An effective internal financial audit relies on clear communication and collaboration between auditors and finance teams. However, traditional processes, rooted in manual data collection and sampling, risk inconsistencies and retroactive review processes. With governed, reconciled data, finance and audit teams can identify risk signals earlier and support stronger control processes. Read More
The Financial Accounting Foundation (FAF) today announced the appointment of Hillary H. Salo as the next chair of the Financial Accounting Standards Board (FASB). Her term as chair will begin July 1, 2027, and conclude June 30, 2034. Salo currently serves as vice chair of FASB and chair of the Read More
The Financial Accounting Standards Board (FASB) has issued an Accounting Standards Update (ASU) that improves guidance on the measurement of credit losses for accounts receivable and contract assets. The new guidance, which is optional, addresses challenges faced by stakeholders when applying Topic 326, Financial Instruments—Credit Losses, to current accounts receivable Read More
U.S.-based chemical company Chemours has received requests for information from regulators, including the Securities and Exchange Commission, and federal prosecutors after an internal audit investigation found multiple executives shifted cash flows to boost their bonuses. The company disclosed in its annual report on Wednesday that it was cooperating with information Read More
Audit firm watchdog, the Public Company Accounting Oversight Board (PCAOB), is seeking public comment on a proposal aimed at increasing auditor vigilance against fraud and other forms of noncompliance with laws and regulations. If adopted, the proposal would strengthen auditor requirements to identify, evaluate, and communicate possible or actual wrongdoing and Read More
The United Kingdom’s Financial Reporting Council (FRC) has unveiled plans to revise its Corporate Governance Code for the first time in five years, aiming to increase accountability among U.K. boards and management teams. The regulator’s proposals comes on the heels of Britain’s long-awaited response to a suggested shake-up of the Read More
The U.K. Financial Reporting Council announced July 18 it has imposed financial and non-financial sanctions, as well as a “severe reprimand,” against Grant Thornton UK and a former audit partner of the firm for failures during 2016 and 2018 audits of the financial statements of British retail company Sports Direct Read More
The Securities and Exchange Commission charged audit firm CohnReznick LLP with improper professional conduct on audit engagements for two clients in 2017 and hit the firm with a $1.9 million penalty to settle the charges. The agency also charged three of the firm’s partners with improper conduct related to the Read More
Last month, the Securities and Exchange Commission proposed new rules that would require public companies to say much more about their climate-related initiatives. Until now, most environmental, social, and governance disclosures have been voluntary. The SEC proposal has put internal audit functions on alert at the prospect of the biggest Read More
Chinese companies that list on U.S. stock exchanges must reveal whether they are owned or controlled by a government entity, and provide evidence of their auditing inspections, the Securities and Exchange Commission stated this week. The rule advances a process that could lead to more than 200 companies being delisted Read More
