make payroll administration and management a challenge for even the most dedicated business owners—and a thriving service area for
How the government shutdown affects taxpayers and tax practitioners
The failure of Congress to agree on a continuing spending resolution on Monday led to the first federal government shutdown since 1995–1996. The shutdown involves a large number of federal government functions, including many affecting taxpayers and tax practitioners. As this item was posted, it was not clear how long
Tax Court closed during government shutdown; IRS announces no refunds
With the federal government shutting down at midnight on Sept. 30, the Tax Court announced that it is closing during the shutdown. Unlike the other federal courts, which will remain open for at least 10 days, the Tax Court stopped accepting petitions, motions, and other papers, and electronic filings at
Six techniques for building a strategic finance department
Finance teams want to perform strategic duties in their organizations, but new research shows many of them are not building the right competencies to fulfill these duties. Typical finance teams are weak in the nontechnical competencies that matter the most, according to a white paper reporting results of a survey
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