August 2022

August 31, 2022

PCAOB releases review of 2021 inspections, looks forward to 2022 review

The board’s target team provides insights in four areas of focus to provide guidance for public company auditors and shape the PCAOB’s approach to future inspections.

August 30, 2022

Advice from an expert on cyber insurance coverage

Cybersecurity specialist Mike Foster shares common questions that insurance companies might ask when your company is applying for cyber insurance coverage and advice on how to address them.

August 29, 2022

AICPA recommends changing cryptoasset question

In a comment letter to the IRS, the AICPA recommended changes and clarifications regarding the tax treatment of cryptoassets or “virtual currency.”

August 29, 2022

Proposed revisions to the AICPA tax standards

The AICPA released proposed revisions to the SSTSs for public comment on Monday. The proposal includes new standards on data protection, reliance on tools, and representation of clients before taxing authorities.

August 29, 2022

A deeper dive into the Inflation Reduction Act’s tax provisions

Here’s an item-by-item review of the many tax provisions in the recently enacted Inflation Reduction Act, which creates a new corporate AMT and a host of energy tax credits.

August 26, 2022

PCAOB, China sign agreement opening door for inspections

The Statement of Protocol allows the PCAOB access to inspect Chinese companies the same way it does in other countries. The PCAOB said it plans to put the agreement “to the test” by mid-September.

August 25, 2022

AICPA disputes ‘misleading’ claims on new IRS funding, calls for service improvements

Despite “confusion and misinformation” about the Inflation Reduction Act’s allocations, concerns continue about the funding levels for taxpayer service, the AICPA’s president and CEO said.

August 25, 2022

SEC adopts ‘pay versus performance’ disclosure rules

Amendments will require public companies to disclose details about the relationship between executive compensation and financial performance.

August 25, 2022

SEC releases draft of 5-year strategic plan

The SEC aims to update its disclosure framework and upgrade its protection measures and its workforce in order to uphold its oversight of capital markets.

August 24, 2022

IRS relieves penalties for 2019 and 2020

As part of COVID-19 pandemic relief, the IRS will automatically abate failure-to-file penalties for certain tax and information returns and refund those penalties already paid.

August 23, 2022

Investing and inflation: Not mutually exclusive

Although investing in times of high inflation can be tricky, tried-and-true principles of having a well-diversified portfolio and not panicking still hold.

August 23, 2022

Diversity among CEOs, CFOs continues to rise

Executive recruiting firm Crist Kolder’s annual report shows record levels of female and racially or ethnically diverse leadership at large companies.

August 22, 2022

FASB issues proposal to improve accounting for investments in tax credit structures

The FASB issued a proposed Accounting Standards Update intended to improve the accounting and disclosures for investments in tax credit structures.

August 22, 2022

PCAOB report: Quality of audits improves in 2021 but still lacking

Deficiency rates decreased in 2021 broker-dealer audits reviewed by the PCAOB, but the board’s report calls for more progress.

August 18, 2022

Master the one-on-one meeting

Follow this advice for successful meetings with your direct reports.

August 18, 2022

Hiring managers in finance have their work cut out

Nearly four in five hiring managers in finance “expect to have to work hard” to attract and retain talent over the next year after three-fourths dealt with retention issues over the past year.

August 17, 2022

Guidance on clean vehicle tax credit

The IRS explained the new requirement that a car’s or truck’s final assembly occurred in North America to qualify for the tax credit on the purchase of clean-running vehicles.

August 17, 2022

Congress enacts tax and climate bill

With Senate amendments approved by the House on Friday, the budget reconciliation bill now known as the Inflation Reduction Act will go to the president for his signature.

August 16, 2022

PCAOB seeks public comments on 5-year strategic plan

The PCAOB’s Strategic Plan 2022–2026 aims to modernize standards, enhance inspections, strengthen enforcement, and improve organizational effectiveness.

August 15, 2022

SEC approves PCAOB standards for multi-firm audits

New standards target the growing number of public company audits that feature multiple firms, aiming to strengthen the requirements for lead auditors.

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.