• Study: Tax Havens Hold 10 Percent of World GDP

    By:
    Chris Gaetano
    |
    Sep 14, 2017
    Researchers combing through the Panama Papers have found that about 10 percent of world GDP is held in offshore tax havens. 
  • Accounting Firms May Be Left Out of Tax Reform

    By:
    Chris Gaetano
    |
    Sep 14, 2017
    Treasury Secretary Steve Mnuchin said that accounting firms, as well as other service providers, will not benefit from lower tax rates that Republicans want to enact for other businesses. 
  • Survey: Corporate Board Members Divided on 'Critical Audit Matters'

    By:
    Chris Gaetano
    |
    Sep 13, 2017
    A survey conducted on 130 corporate directors of public company boards has found that there is a nearly even split about whether or not the inclusion of Critical Audit Matters as part of the PCAOB's new Expanded Auditor's Report would be useful. 
  • Court Orders Exxon to Release Accounting Documents for Climate Probe

    By:
    Chris Gaetano
    |
    Sep 13, 2017
    New York Attorney General Eric Schneiderman was victorious in a court battle ordering Exxon to release documentation regarding the accounting and reporting of oil and gas reserves, the evaluation of assets for potential impairment charges or write-downs, as well as energy-price projections and projected carbon-cost estimates.
  • Average Age of CFOs, CEOs Creeping Upward

    By:
    Chris Gaetano
    |
    Sep 12, 2017
    Research on c-suite executives has found that the average age for a CEO and CFO has crept upward since 2012 by about five years each. 
  • Study: People Invest More When Specific Risks Are Disclosed

    By:
    Chris Gaetano
    |
    Sep 12, 2017
    A recent study has found a link between risk-related specificity in the 10-Ks and increased market activity. 
  • Regulatory Roundup: Sept. 6-12

    By:
    Chris Gaetano
    |
    Sep 12, 2017
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYSSCPA’s regular series that collects relevant regulatory announcements from the past week, and puts them in one place to help you stay on top of the issues.
     
  • Study: 47 Percent of Newly-Created Data Records Have Critical Errors

    By:
    Chris Gaetano
    |
    Sep 11, 2017
    While much is said on how data analytics can provide new insights and solutions for business, a recent study has found that the quality of the data being analyzed leaves much to be desired, as 47 percent of studied samples have critical errors and only 3 percent would pass even the loosest of quality standards. 
  • Study: Internal Controls Weakness Associated With Increased Risk of Accounting Fraud

    By:
    Chris Gaetano
    |
    Sep 11, 2017
    A study published by the American Accounting Association has found that there is a strong association between material weaknesses in internal controls and future fraud revelation. 
  • Equifax Hacked, Personal Information of 143 Million Exposed

    By:
    Chris Gaetano
    |
    Sep 8, 2017
    Credit reporting agency Equifax said that hackers were able to access the personal information of 143 million U.S. consumers, which includes names, Social Security numbers, birth dates, addresses and, in some instances, driver's license numbers. This is approximately 44 percent of the total U.S. population of 323 million. 
  • PwC: Companies Lose Productivity When Employees Financially Stressed

    By:
    Chris Gaetano
    |
    Sep 8, 2017
    A recent report from PwC has found that nearly one-third of all employees are distracted by personal financial issues while at work, with almost half of them spending three hours or more each week handling personal finances at work.
  • Deutsche Bank CEO: Accountants That Spend a Lot of Time "Being an Abacus" Will Likely Be Replaced by Robots

    By:
    Chris Gaetano
    |
    Sep 7, 2017
    John Cryan, the CEO of Deutsche Bank, didn't mince words at a recent Frankfurt conference, saying that a big number of his staff will be replaced with machines over the coming years, and called out accountants in particular as a likely casualty of this shift. 
  • Tax Preparer Stole Over $1M From Clients

    By:
    Chris Gaetano
    |
    Sep 7, 2017
    The Securities and Exchange Commission has filed a complaint against a NJ-based tax preparer and investment adviser for stealing more than $1 million from clients in order to support his gambling habit and other personal expenses. 
  • SEC Chief Says Regulators Must Do More on Cybersecurity

    By:
    Chris Gaetano
    |
    Sep 6, 2017
    SEC Chair Jay Clayton said that cybersecurity will be one of his top enforcement issues this year, believing that regulators are not doing enough to protect investors, particularly smaller ones, from systemic and substantial risks.  
  • Craig Carton, WFAN Host, Arrested for Investment Fraud

    By:
    Chris Gaetano
    |
    Sep 6, 2017
    Craig Carton, co-host of the WFAN sports talk show Boomer and Carton, has been arrested on a number of investment fraud-related charges. 
  • Robert Jackson, Columbia Law Professor, Nominated to Fill Empty SEC Seat

    By:
    Chris Gaetano
    |
    Sep 5, 2017
    The administration has nominated Robert Jackson Junior, a Columbia Law professor, to fill in a currently-vacant seat on the Securities and Exchange Commission. 
  • Bill Nye, the "Science Guy," Sues Disney, Claiming Profit Manipulation

    By:
    Chris Gaetano
    |
    Sep 5, 2017
    Bill Nye, popularly known as a science guy, has filed a lawsuit against Disney, which said he owed the company almost $500,000 due to an overpayment error. Nye, suspicious of the financial statements, said this dispute is the result of accounting shenanigans that have denied him millions of dollars in profits from his hit TV show. 
  • Regulatory Roundup - Aug. 30 to Sept. 5

    By:
    Chris Gaetano
    |
    Sep 5, 2017
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYSSCPA’s regular series that collects relevant regulatory announcements from the past week, and puts them in one place to help you stay on top of the issues.
  • TIGTA: IRS Generally Responsive on Cybersecurity But Could Use Some Improvement

    By:
    Chris Gaetano
    |
    Sep 1, 2017
    The Treasury Inspector Generation for Tax Administration (TIGTA) said that the IRS's Computer Security Incident Response Center generally does a good job in detecting, preventing, reporting and responding to cyber attacks, but could use some improvement in case work, staff training and implementing its Incident Response Plan. 
  • New Rev. Rec. Standard May Open New Opportunities for Healthcare Fraud

    By:
    Chris Gaetano
    |
    Sep 1, 2017
    The FASB's new revenue recognition standard, set to go into effect at the end of the year, will collide with new value-based Medicaid reimbursement rules, potentially creating new avenues for healthcare fraud. 

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