December 2014

December 8, 2014

Do preparers have answers to revenue recognition questions?

Financial statement preparers have questions about the new revenue recognition standard that may make a delay in the implementation date appropriate, SEC Chief Accountant James Schnurr said.

December 4, 2014

7 risk areas for the 2014 audit cycle

Revenue recognition and internal control over financial reporting are among the key risk factors in the 2014 audit cycle, according to an alert by the Center for Audit Quality (CAQ). The alert details seven key areas of potential risk in auditors’ work.

December 4, 2014

FAF, FASB, and GASB release draft strategic plan

The Financial Accounting Foundation, the Financial Accounting Standards Board, and the Governmental Accounting Standards Board released a new joint strategic plan that spells out the organizations’ vision and mission.

December 4, 2014

U.S. economy on a roll, according to survey of finance executives

Economic optimism is up from a year ago, led by brighter projections in revenue, profits, and hiring, according to the latest quarterly survey of finance executives in business and industry by the AICPA. Availability of skilled personnel is a rising concern.

December 3, 2014

What to consider when hiring an employee benefit plan auditor

Employee benefit plan administrators have a lot to consider when hiring a financial statement auditor. Here’s what to look for when seeking a firm for this important service.

December 2, 2014

What do public companies disclose about auditor relationships?

Proxy reports filed by U.S. public companies often discuss how nonaudit services may affect independence, according to a new report. But other elements of relationships with auditors are disclosed less often.