Mar 10
Recently, the Wall Street Journal reported the shocking headline “One in Three Audits Fail, PCAOB Chief Auditors Says”. The PCAOB is the Public Company Accounting Oversight Board, so such a statement certainly has the ability to rattle not only the the audit community, but all users of audited financials. Reading the context of the quote …
Permanent link to this article: https://betweenthenumbers.net/2014/03/pcaob-quote-regarding-audit-failure-rate-raises-concerns/
Feb 26
The IRS has released its Annual Business Report for 2013, detailing its investigative priorities and accomplishments during the year. In terms of priorities, the focus has been on the following areas: Identity Theft Fraud Return Preparer Fraud & Questionable Refund Fraud International Tax Fraud Fraud Referral Program Political/Public Corruption Organized Crime Drug Enforcement Task Force …
Permanent link to this article: https://betweenthenumbers.net/2014/02/irs-reports-its-investigative-wins/
Dec 13
On December 10, 2013 the International Federation of Accountants released its guide for conducting review engagements. The guidelines are particularly relevant for smaller firms conducting review engagements in compliance with International Standard on Review Engagements (ISRE) 2400 (Revised). The guide includes such helpful information as: illustrative examples relevant extracts from the standard practical points for practitioners’ …
Permanent link to this article: https://betweenthenumbers.net/2013/12/new-guide-to-review-engagements/
Jul 29
In Asadi v. GE Energy (USA), L.L.C., No. 12-20522 (5th Cir. July. 17, 2013), the Fifth Circuit ruled that a whistleblower under Dodd Frank must report the complaint to the SEC to obtain whistleblower protection under Dodd-Frank. The Fifth Circuit summarized the statutory background and its ruling as follows: “Congress enacted Dodd-Frank in the wake …
Permanent link to this article: https://betweenthenumbers.net/2013/07/fifth-circuit-ruling-re-dodd-frank-whistleblowers-sets-up-supreme-court-appeal/
Jul 25
The U.S. Court of Appeals for the Fifth Circuit’s decision in Asadi v. G.E. Energy provides a new take on whistleblower protections under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Court found that, by definition, a whistleblower must have reported the claimed violation(s) to the U.S. Securities and Exchange Commission (“SEC”) in …
Permanent link to this article: https://betweenthenumbers.net/2013/07/fifth-circuit-takes-different-stance-on-dodd-frank-whistleblower-status/
Jun 11
The AICPA has issued a new Financial Reporting Framework (“FFR”) for Small and Medium Sized Entities (“SMEs). These smaller enterprises are often not required to prepare financial statements in accordance with Generally Accepted Accounting Principles (“GAAP”). Yet all financial statements are presented in accordance with some financial reporting framework, however defined. This new FFR provides …
Permanent link to this article: https://betweenthenumbers.net/2013/06/aicpa-issues-financial-reporting-framework-for-small-and-medium-sized-entities/
Permanent link to this article: https://betweenthenumbers.net/2013/02/commission-reports-the-big-four-dont-provide-enough-competition-for-the-u-k/
Feb 15
The Federal Trade Commission (FTC) issued a report on January 30, 2013 regarding the debt buying industry and the related debt collection efforts of the buyers. The FTC indicated that this is the first major empirical study of debt buying and related collections. Debt buying and related collection practices are of concern. The FTC states: …
Permanent link to this article: https://betweenthenumbers.net/2013/02/ftc-study-on-debt-collection-buying-hints-at-need-for-greater-regulation/
Feb 22
Commission Reports The Big Four Don’t Provide Enough Competition for the U.K.
February 22, 2013
The U.K. Competition Commission has released preliminary findings that conclude that the audit market is not serving shareholders, citing “the tendency for auditors to focus on satisfying management rather than shareholder needs”. Overall, the commission found fault with the lack of effective competition, noting that 67 percent of FTSE 100 companies and 52 percent of …
Continue reading