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IIA Opposes New PCAOB Standard Proposal’s Anti-Internal Auditor Language in Comment Letter

CPA Practice

In the letter, Anthony Pugliese, CIA, CPA, CGMA, CITP, President and CEO of The IIA writes that “ although the recommended policy change minimally impacts the provision of internal audit services, it represents a significant departure from the regulatory status quo regarding the relationship between internal (auditors) and external auditors.”

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Aussie Auditors’ Role In Reverse Factoring Disclosure Questioned

PYMNTS

Several high-profile corporate collapses and initiatives from corporate accounting standard-setters have raised questions about businesses’ use of supply chain finance and whether the trade finance tool prevents investors and auditors from gaining a transparent view into company finances.

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Friday Footnotes: Bob Moritz Disappoints Us; ERC Window Slamming Shut; 2024 Sucks For Firms? | 3.22.24

Going Concern

Day Named Technical Director of the Financial Accounting Standards Board [ FASB ] The Financial Accounting Standards Board (FASB) on March 20 announced the appointment of Jackson M. What Role Should Auditors Play in Corporate Compliance? Movers and Shakers Jackson M.

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Friday Footnotes: Retired EY Partners Hate on the Split; It’s a Raid!; ‘An Alphabet Soup of Technology’ | 11.18.22

Going Concern

Two senators cited an EY report prepared for lobby group Master Builders Australia (MBA) and released during the May federal election campaign as evidence that dodgy modelling had been used to exaggerate the economic cost of disbanding the Australian Building and Construction Commission. After 1,600 auditors combed through DOD’s $3.5

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Watch out for regulatory progress on the supply-chain finance front 

ThomsonReuters

No mandatory disclosure standards currently exist in the US to prevent these sorts of abuses of supply-chain finance, but regulatory progress is being made as investors, auditors and other concerned parties demand transparency in the absence of a disclosure framework. . Understanding the supply-chain finance process.

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Friday Footnotes: CPA Exam Scares Accounting Majors Away; EY Loses Fees in China | 5.12.23

Going Concern

China’s Shift Away From Big Four Auditors Has EY Most Exposed [ Bloomberg ] Among the four biggest global accounting firms, Ernst & Young is likely to be the most exposed to Beijing’s crackdown on US-linked auditors, as it stands to lose about a 10th of its China revenue. 1, 2024, the Financial Accounting Foundation said.

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Top accounting issues in 2023

ThomsonReuters

Accounting standards In recent years, the accounting profession has seen its share of changes in accounting standards , including the new revenue recognition standard and more recently, the new lease accounting standard (ASC 842).

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