While scanning the Committee of Sponsoring Organizations of the Treadway Commission’s proposed internal control framework, Kenneth Vander Wal counted more than 200 mentions of technology. “That’s probably about 199 more times than the ’92 framework,” said Vander Wal, a member of COSO’s Advisory Council and past president of the Information
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Management accounting
Finance professionals: Fiscal cliff could sap U.S. economic growth
Finance professionals warn that U.S. economic growth is in jeopardy if budget issues cannot be resolved quickly, a survey released Monday by the Association for Financial Professionals (AFP) indicates. Respondents to the AFP Business Outlook Survey predict that U.S. GDP will grow 1.7% in 2013, creating an additional 1.3 million
PCAOB finds common threads in ICFR audit deficiencies
Insufficient testing of controls and failure to properly evaluate control deficiencies were among the common findings that led the PCAOB to issue a summary of observations from 2010 inspections of audits of internal control over financial reporting. The PCAOB on Monday released a 31-page report on deficiencies in firms’ audits
Struggling European nations seen as more corrupt, report shows
In most parts of the world, perceived corruption of countries has remained the same during the past year. That’s good news in New Zealand, Denmark, and Finland, viewed in general as the most transparent. It’s more of the same for Somalia, North Korea, and Afghanistan, viewed as having the highest
CPAs continue to forecast storms ahead for U.S. economy
Economic optimism, which started the year on an upswing, has fallen to a 12-month low, according to the latest AICPA Business & Industry U.S. Economic Outlook Survey, which was released Thursday. A big reason for the gloomier mood: Washington. “The overwhelming majority of comments this quarter focused on the fiscal
PCAOB will issue report on problems with audits of ICFR
Persistent problems related to audits of internal control over financial reporting (ICFR) have led the PCAOB to issue a report describing the four problems. The PCAOB will issue a Rule 4010 report to describe the results of recent inspections with regard to audits of ICFR, PCAOB Director of Registration and
From CGMA Magazine: Outsourcing treasury management
The global financial crisis transformed corporate priorities, pushing financial risk management high up the list—a shift that has elevated the profile and broadened the role of the executive who is often responsible for managing that risk: the corporate treasurer. Treasurers have become more involved in big-picture strategy, working closely with
Business etiquette in China
Faux pas and misunderstandings can easily doom a U.S. business deal in China. To improve chances of a successful venture in China, Len Jui, CPA, a partner at KPMG in Beijing who was educated in the United Kingdom and the United States and worked for the SEC, and Jiake Brownbill,
Snyder’s challenge: Reinvigorating Michigan
When Rick Snyder saw the cover of the first comprehensive annual financial report for Michigan produced on his watch as the state’s governor, he smiled and reacted with feigned horror. “So what am I?” he asked State Budget Director John Nixon. “Chicken feed?” The report mentioned Nixon’s CPA credential, but
SEC provides regulatory relief for Hurricane Sandy interruptions
The SEC on Wednesday issued a conditional exemption from certain federal securities law requirements for accountants, publicly traded companies, investment companies, and others affected by Hurricane Sandy. A regulatory relief order issued by the SEC says the storm and flooding have displaced individuals and businesses, and disrupted communications and transportation
Brush up on your anticorruption controls with FCPA guidance
The Department of Justice (DOJ) and SEC released a 120-page guide Wednesday providing a detailed analysis of the agencies’ approach to enforcement of the Foreign Corrupt Practices Act (FCPA), which is designed to prevent bribery and corruption of foreign officials by companies seeking to gain a competitive business advantage. The
Organizations fighting U.S. debt get support of AICPA board
A continuing devotion to fiscal responsibility has led to a resolution by the AICPA board of directors supporting two nonpartisan organizations devoted to combating the U.S. federal debt. In the resolution, the AICPA expresses support for the Campaign to Fix the Debt and the Comeback America Initiative, which express concern
To ascend to CFO role, controllers must take a broader look at business
Controllers hoping to make the move to CFO must be willing to add new words to their vocabulary. The focus on numbers, while important, has to change from lookback mode to look-ahead. Concerns about month-end close should not be forgotten, but they should be accompanied by thoughts such as, “How
Management accounting
After rising significantly at the end of 2011 and the beginning of 2012, CPA business leaders’ optimism about the U.S. economy has faded substantially in recent months, according to the latest AICPA Business and Industry Economic Outlook Survey. With an uncertain political environment in the run-up to the Nov.
Schedule UTP: The early returns are in
The first two years of corporate income tax returns requiring Form 1120, Schedule UTP, Uncertain Tax Position Statement, have been filed, and the IRS has described first-year returns and provided guidance for the growing number of business taxpayers that will be required to file it. Schedule UTP was a required
Award recognizes early-career researcher’s work on management accounting issues
Jasmijn C. Bol, Ph.D., associate professor of accounting at Tulane University’s Freeman School of Business in New Orleans, received the Best Early Career Researcher Award from the AICPA. The $2,000 grant is given to the researcher with the best overall body of research in management accounting and whose research was
Applying the principles: COSO proposal relates framework to external financial reporting
News reports show the frightening weather satellite images of a hurricane that is causing concern for leaders of an automobile manufacturing plant. The storm’s possible effects on the supply chain seem obvious as it approaches one of the company’s suppliers. The problems this could cause for internal control over the
From CGMA Magazine: Developing the talent pipeline
During the past few years, as businesses have focused on surviving a rough economy, human capital development has largely been pushed to the back burner. Workers who survived rounds of layoffs have had more to do and less time to hone new skills or dream of that corner-office promotion. But
COSO shows how to put risk assessment into practice
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) on Friday released a thought paper, Risk Assessment in Practice, designed to help organizations find the optimal risk-taking zone, which the paper refers to as the “sweet spot.” “Risk assessment is all about measuring and prioritizing risks so that risk
New tool aids in evaluation of external auditors
With interactions between audit committees and external auditors a focus of a steady stream of news recently, a new tool has been developed to assist audit committees in annual evaluations of external auditors. The Center for Audit Quality (CAQ), which is affiliated with the AICPA, is one of seven organizations
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