• PCAOB Makes Available XML Data File for Form AP, Auditor Reporting of Certain Audit Participants

    By:
    Chris Gaetano
    |
    Jan 18, 2017
    The Public Company Accounting Oversight Board yesterday formally released the Firm Data File for the Form AP, which is used to disclose certain audit participants. 
  • 10 Firms Settle with SEC Over Pay-to-Play Charges

    By:
    Chris Gaetano
    |
    Jan 18, 2017
    The SEC has settled with 10 investment advisory firms that they said violated pay-to-play rules by receiving compensation from public pension funds within two years after campaign contributions made by the firms’ associates.
  • Number of IRS Whistleblower Awards Grows 322 Percent in a Year

    By:
    Chris Gaetano
    |
    Jan 17, 2017
    The number of whisteblowers receiving cash payouts from the IRS spiked 322 percent between 2015 and 2016, resulting in more than $61 million in reward money. 
  • Study: Supply Chain Audits Ineffective at Driving More Ethical Business Practices

    By:
    Chris Gaetano
    |
    Jan 17, 2017
    While supply chain audits are seen as standard tools in determining whether a company is, say, using conflict minerals or following environmental standards, a recent study from the University of Sheffield says that they have been largely ineffective at driving ethical business practices and, indeed, might actually be contributing to the problem. 
  • Regulatory Roundup, Jan. 11-17

    By:
    Chris Gaetano
    |
    Jan 17, 2017
    With so many regulators out there, it can be tough to keep track of everything they say from week to week. Luckily we here at the Trusted Professional have collected relevant regulatory announcements from this past week and put them here in one place to help you stay on top of regulatory issues or matters. This is the first of a regular series that will let you know what you may have missed in the past seven days.
  • SEC Names Retail Investors, Market-wide Risks, and Retirement Investments as 2017 Enforcement Priorities

    By:
    Chris Gaetano
    |
    Jan 13, 2017
    The Securities and Exchange Commission's Office of Compliance Inspections and Examinations said that it will pay particular attention to issues relevant to retail investors, retirement investments and market-wide risks as areas that it considers to present potentially higher risk to investors and the U.S. capital market as a whole. 
  • New York State Requires Driver's License Information for e-Filing

    By:
    Chris Gaetano
    |
    Jan 13, 2017
    In the interests of providing an extra layer of verification, software for processing e-filed New York state personal income tax returns will now require the inclusion of driver's license information. 
  • Senate Democrats Propose Capping Deductions for Performance Pay

    By:
    Chris Gaetano
    |
    Jan 11, 2017
    Senate Democrats have introduced a bill that, if passed, would apply the same $1 million limit to compensation deductions to performance pay, saying that the current exception effectively amounts to a subsidy of multi-million dollar bonuses.  
  • National Taxpayer Advocate Expresses Worry About "Enforcement First" Mentality of IRS

    By:
    Chris Gaetano
    |
    Jan 11, 2017
    National Taxpayer Advocate Nina E. Olson said that the IRS needs to stop thinking of itself primarily as an enforcement agency and start thinking of itself mainly as a service agency, saying the current mindset treats taxpayers who make innocent mistakes as malicious tax evaders, something that could ironically create a self-fulfilling prophesy. 
  • Study: It Will Take More Than a New Program to Promote Gender Diversity In Leadership

    By:
    Chris Gaetano
    |
    Jan 10, 2017
    A recent study published by McKinsey has found that while the vast majority of companies have introduced gender diversity programs, these initiatives have not produced much in the way of tangible results, as female representation in corporate leadership remains low. 
  • Port Authority of NY and NJ Agree to $400K SEC Settlement for Not Disclosing Bond Risks

    By:
    Chris Gaetano
    |
    Jan 10, 2017
    The Port Authority of New York and New Jersey has agreed to a $400,000 settlement with the Securities and Exchange Commission over accusations that it did not properly warn investors funding a series of roadway projects of the risks that came with the bonds. 
  • Nominations Now Being Accepted for FAE Trustee Board

    By:
    NYSSCPA Staff
    |
    Jan 10, 2017
    The Foundation for Accounting Education is an affiliated entity of the NYSSCPA that administers one of the Society’s most important strategic initiatives: providing lifelong continuing education to CPAs. And we're now accepting nominations for volunteers to serve on the board of trustees!
  • Regulatory Roundup, Jan. 4-10

    By:
    Chris Gaetano
    |
    Jan 10, 2017
    With so many regulators out there, it can be tough to keep track of everything they say from week to week. Luckily we here at the Trusted Professional have collected relevant regulatory announcements from this past week and put them here in one place to help you stay on top of regulatory issues or matters. This is the first of a regular series that will let you know what you may have missed in the past seven days.
  • Jon Corzine Agrees to Personally Pay $5M for Role in MF Global Collapse

    By:
    Chris Gaetano
    |
    Jan 9, 2017
    Former New Jersey Governor Jon Corzine has agreed to pay the Commodity Futures Trading Commission (CFTC) $5 million of his own money for the role he played in the collapse of trading firm MF Global, which reacted to massive liquidity issues by transferring hundreds of millions in customer funds into broker-dealer accounts in order to cover trading losses. 
  • Average Cost to Raise a Child Now $233,610

    By:
    Chris Gaetano
    |
    Jan 9, 2017
    A recent report from the U.S. Department of Agriculture has found that the average cost of raising a child to the age of 17 is now $233,610, a figure that excludes later expenses such as college education. 
  • FASB Clarifies What Exactly a Business Is

    By:
    Chris Gaetano
    |
    Jan 6, 2017
    The Financial Accounting Standards Board (FASB) released a new update that provides a clarified definition for what exactly counts as a business in order to address what the board said was confusion expressed by stakeholders over the matter. 

  • GASB Asks for Comments on Improvements to Financial Reporting Model

    By:
    Chris Gaetano
    |
    Jan 5, 2017
    The Governmental Accounting Standards Board (GASB), in response to recent stakeholder feedback, is reconsidering key aspects of its financial reporting model as they pertain to government funds, and is asking stakeholders to comment on what they think would improve it. 
  • New IRS Guidance Offers Safe Harbor for Small Errors on Information Reporting

    By:
    Chris Gaetano
    |
    Jan 5, 2017
    The IRS understands that sometimes people make mistakes, and if it's a small one, it shouldn't be that big a deal, as recently released guidance said that if an information return or payee statement error differs from the correct amount by no more than $100 (or $25 with respect to the amount of tax withheld) then the statement does not need to be corrected and a penalty will not be imposed. 
  • SEC Chair Mary Jo White Urges Further Cooperation on International Accounting Standards

    By:
    Chris Gaetano
    |
    Jan 5, 2017
    SEC Chair Mary Jo White issued a public statement today expressing strong support for the development of high-quality globally accepted accounting standards and urged her successor under the new administration to build on the work that has already been done. 
  • Early Boosters of 401(k) Plans See Major Flaws Years Later

    By:
    Chris Gaetano
    |
    Jan 4, 2017
    While the 401(k) has replaced pensions as the most common way Americans save for retirement today, architects of this shift, given years to observe how the effects of their movement played out, say that the plans have major flaws and lament how things have turned out. 

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