The additional professional judgment required by the new revenue recognition standard could expose companies to an increased level of fraud, given the inherent opportunity for bias created by a principles-based framework. The new standard moves companies away from a rules-based framework to a more principles-based approach as it relates to […]
A report by the British parliament’s Environmental Audit Committee, published yesterday (June 4), calls for mandatory public reporting by large companies and asset managers, particularly pension funds, on their exposure to climate change by 2022. Right now, there are no such requirements. The closest thing is the reporting guidelines established […]
The U.S. House has approved a sweeping overhaul of bank regulations, sending to President Donald Trump a bill that will give him a chance to make good on his vow to “do a big number” on the Dodd-Frank Act. The new legislation will repeal several provisions of Dodd-Frank, adopted in […]
Dun & Bradstreet Corp. has agreed to pay more than $9 million to resolve Foreign Corrupt Practices Act charges arising from improper payments made by two Chinese subsidiaries, according to a statement from the Securities and Exchange Commission issued this week. The business data company also announced that it had […]
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The Securities and Exchange Commission filed charges against six certified public accountants—including former staffers at the Public Company Accounting Oversight Board (PCAOB) and former senior officials at KPMG—arising from their participation in a scheme to use confidential information on PCAOB’s planned inspections of KPMG audits. One SEC official charged that […]
After the collapse in January of U.K. construction company, Carillion, one U.K . internal audit leader is calling on members of the internal audit profession to do some soul searching, reflect on the primary role of internal audit, and spend more time considering “big picture” issues. Others are criticizing the […]
