• Exxon May Write-Down Billions In Assets

    By:
    Chris Gaetano
    |
    Oct 31, 2016
    Exxon, amid investigations from the SEC and the New York Attorney General, may write down billions worth of oil and gas assets that it had insisted were still profitable, despite skepticism from regulators. 
  • US Charges 61 In IRS Impersonation Scam, Aims To Extradite Connected Indian Call Center Workers

    By:
    Chris Gaetano
    |
    Oct 28, 2016
    The U.S. Department of Justice has charged 61 people who worked at call centers that served as hubs for IRS impersonation scam activity, and seeks to have those still in India extradited to face trial. 
  • SEC Launches Probes Into Abuse Of Adjusted Earnings Metrics

    By:
    Chris Gaetano
    |
    Oct 28, 2016
    The Securities and Exchange Commission (SEC) has been contacting individual companies informing them that they will be examining their use of adjusted earnings measures to determine whether they are appropriate. 
  • Panel: Blockchain Tech Undergirding Bitcoin Holds Great Promise, But Regulators Face Challenges

    By:
    Chris Gaetano
    |
    Oct 27, 2016
    Speakers at the FAE's Anti-Money Laundering Conference on Oct. 27 said that blockchain, the technology that drives Bitcoin and other virtual currencies, holds great potential for virtually all industries. But with this potential comes new risks that challenge regulators faced with navigating new territory opened up by this technology. 
  • PCAOB Member Worried About Eroding Auditor Independence

    By:
    Chris Gaetano
    |
    Oct 27, 2016
    Steven B. Harris, a member of the Public Company Accounting Oversight Board (PCAOB) who spoke at the FAE's SEC Conference on Oct. 27, expressed concern that auditor independence is threatened by firms' increasing reliance on consulting services over auditing for its revenue. 
  • Panel: International Trade Fertile Ground for Money Laundering

    By:
    Chris Gaetano
    |
    Oct 27, 2016
    Money laundering is a serious crime, so of course neither you nor your clients engage in it. But panelists at the FAE's Anti-Money Laundering Conference on Oct. 27 said that even if you don't plan to launder money anytime soon, you and your clients must still be vigilant against being used as an unwitting vehicle for money launderers. 
  • TARP Watchdog Calls For Bank CEOs To Certify Fraud Not Happening At Company

    By:
    Chris Gaetano
    |
    Oct 26, 2016
    Christy Goldsmith Romero, the special inspector general of the Troubled Asset Relief Program, has called for Congress to pass a law that would require bank CEOs to certify that no criminal or civil fraud has occurred during their tenure, with the added mandate to renew this certification each year. 
  • PwC Survey Finds Companies Still Struggling to Implement Revenue Recognition Standard

    By:
    Chris Gaetano
    |
    Oct 26, 2016
    Despite the fact that it goes into effect next year, a recent survey of 700 corporate executives by PricewaterhouseCoopers has found that many companies are still dragging their feet on implementing the FASB's new revenue recognition standards, with 8 percent having done nothing at all so far. 
  • Firms Can Practice Sending New PCAOB Form AP On Board Website But Must Register By Thursday

    By:
    Chris Gaetano
    |
    Oct 25, 2016
    Associate Chief Auditor for the Public Company Accounting Oversight Board Lillian Ceynowa, speaking at the FAE's SEC Conference today, said that firms have the opportunity to practice sending the new Form AP to the PCAOB, but if they want to participate in this test, they need to register with the board by Thursday. 
  • PCAOB's Modesti Brings FAE Audience Up To Speed On Enforcement

    By:
    Chris Gaetano
    |
    Oct 25, 2016
    Director of Enforcement and Investigations at the Public Company Accounting Oversight Board Claudius Modesti said that in a global economy, the quest to ensure audit quality cannot stop at the U.S. border but must instead be an international effort that reaches all corners of the Earth. Speaking at the FAE's SEC Conference on Oct. 25, Modesti elaborated on how the PCAOB itself is going global to inspect firms in other countries. 
  • Speaker: SEC Crackdown On Non-GAAP Measures To Include Only Highly Problematic Metrics

    By:
    Chris Gaetano
    |
    Oct 25, 2016
    There was one thing Craig Olinger, deputy chief accountant for the Division of Corporation Finance at the Securities and Exchange Commission, wanted his audience to know: The SEC is not looking to eliminate all non-GAAP measures.
  • British Flash Crash Trader Could Face 350 Years In U.S. Courts

    By:
    Chris Gaetano
    |
    Oct 24, 2016
    Navinder Singh Sarao, the British trader who has been accused of being partially responsible for the 2010 flash crash, has lost his extradition hearing and can now be sent to the U.S. to face trial, which could end in a jail sentence of up to 350 years. 
  • IRS Offshore Voluntary Disclosure Program Nets $10 Billion So Far

    By:
    Chris Gaetano
    |
    Oct 24, 2016
    The IRS's Offshore Voluntary Disclosure Program, which allows tax scofflaws to come clean and pay what they owe in exchange for less severe penalties, has proven quite popular since its launch, with thousands of taxpayers coming out of the shadows to relinquish $10 billion in back taxes. 
  • Study: Your Stressful Job May Literally Be Killing You

    By:
    Chris Gaetano
    |
    Oct 21, 2016
    Ever mutter, after yet another late night at the office, "Man, this job is really killing me." A recent study from Indiana University has found that you might actually be right. 
  • TIGTA: IRS Can Do More To Beef Up Security

    By:
    Chris Gaetano
    |
    Oct 21, 2016
    The Treasury Inspector General for Tax Administration said that the IRS has made good improvement in securing its systems from attack, but still found flaws in its processes and procedures that serve as possible avenues for further exploits. 
  • Wells Fargo Troubles Deepen As It Faces ID Theft Probe, Racial Profiling Accusations

    By:
    Chris Gaetano
    |
    Oct 20, 2016
    Just because its CEO stepped down doesn't mean Wells Fargo's problems are going away. Indeed, it appears that authorities are just getting started. Authorities in California, are alleging that the bank racially profiled immigrants for its phantom accounts and, in a separate case, that it engaged in criminal identity theft in creating these accounts.  
  • Social Security Wage Base To Grow 7 Percent

    By:
    Chris Gaetano
    |
    Oct 20, 2016
    The maximum amount of wages subject to the Social Security tax will be growing by 7 percent in 2017 according to a recent announcement from the Social Security Administration. 
  • Society Weighs In On FASB Agenda, Urges Disclosure Effectiveness Study, Framework Update On Liabilities Vs. Equity

    By:
    Chris Gaetano
    |
    Oct 19, 2016
    The NYSSCPA, in a comment letter recently released to the public, weighed in on the Financial Accounting Standards Board's agenda, urging in particular that the board study disclosure effectiveness and provide an updated framework for distinguishing equity from liabilities. 
  • What Happens When You Play Along With An IRS Scammer

    By:
    Chris Gaetano
    |
    Oct 19, 2016
    Most people, if they get a scam phone call from someone claiming to be from the IRS, will simply hang up. Not this writer from Vox, though: instead, he decided to see how far this scam actually went using some tricks of his own to convince the man on the other end that he was actually going to give him money. 
  • Ernst & Young To Pay SEC $11.8 Million To Settle Audit Failure Charges

    By:
    Chris Gaetano
    |
    Oct 18, 2016
    Ernst & Young has agreed to pay the Securities and Exchange Commission $11.8 million to settle charges related to accounting fraud undertaken by a client, an oil services company that used deceptive income tax accounting to inflate earnings.

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