In an effort to help audit committees make informed decisions, the PCAOB on Wednesday released a 26-page report describing how its inspections of audit firms work and how to gather information from audit firms about those inspections. PCAOB inspection reports are partly public and partly private. In the release, Information
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Management accounting
Criminal minds
This is more than a story about six men, all of them admitted white-collar criminals. It is more than a story about their fraud schemes, which resulted in total combined losses of nearly $4 billion. This is the story of what CPAs can learn from these men—from their motives and
What’s your fraud IQ?
Fraud is not an accounting problem or an internal control problem; it is a human problem. Not even the strongest system of controls can eliminate all risk of organizations’ being defrauded by employees who are sufficiently motivated to find loopholes, ways to override controls, or opportunities for collusion. While most
Tax compliance for acquisitions: Prepare before purchasing
Fears of a “double-dip” recession in 2012 may have subsided, but the overall economic forecast remains uncertain. Therefore, companies are looking beyond organic, internal growth to external growth sources to bolster company performance. A recent study by The Boston Consulting Group (BCG) touted the power of acquisitions for growth during
From CGMA Magazine: New skills for an evolving profession
The corporate finance professionals who climb the value chain will be interpreters and collaborators, able to leverage data as a strategic asset while working across functions to solve problems and innovate. As the volume of information increases, they will play a critical role in determining the integrity of information and
Small business, big risk
Small businesses are significantly more likely than their larger counterparts to neglect instituting basic antifraud controls that could save them from costly losses, a recent worldwide survey shows. Organizations with fewer than 100 employees were significantly outpaced by larger organizations in every fraud control measured in the Association of Certified
Lawmakers reflect on Sarbanes-Oxley’s effect on corporate culture
Former U.S. Sen. Paul Sarbanes and former U.S. Rep. Michael Oxley say the regulations they sponsored and saw signed into law a decade ago are not perfect, but led to changes in the corporate culture in the United States and abroad. Sarbanes, a Maryland Democrat, and Oxley, an Ohio Republican,
SOX’s anniversary marked with congressional debate on benefits and costs
A U.S. House of Representatives subcommittee on Thursday debated the benefits and costs of the Sarbanes-Oxley Act of 2002 (SOX)—and a bill that would decrease its scope—as the corporate governance law approached its 10th anniversary. The House Subcommittee on Capital Markets and Government Sponsored Enterprises heard sharply divided opinions from
Employers hiring managers from outside more often than promoting from within
Management job seekers in accounting and finance may need to get away from their current employers to get ahead in their careers. CFOs are filling management roles in their departments with candidates from outside the company far more often than they are promoting internal candidates, according to a new survey
Eight questions for a holistic risk assessment
Internal control has emerged from isolation. In recent years, according to an International Federation of Accountants (IFAC) report, internal control has come to be viewed as an integral part of risk management and governance rather than a separate concept unto itself. This integration demands that individual risks be assessed holistically
Corporate governance best practices 10 years after SOX
You could hardly go to a Washington hearing related to an accounting or auditing issue this spring without someone singing the praises of the Sarbanes-Oxley Act of 2002 (SOX). At a House subcommittee meeting on accounting and auditing oversight, House Financial Services Committee Chairman Spencer Bachus, R-Ala., said SOX has
Highlights of audit research
Editor’s note: This article is part of a series that samples accounting research and distills key findings for busy practitioners and preparers. The summaries explain the implications of a wide range of research and give CPAs an opportunity to apply results to their day-to-day activities. Readers interested in more detail
Bridging the ethical divide: Survey finds firms lagging
More organizations are voicing a commitment to ethical performance, but their proclamations do not appear to be matched by action—a disconnect that is emerging as financial professionals are facing more pressure to act unethically. That ethical divide was among the key findings of Managing Responsible Business: A Global Survey on
Updated COSO framework will help audit committees comply with SOX
The compliance revolution after the passage of the Sarbanes-Oxley Act of 2002 (SOX) was accomplished in large part with the help of the internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). COSO’s framework became part of a worldwide movement to enhance periodic accounting and
Employers worry about top employees taking their talent elsewhere
Employers in some industries are having a hard time finding the right people to fill vacancies. Increasingly, they’re fretting about keeping the key talent they have. As the economy improves, organizations that are looking to grow or restock their ranks will compete aggressively for top-notch employees—and that could prove costly
GASB vote places unfunded pension liabilities on government balance sheets
Unfunded pension liabilities will begin appearing on the balance sheets of U.S. state and local governments that provide defined benefit pensions under provisions of two GASB standards approved Monday. GASB on Monday approved Statement No. 67, Financial Reporting for Pension Plans, and Statement No. 68, Accounting and Financial Reporting for
What to expect from the Supreme Court ruling on health care reform
In the coming days, the U.S. Supreme Court is expected to rule on the constitutionality of portions of the Patient Protection and Affordable Care Act (PPACA), P.L. 111-148. Whatever the justices conclude—whether they uphold the law, rule that Congress doesn’t have the power to require citizens and legal residents to
COSO sheds light on managing cloud risks
Management should begin control-related activities before an organization contracts with a cloud-computing service provider (CSP), according to guidance provided in a new thought paper released Wednesday by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The paper, Enterprise Risk Management for Cloud Computing, provides a thorough examination of
SEC requires listing standards for compensation committees, advisers
National securities exchanges have been directed to adopt listing standards for public company boards of directors and compensation advisers under a rule approved Wednesday 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
Execs less optimistic about hiring, U.S. economy, AICPA survey shows
Lower hiring expectations and a steep drop in optimism about the U.S. economy summed up the uncertain mood of CPA financial executives who took part in the AICPA’s Business and Industry Economic Outlook Survey for the second quarter of 2012. Optimism about the U.S. economy dropped significantly after rising for
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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