It’s not unusual for organizations to run into problems when they implement business solutions. Some organizations cannot launch the software at all. Others struggle with cost overruns or lose revenue because a software malfunction, inadequate training, or improper configuration leads to business interruptions, said Bob Gaby, CPA/CITP, CGMA, principal of
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IRS and Tax Court reopen after government shutdown; PTIN renewals delayed
After President Barack Obama signed the bill reopening the federal government and raising the debt limit, the IRS posted a notice on its website Thursday morning notifying workers to report to work no later than four hours after “the start of their tour of duty that begins at 6 a.m.
Government shutdown, debt ceiling deal includes one tax provision
Wednesday’s deal to fund the federal government through Jan. 15 and to extend the federal government’s borrowing authority through Feb. 7 in the end contained only one tax provision, making a minor change to 2010’s health care legislation. The agreement, H.R. 2775, was passed by the Senate in a 81–18
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,
AICPA committee calls for different dividing line on leases
An AICPA committee has suggested that FASB and the International Accounting Standards Board (IASB) create a dividing line between Type A and Type B leases that is different from the line the boards proposed. In a letter submitted to the boards Monday, the AICPA Financial Reporting Executive Committee (FinREC) supported
Survey shows mixed report on progress for women in finance careers
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
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
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
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
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
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
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
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%,
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.
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
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
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)
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
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
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