Securities and Exchange Commission Chair Gary Gensler commemorated the 20th anniversary of the passage of the Sarbanes-Oxley Act while calling for strict new independence standards for auditing firms from the Public Company Accounting Oversight Board. Speaking Wednesday during a webinar co-hosted by the Center for Audit Quality, Gensler discussed how
Buyers’ criteria; EARN; marriage and accounting; and other highlights from our favorite tax bloggers. Fooling ourselves Taxbuzz (https://www.taxbuzz.com/blog): What they should be asking you about finding a tax prep professional. CPA Growth Trends (https://www.cpagrowthtrends.com/): What’s in your wings? A recent Harvard Business Review showed that companies with effective pipeline management
KPMG’s U.K. firm, one former partner and four former employees faced sanctions Monday over auditing problems at two clients, the construction company Carillion and the data services company Regenersis. The U.K. Financial Reporting Council announced the findings of a disciplinary tribunal of the firm’s audits of Carillion for the fiscal
The Internal Revenue Service is coming under fire in Congress again, this time for lax oversight of fraudulent charities that applied for tax-exempt status and received approval. House Ways and Means Oversight Subcommittee chairman Bill Pascrell, D-New Jersey, sent a letter to outgoing IRS Commissioner Chuck Rettig demanding answers to
Bloomberg Tax & Accounting announced that Chicago-based Top 10 Firm RSM US has been named the first Certified Implementer of Bloomberg Tax Provision and Bloomberg Tax Fixed Assets. “We are really pleased RSM is the first Certified Implementer for both Bloomberg Tax Provision and Bloomberg Tax Fixed Assets,” said Lisa
Business software provider Xero announced the early U.K. release of its new Xero Go app, which aims to provide small business owners, freelancers and other self-employed individuals access to entry-level accounting solutions. The new app will allow people to record expenses via the Quickscan feature, which extracts expense information from
The Institute of Internal Auditors unveiled new research during its annual international conference in Chicago this week pointing to changes in the internal audit profession worldwide. The report collected feedback from 3,600 internal audit professionals representing 159 international locations and found regional differences within a diverse profession involved in traditional
The Federal Bureau of Investigation is warning people to make sure their cryptocurrency trading app is legitimate, because over the past year it is believed 277 people have lost $42.7 million to fake ones designed by scammers. Sometimes these apps appear to come from legitimate financial institutions, such was the
Grant Thornton U.K. LLP has been fined approximately $1.32 million pounds, or about $1.58 million, for its audits of Sports Direct International, a British sportswear retailer, by the U.K.’s Financial Reporting Council. The FRC imposed severe reprimands and fines Monday against the firm as well as a former partner, Philip
Labor shortages began before the pandemic, and accelerated once it started, which has led firms to consider their options for meeting client demand. Generally, two common solutions had been automation and outsourcing, but changing economics has led to new models that demand integration between the two. As time has gone
