Latest Articles

  • Study: Americans Paid More Than $11 Billion in Overdraft Fees in 2015, Majority of Which Came From Just 18 Percent of Customers

    By:
    Chris Gaetano
    |
    Dec 21, 2016
    A study from the Pew Charitable Trust found that Americans paid major banks $11.16 billion in overdraft fees in 2015, and that of these fees, which make up two-thirds of of all consumer deposit fee revenue, 91 percent were borne by only 18 percent of account holders. 
  • Study: Auditor Independence Erodes When Audit Committee Members Serve on Multiple Boards With Same Auditor

    By:
    Chris Gaetano
    |
    Dec 21, 2016
    A recent study in the journal Auditing: A Journal of Practice and Theory says that when an audit committee member serves in this capacity on multiple boards, all of whom have the same audit engagement partner, then the quality of that audit and the independence of the auditor will go down. 
  • Buffalo Based CPA Patrick Moran wins NYSSCPA SuiteSTAKES Drawing

    By:
    Maya Lindsay
    |
    Dec 21, 2016

    The New York State Society of CPAs (NYSSCPA) is pleased to announce that, Patrick Moran, Vice President, Controller of Starline USA, Inc., was selected as the winner of the 2016 NYSSCPA SuiteSTAKES drawing on Tuesday, December 13. A live broadcast of the raffle drawing was televised via live-streaming app, Periscope, that evening during the Society’s Winter Wonderland Open House at 7:00 p.m.

     

  • SEC Charges Former NYS Pension Fund Official in Pay-to-Play Scheme

    By:
    Chris Gaetano
    |
    Dec 21, 2016
    The Securities and Exchange Commission announced fraud charges today against the former director of fixed income for the New York State Common Retirement Fund who, for the two years he worked there, directed billions of dollars worth of pension trades to two broker-dealers in exchange for luxury gifts. 
  • CNBC: Former Deloitte Insiders Say Firm Had Espionage Unit, Spied on Competitors

    By:
    Chris Gaetano
    |
    Dec 20, 2016
    Accounting is not a job that is typically associated with tales of intrigue (certain Ben Affleck movies aside), but a recent article in CNBC, citing former Deloitte insiders, reveals the existence of an espionage unit that employed former CIA agents alongside accounting industry veterans to spy on KPMG, PwC and E&Y, as well as competitors to Deloitte's consulting practice.  
  • Cash Raised Through IPOs Reached 7-year Low in 2016

    By:
    Chris Gaetano
    |
    Dec 20, 2016
    The amount of cash companies raised from initial public offerings shrank to their lowest levels in seven years as more companies opted to either delay or withdraw their plans to go public and seek cash some other way. 
  • Regulatory Roundup, Dec. 13-20

    By:
    Chris Gaetano
    |
    Dec 20, 2016
    Here's the latest news and announcements from regulators and agencies relevant to CPAs. 
  • NEWS HIGHLIGHTS FOR MONDAY - 12.19.16

    By:
    Maya Lindsay
    |
    Dec 19, 2016

    NYSSCPA Members in the News

    NYSSCPA Marijuana Symposium
    The Risks Of The Trade: Providing Accounting Services For The Marijuana Industry
    Yahoo! Finance
    The New York State Society of Certified Public Accountants (NYSSCPA) and the Foundation for Accounting Education (FAE) hosted their 2016 Marijuana Symposium: Business, Tax and Legal Implications last Tuesday. After the event, Benzinga had the chance to chat with one of the keynote speakers, Mat Young, vice president of state regulatory and legislative affairs at the American Institute of Certified Public Accountants (AICPA)’s state regulation and legislation team.

  • Apple Challenges EU Over $13.6 Billion Tax Bill

    By:
    Chris Gaetano
    |
    Dec 19, 2016
    Apple does not believe it should have to pay $13.6 billion in taxes and is planning to mount a court challenge against the European Union, which said that it does.
  • Hedge Fund Execs Charged in Possibly Biggest Fraud Since Bernie Madoff

    By:
    Chris Gaetano
    |
    Dec 19, 2016
    Three top executives from hedge fund Platinum Partners were arrested and charged today for running what prosecutors believe is a $1 billion fraud, the biggest since Bernie Madoff's multi-billion dollar Ponzi scheme.