How should audit firms and audit committees be talking to each other? The Center for Audit Quality (CAQ) examines the question in a brief guide released Wednesday on ways to enhance the flow of information on audit inspections and quality-control matters. The CAQ practice aid says that “transparent, candid communication
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Management accounting
From CGMA Magazine: The merits of thinking the unthinkable
You’re about to embark on an important project. You think it will be a success, but you can’t be sure. So you imagine that, a year down the track, your project has failed. Then you seek answers: What killed it? How could failure have been avoided? What other kinds of
Plan now for inside buyouts
Succession planning took a hit in recent years. The financial crisis of 2008 touched off an unnerving chain of events for business owners looking for an exit. Constrained lending diminished the number of able buyers and lowered valuations. Baby Boomers, particularly those close to retirement, were forced to put plans
U.S. starting salaries in accounting and finance appear headed for an increase in 2013
U.S. accounting and finance starting salaries will rise in 2013 despite an uncertain economy, according to a recently published salary guide. Average starting salaries for corporate accounting employees in the United States are projected to increase between 2.7% and 4.5% compared with 2012, depending on the position and the size
COSO proposals give real-world internal control examples
News reports show the frightening weather satellite images of a hurricane that’s causing concern for leaders of an automobile manufacturing plant. The possible effects on the supply chain as the storm approaches one of the company’s suppliers seem obvious. The problems this could cause for internal control over the company’s
COSO seeks comment on internal control proposals
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is seeking public comment on a proposed document that explains how to apply its guidance to internal control over external financial reporting. COSO on Tuesday released an exposure draft of its Internal Control Over External Financial Reporting (ICEFR): Compendium of
Scope of appropriate content, structure in auditor’s report under debate
Change apparently is coming to the auditor’s report, but views vary over the appropriate content and structure for reports, and particularly over the issue of “auditor commentary.” The question of appropriate content and structure for the auditor’s report was the subject of an International Auditing and Assurance Standards Board (IAASB)
Private-company financials often shielded from employees
Employees at publicly traded companies have an advantage when it comes to understanding the financial health of their companies. After all, public companies are just that: public. And they release detailed financial results each quarter for the world to see. Employees at private companies, however, aren’t as plugged in. Indeed,
CPAs sour on U.S. economy as election nears
After rising significantly at the end of 2011 and the beginning of 2012, CPA business leaders’ optimism over the U.S. economy has faded substantially in recent months, according to the latest AICPA Business & Industry Economic Outlook Survey. With an uncertain political environment in the run-up to the Nov. 6
Talent: A battle on two fronts
Finding the right talent—from knowledge industries such as pharmaceuticals to heavy industries such as industrial manufacturing—is a problem worldwide, despite a large, easily accessible pool of educated people. Forty-three percent of 1,200 global CEOs surveyed by PwC late last year said hiring workers had become more difficult. A quarter of
Treasury basics for an overseas expansion
Understanding regulatory requirements and standard operating procedures in international locations is essential for domestic corporations expanding into overseas markets. The following tips, compiled by Wells Fargo’s international banking division, can help companies establish an effective global treasury policy: Consult with key advisers early. Draft the overall scope and plan for
ERM: Where to go from here
During the past decade, many corporations have embraced enterprise risk management (ERM) processes to identify and prioritize risk. The prioritization of risk is typically done through “heat maps” showing which risks are most likely and which may have the most severe consequences. Effective ERM processes force an integrated consideration of
Business & industry
National securities exchanges have been directed to adopt listing standards for public company boards of directors and compensation advisers under a rule approved by the SEC. The rule is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203. For listed companies to continue having their shares
Sense of direction is critical to employee satisfaction
People like to know where they are going—and how they are going to get there. This sense of direction, path, and destination is just as important for employees in the workplace as it is for travelers on a journey, according to a new survey from temporary accounting, finance, and bookkeeping
PwC: Internal audit has to play a more substantial role in information security
Most companies fail to adequately monitor and update their defenses against cybercriminals, raising the risk of costly data security breaches, according to PwC. Fortifying Your Defenses: The Role of Internal Audit in Assuring Data Security and Privacy, a PwC white paper, asserts that the increasing frequency and sophistication of hacker
SEC considers rules that pit human rights groups against business interests
A controversial measure on so-called “conflict minerals” that has pitted human rights groups against business interests is among the regulations the SEC will consider implementing during an open meeting on Aug. 22. The SEC is considering adopting regulations that would implement Section 1502 of the Dodd-Frank Wall Street Reform and
PCAOB adopts rules on communication between audit committees, external auditors
A new auditing standard approved unanimously Wednesday by the PCAOB is designed to encourage two-way, effective communication between external auditors and audit committees during public company audits. With the aim of improving audit quality, the PCAOB approved Auditing Standard (AS) No. 16, Communications With Audit Committees, and amendments to other
Protect “crown jewels” by integrating risk management into strategy
In an environment where risks are growing—and growing in complexity—few companies are fully considering risk in their business strategies. The percentage of companies adopting enterprisewide risk oversight has almost tripled in three years but remains small; implementation has yet to take place in more than three out of four organizations,
Most U.S. small businesses lack disaster-recovery plans
More than 60% of U.S. small businesses do not have a formal emergency-response plan and fail to back up their financial data off-site, leaving them vulnerable to catastrophic data loss in the event of a natural disaster. The Small Business Disaster Preparedness Study, conducted by software maker Sage North America,
Four steps to formalize internal audit’s strategic impact
Internal audit isn’t just about compliance anymore. Increasingly, the function’s role is being incorporated into the broader business strategy – from mulling over major capital projects to advising on mergers and acquisitions. But executives say they need to do a better job of formally describing the role internal auditors will
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