Internal auditors can play a pivotal role in managing technology risks ranging from cybersecurity to social media. The risks are ranked in a new report that shows how internal audit can help manage them.
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NEWS
AICPA releases Q&A on required supplementary information
The AICPA has released new nonauthoritative guidance for auditors regarding their independence responsibilities with respect to required supplementary information in a specific situation.
IRS announces delayed due date for new estate basis reporting rules
The IRS issued guidance delaying the due date for compliance with the recently enacted rules that require consistent basis reporting between an estate and anyone acquiring property from the estate.
Tips for a successful not-for-profit strategic plan
Bob Mims, CPA, CGMA, Ducks Unlimited’s controller and director of investments, discusses how a not-for-profit can create a successful strategic plan.
PCAOB urges broker-dealer auditors to reexamine approaches
The PCAOB issued a report urging auditors of broker-dealers to reexamine their audit processes in light of board inspection findings.
PCC gets new chair, three new members
Candace Wright, who serves as a director with Louisiana CPA firm Postlethwaite & Netterville, was appointed as chair of the Private Company Council (PCC).
How internal audit can make better use of technology
Here are six things internal auditors can consider to give themselves a chance to maximize technological tools.
Get Transcript data breach more than three times as big, IRS announces
The IRS alerted the public that an additional 220,000 taxpayers had their tax return information compromised in the Get Transcript database breach it announced in May.
New law imposes immediate estate basis and reporting requirements
The highway funding bill made changes to the Internal Revenue Code that affect estates and beneficiaries, including new reporting rules.
GASB issues standard requiring disclosure of government tax incentives
Tax incentives provided to businesses and individuals will be disclosed in more detail in state and local government financial statements as a result of new GASB rules.
ASB proposal would amend auditor’s report auditing standard
The Auditing Standards Board has proposed amendments that would provide requirements and guidance for reporting on an audit conducted in accordance with both generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board.
Identity theft protection services provided after a data breach are not taxable
The announcement applies to anyone whose personal information may have been compromised in a data breach, including customers, employees, and others.
AICPA committee gives mixed review, alternatives to not-for-profit proposal
A key AICPA committee has expressed concern that FASB’s proposed changes to not-for-profit accounting standards would lead to a further divergence between the financial reporting models of not-for-profits and for-profit businesses.
FASB formally issues revenue recognition delay
FASB published an accounting standards update that formalizes a one-year deferral in the effective date of its new revenue recognition standard.
Temporary regulations end automatic extension for Forms W-2
In a move designed to fight taxpayer identity theft and tax fraud, the IRS will eliminate automatic extensions of time to file forms in the W-2 series, starting in 2017.
FASB clarifies scope exception for certain electricity contracts
FASB issued guidance designed to clarify when a scope exception to derivatives and hedging guidance can be applied to certain electricity contracts within nodal energy markets.
Are audits of ICFR improving?
Audits of the complex area of internal control over financial reporting (ICFR) may be improving, Jeanette Franzel, a member of the Public Company Accounting Oversight Board, said in a speech.
Ninth Circuit holds mortgage-interest deduction applies on a per-taxpayer basis
Unmarried co-owners of two qualified residences each qualified for mortgage-interest deductions on up to $1.1 million of acquisition indebtedness the Ninth Circuit Court of Appeals held.
IASB may delay new rules for transactions with associates, joint ventures
The International Accounting Standards Board (IASB) is reviewing whether it moved too quickly on narrow-scope amendments to IFRS 10 and IAS 28.
Hiring and enrollments reached record highs last year
Enrollment in accounting programs and hiring of new graduates by accounting firms are at all-time highs. Master’s degrees are taking off, too, and firms will need to get creative in their pursuit of in-demand talent.
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From The Tax Adviser
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