Requirements for auditors related to competence, continuing professional education, auditor independence, and other topics would change under revisions to Government Auditing Standards proposed by the U.S. GAO.
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New audit data standard addresses inventory subledger
Basic analysis of the inventory process can become easier through use of a new audit data standard issued by the AICPA Assurance Services Executive Committee.
Revenue recognition working drafts issued for 4 industries
Working drafts for the airlines, gaming, hospitality and time-share industries were included in the latest group of issues exposed for the AICPA’s guide to implementing FASB’s revenue recognition standard.
IRS enforcement activities dropped in 2016
The IRS reported several large drops in its enforcement activities in fiscal year 2016, including a 16% drop in audits, a 40% drop in levies, and a 9% drop in liens compared to the prior year.
Hot jobs: Tax managers in high demand
“Tax manager” is one of the top high-demand positions on a “hot jobs” list distributed by global outplacement and executive coaching firm Challenger, Gray & Christmas.
Use of driver’s license numbers raises security concerns
The decision of the IRS and some states to recommend—or, in a few cases, require—the use of driver’s license numbers as form of authentication on electronically filed personal tax returns has made them a higher-value target for hackers and other criminals.
New rules for accounting for amortization of premiums for purchased callable debt securities
FASB issued a new standard that makes targeted changes designed to prevent the recognition of too much interest income before a borrower calls the debt security, and prevent the recognition of a loss on the call date.
CFOs try to focus on strategy, but IT systems get in the way
Strategic planning is among the top priorities for CFOs in a new survey, but some finance chiefs feel hampered by legacy IT systems.
How financial statement audits deliver key business insights
Financial statement audits are not just a compliance exercise, but also an opportunity to gain knowledge that can generate positive business results.
Rules proposed for accounting method changes to reflect FASB revenue recognition standards
The IRS is asking for comments on proposed procedures for requesting consent to make accounting method changes to reflect FASB’s new revenue recognition standards.
IRS issues 2017 car and truck depreciation limits
The IRS released the inflation adjustments to the depreciation limits for cars and trucks used for business purposes in 2017.
What role should your house have in retirement planning?
A home should be an important factor in helping clients determine retirement readiness as well as a place to put down roots.
Amazon wins multimillion dollar transfer-pricing dispute with IRS
The Tax Court held that Amazon.com had properly valued transfers of intangibles under a cost-sharing arrangement with its Luxembourg subsidiary.
Disbarred tax preparer not subject to IRS jurisdiction
The IRS Office of Professional Responsibility has no authority or jurisdiction over a disbarred attorney/tax preparer or his tax preparation practice and cannot regulate his provision of tax advice a federal district court in Nevada has held.
Most CPA executives favor repeal of Affordable Care Act, survey shows
CPA business executives predict rising costs related to employee health care, and nearly two-thirds have tried to contain costs through higher deductibles.
GASB addresses wide range of accounting issues
GASB issued a new statement that addresses a wide range of accounting issues that have challenged state and local government financial statement preparers.
Credit loss standard implementation tips
FASB’s new credit loss standard will challenge banks to find the right data for forecasting expected losses in their portfolios.
How to improve fraud controls in complex accounting areas
It stands to reason that accounting areas that are highly subjective and complex also are prone to fraud, errors, and breakdowns in internal controls.
Taxpayers affected by winter storm get more time to file business return extensions
The IRS announced that it would grant “eligible taxpayers” who are affected by this week’s winter storm on the East Coast extra time to file their requests for filing extensions.
Why ‘complete ERM’ is a myth
Risk management initiatives must evolve as an organisation’s risk exposures change. These days, all entities are taking a harder look at how they manage risk, according to an annual survey.
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FROM THIS MONTH'S ISSUE
Right-sizing risk management
Sole practitioner or small firm? Risk management doesn’t have to be “one size fits all.” Learn how to help protect your practice without adding unnecessary admin time.
From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
