1. Articles in category: Audit

    1-24 of 73 1 2 3 »
    1. Lessons learned on the path toward revenue recognition implementation | Accounting Today

      We have less than 200 days to go until the 2018 effective date for public companies for the new revenue recognition standard, and many accounting and finance professionals are in high gear preparing their organizations and clients for the transition. With so much focus on implementation, I wanted to share some lessons learned from three companies that have either adopted or are well along in adopting the new revenue recognition standards.

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    2. IIA revamps Audit Executive Center | Accounting Today

      The Institute of Internal Auditors has refreshed its online Audit Executive Center with new resources for chief audit executives at internal audit departments. Along with a variety of new content, including videos and guidance for chief audit executives, senior management and staff members, the AEC now offers an Audit Intelligence Suite, which provides benchmarking reports to measure the performance of the audit function, skills assessments to determine the proficiency of audit team members, and surveys to elicit feedback from stakeholders. In addition, the IIA has developed a Small Audit Function Resource Exchange for smaller audit departments. The IIA originally launched ...

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    3. New Liquidity Disclosures for Not-for Profits: Are You Ready?

      New Liquidity Disclosures for Not-for Profits: Are You Ready?

      Under current financial reporting standards, not-for-profits are not required to illuminate clearly restrictions that affect the availability of liquid resources in their financial statements. But this is all about to change with the Financial Accounting Standards Board’s (FASB) new financial reporting standard (Accounting Standards Update (ASU) 2016-14), effective for fiscal years beginning after December 15, 2017.

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    4. Many Internal Audit Leaders Don’t Fully Use Professional Standards

      Many Internal Audit Leaders Don’t Fully Use Professional Standards

      Despite the growing attention to internal audit, a new report indicates a significant lack of conformance with and usage of professional standards. The Institute of Internal Auditors’ (IIA) International Standards for the Professional Practice of Internal Auditing represent minimum requirements expected of all internal audit functions. The standards are considered the bedrock for effective performance, and conformance with them is expected for all certified internal auditors.

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    5. Internal Audit Leveraging Data Visualization Tools

      Internal Audit Leveraging Data Visualization Tools

      Internal audit departments are making greater use of innovative technologies such as data visualization, according to a new report. The report, from Deloitte Global, foresees an increase in dynamic reporting. The use of static text documents and presentations to communicate important information from internal auditors will decline as they rely more on dynamic visualization tools.

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    6. How Accounting Can Help Build a Sustainable Economy

      Environmental, social, and corporate governance (ESG) issues are often referred to by investors as “nonfinancial information.” As Robert G. Eccles, a professor of management practice at Harvard Business School points out, that’s not because these issues don’t have financial consequences. Rather, it’s because there are no standards for how to measure and report on ESG issues, unlike a company’s financials.

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    7. Demands Increase on Financial Service Internal Auditors

      Demands Increase on Financial Service Internal Auditors

      Pressures are growing quickly around the world for internal auditors who work in the financial services industry, according to a new report. The report, from the Institute of Internal Auditors Research Foundation, examines the challenges facing financial services internal auditors on a global level, identifies regulatory requirements, heightened expectations and increased technology risks among the biggest threats.

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    8. Effective Internal Auditing in Today’s Dynamic Business Environment

      Effective Internal Auditing in Today’s Dynamic Business Environment

      The world as we know it is rapidly changing. For example, 3D printing devices are revolutionizing design and manufacturing; automated drones are transforming the way goods are delivered; big data analytics are enabling people to slice and dice through mountains of data to uncover new insights; mobility and the cloud are changing the way we work; and the Internet of Things is connecting people and devices in exciting new ways.

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    9. How to protect against the 9 most common cyber-attacks

      Home Depot was about nine months into a security initiative to protect customer information against hackers when the company was notified of a data breach on the morning of September 2nd 2014. With the help of a third-party vendor’s username and password, hackers had gained access to the retailer’s payment data systems and deployed custom-built malware designed to evade detection by anti-virus software.

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    10. Faster Disclosure of Audit Fee Increases Helps Investors Assess Company Trouble Earlier

      Faster Disclosure of Audit Fee Increases Helps Investors Assess Company Trouble Earlier

      Prompter disclosure of corporate audit fees would help investors, according to a new study that found sudden increases in audit fees may be a sign of trouble at companies. The study, which appears in Auditing: A Journal of Practice & Theory, published by the American Accounting Association, calls into question the delay that currently prevails in the disclosure of fees that firms agree to pay auditors.

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    11. AICPA Reorganizes Attestation and Auditing Standards

      AICPA Reorganizes Attestation and Auditing Standards

      The American Institute of CPAs has reorganized some of the content of its auditing and attestation standards. The AICPA noted that because engagements performed under the existing section 501 of its attestation standards, “An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements,” as well as the related attestation interpretation No.

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    12. Changes Are Coming to Generally Accepted Accounting Principles (GAAP)

      Sweeping changes to revenue recognition are coming to US generally accepted accounting principles (GAAP) under one of the most consequential parts of the Financial Accounting Standards Board’s (FASB) convergence project with the International Accounting Standards Board (IASB). While some companies will feel no impact from this change in accounting principles, some industries and companies will experience greater impact than others.

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    13. IIA Report Urges Internal Auditors to Add More Value

      The Institute of Internal Auditors released a new report at its international conference in London calling on internal auditors to add more value to stakeholders by enhancing their services. The IIA's Pulse of the Profession report, “Enhancing Value Through Collaboration: A Call to Action,” examines changing expectations among key internal audit stakeholders, based on the findings of four major industry surveys released in the first half of 2014.

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    14. FASB and IASB Issue Converged Standard on Revenue Recognition

      FASB and IASB Issue Converged Standard on Revenue Recognition

      The International Accounting Standards Board (IASB), responsible for International Financial Reporting Standards (IFRS), and the Financial Accounting Standards Board (FASB), responsible for U.S. Generally Accepted Accounting Principles (U.S. GAAP), issued a converged standard on the recognition of revenue from contracts with customers. The previous requirements of both IFRS and U.S. GAAP were different and often resulted in different accounting for transactions that were economically similar.

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    15. FASB Revises Accounting Standards for Repo Agreements

      FASB Revises Accounting Standards for Repo Agreements

      The Financial Accounting Standards Board has released a new accounting standard to address some of the problems with financial reporting on repurchase agreements, such as those that contributed to the demise of MF Global. Accounting Standards Update No. 2014-10, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements.

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    16. PCAOB s Franzel Sees Perfect Storm of Internal Control Problems in Audits

      PCAOB s Franzel Sees Perfect Storm of Internal Control Problems in Audits

      Public Company Accounting Oversight Board member Jeanette Franzel described a “perfect storm” of issues that auditors are facing with the internal controls of organizations today during a speech at an auditing conference. “We are currently in a ‘perfect storm’ in the area of internal control over financial reporting, which demands effective action by all participants in the financial reporting and auditing chain,” she said in a speech Wednesday at the Institute of Internal Auditors’ 2014 General Audit Management Conference in Orlando, Fla. Franzel discussed how management, internal auditors and external auditors will be navigating the updated ...

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    17. IIA Launches American Center for Government Auditing

      IIA Launches American Center for Government Auditing

      The Institute of Internal Auditors has created an American Center for Government Auditing and compiled an inaugural list of the Most Influential Professionals in Government Auditing in recognition of professionals who have positively impacted the practice of auditing in the public sector. The ACGA is a specialty offering from the IIA that focuses on serving the needs of auditors in the public sector.

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    1-24 of 73 1 2 3 »
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