Regulatory Roundup: April 26-May 2

By:
Zach Simeone & Ruth Singleton
Published Date:
May 2, 2017

AICPA

AICPA Honors 2016 Top CPA Exam Performers with Elijah Watt Sells Award
NEW YORK (May 2, 2017) – The American Institute of CPAs (AICPA) today announced the winners of the 2016 Elijah Watt Sells Award. The 2016 award was bestowed upon CPA candidates who have obtained a cumulative average score above 95.50 across all four sections of the Uniform CPA Examination, passed all four sections of the Examination on their first attempt and completed testing in 2016.
May 02, 2017

AICPA Advanced Personal Financial Planning Conference Returns for 30th Year
NEW YORK (May 1, 2017) – There is no better place for financial planning professionals to connect with thought leaders and get top quality technical content than at the AICPA Advanced Personal Financial Planning (PFP) Conference. The 30th annual conference will take place at the MGM Grand in Las Vegas, with pre-conference sessions on June 10 & 11th and the main conference from June 12-14, 2017. Financial planners will benefit from in-depth technical education sessions and panel discussions while networking with the profession’s top influencers.
May 01, 2017

Fake Financial News is a Real Threat to Majority of Americans New AICPA Survey
NEW YORK (April 27, 2017) – Fake news, deliberately false and misleading articles, has been all over the news lately. A new survey reveals that fake financial news has the potential to be a real serious problem, and it’s impacting Americans’ ability to make retirement, investment and healthcare decisions. These often completely made up stories are presented to consumers in many forms, such as sponsored content or fake websites meant to mirror the look and feel of credible news sites. Even worse, a majority of Americans say they feel that fake news is going to become even more prevalent in the future. 

AICPA ENGAGE Offers Something for Every CPA and Finance Professional
NEW YORK (April 27, 2017) – AICPA ENGAGE, an event that combines six public accounting, tax, personal finance and marketing conferences under a single roof, offers one of the most unique opportunities for career advancement, networking and practice development in the accounting and finance professions.

AICPA Unveils Cybersecurity Risk Management Reporting Framework
NEW YORK (April 26, 2017) – At a time when organizations around the world are facing cybersecurity attacks, it is more important than ever for them to demonstrate to key stakeholders the extent and effectiveness of their cybersecurity risk management efforts. To help businesses meet this growing challenge, the American Institute of CPAs (AICPA) has introduced a market-driven, flexible and voluntary cybersecurity risk management reporting framework.

CBO

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April 28, 2017

Presentation
April 28, 2017

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April 27, 2017

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April 27, 2017

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April 26, 2017

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April 26, 2017

GAO

Medicaid Personal Care Services:
More Harmonized Program Requirements and Better Data Are Needed
GAO-17-598T: Published: May 2, 2017. Publicly Released: May 2, 2017.

Department of Energy:
Use of Leading Practices Could Help Manage the Risk of Fraud and Other Improper Payments
GAO-17-235: Published: Mar 30, 2017. Publicly Released: May 1, 2017.

Medicaid Managed Care:
Compensation of Medicaid Directors and Managed Care Organization Executives in Selected States in 2015
GAO-17-427R: Published: Mar 31, 2017. Publicly Released: May 1, 2017.

DATA Act:
As Reporting Deadline Nears, Challenges Remain That Will Affect Data Quality
GAO-17-496: Published: Apr 28, 2017. Publicly Released: Apr 28, 2017.

Commonwealth of the Northern Mariana Islands:
Preliminary Observations on the Implementation of Federal Immigration Laws
GAO-17-593T: Published: Apr 27, 2017. Publicly Released: Apr 27, 2017.

Flood Insurance:
Comprehensive Reform Could Improve Solvency and Enhance Resilience
GAO-17-425: Published: Apr 27, 2017. Publicly Released: Apr 27, 2017.

IRS Return Selection:
Improved Planning, Internal Controls, and Data Would Enhance Large Business Division Efforts to Implement New Compliance Approach
GAO-17-324: Published: Mar 28, 2017. Publicly Released: Apr 27, 2017.

U.S. Manufacturing:
Federal Programs Reported Providing Support and Addressing Trends
GAO-17-240: Published: Mar 28, 2017. Publicly Released: Apr 27, 2017.

SSA Disability Benefits:
Comprehensive Strategic Approach Needed to Enhance Antifraud Activities
GAO-17-228: Published: Apr 17, 2017. Publicly Released: Apr 26, 2017.

SSA Disability Benefits:
Antifraud Efforts Need a Comprehensive Strategic Approach
GAO-17-585T: Published: Apr 26, 2017. Publicly Released: Apr 26, 2017.

Small Business Administration:
Actions Taken to Help Improve Disaster Loan Assistance
GAO-17-566T: Published: Apr 26, 2017. Publicly Released: Apr 26, 2017.

SEC Conflict Minerals Rule:
2017 Review of Company Disclosures in Response to the U.S. Securities and Exchange Commission Rule
GAO-17-517R: Published: Apr 26, 2017. Publicly Released: Apr 26, 2017.

National Nuclear Security Administration:
Action Needed to Address Affordability of Nuclear Modernization Programs
GAO-17-341: Published: Apr 26, 2017. Publicly Released: Apr 26, 2017.

K-12 Education:
Education Needs to Improve Oversight of Its 21st Century Program
GAO-17-400: Published: Apr 26, 2017. Publicly Released: Apr 26, 2017.

Government Efficiency and Effectiveness:
Opportunities to Reduce Fragmentation, Overlap, and Duplication and Achieve Other Financial Benefits
GAO-17-562T: Published: Apr 26, 2017. Publicly Released: Apr 26, 2017.

2017 Filing Season:
New Wage Verification Process Holds Promise but IRS Faced Implementation Challenges
GAO-17-525T: Published: Apr 26, 2017. Publicly Released: Apr 26, 2017.

DATA Act:
Office of Inspector General Reports Help Identify Agencies' Implementation Challenges
GAO-17-460: Published: Apr 26, 2017. Publicly Released: Apr 26, 2017.

2017 Annual Report:
Additional Opportunities to Reduce Fragmentation, Overlap, and Duplication and Achieve Other Financial Benefits
GAO-17-491SP: Published: Apr 26, 2017. Publicly Released: Apr 26, 2017.

IASB

April 2017 IASB Update published and work plan updated
28 Apr 2017

The IASB and Integrated Reporting
27 Apr 2017

March 2017 ASAF meeting summary posted
26 Apr 2017

IRS

IRS Seeks Nominations for the Internal Revenue Service Advisory Council
IR-2017-91, April 28, 2017 — The IRS today announced it is accepting nominations for the IRSAC.

For Small Business Week, IRS Highlights Products for Established and Emerging Businesses
IR-2017-90, April 28, 2017 — In recognition of National Small Business Week the IRS is highlighting products to help small business owners and self-employed individuals understand and meet their tax obligations.

IRS Sees Millions of Tax Returns Last Days of Tax Filing Season
IR-2017-89, April 25, 2017 — The IRS today announced that the agency has received 135.6 million returns this year following a late surge of filings last week.

NYC Dept. of Finance

The Department of Finance is considering adding rules regarding the adjudication of Summonses (also known as Notices of Violation (“NOVs”)) that DOF will issue for certain tobacco violations and synthetic marijuana violations.
April 28, 2017

NYS Dept. of Taxation and Finance

Web File App Simplifies Payroll Tax Filing Process

Can’t Pay Your Tax Debt in Full? Take Advantage of Convenient Payment Options

Utica Liquor Store Owner Charged with Sales Tax Evasion

“Operation Breaking Bad Preparers” Nets Three Additional Arrests in The Bronx

SEC

Whistleblower Award of More Than Half-Million Dollars for Company Insider
Washington D.C., May 2, 2017—The Securities and Exchange Commission today announced that a company insider has earned a whistleblower award of more than $500,000 for reporting information that prompted an SEC investigation into well-hidden misconduct that resulted in an SEC enforcement action.

SEC and NYU to Host Forum on Reviving IPO Market to Help Drive Economy, Create Jobs
Washington D.C., May 2, 2017—Going public has helped many companies grow and create jobs, so why has the number of initial public offerings (IPOs) decreased in recent years? What are the consequences of this trend on investors? The U.S. Securities and Exchange Commission and New York University’s Salomon Center will tackle those questions next week in New York City.

Semiconductor Company and Former CFO Settle Accounting Fraud Charges
Washington D.C., May 1, 2017—The Securities and Exchange Commission today announced that a South Korea-based semiconductor manufacturer and its former CFO have agreed to settle charges related to an accounting scheme to artificially boost revenue and manipulate the financial results reported to investors.

SEC Charges EB-5 Operator With Securities Fraud
Washington D.C., April 28, 2017—The Securities and Exchange Commission today announced that an Idaho man has agreed to pay back several million dollars he siphoned away for personal use rather than investing it as promised to create U.S. jobs through the EB-5 Immigrant Investor Program.

Executives Charged in Connection With Accounting Failures at Government Contractor
Washington D.C., April 28, 2017—The Securities and Exchange Commission today announced charges against two former executives at a government contractor that was the subject of an SEC enforcement action earlier this year and paid a $1.6 million penalty for accounting failures. 

Broker Charged With Defrauding Customers
Washington D.C., April 25, 2017—The Securities and Exchange Commission today charged a former broker with knowingly or recklessly trading unsuitable investment products in the accounts of five customers and misappropriating more than $170,000 from one of those customers.

SEC Awards Nearly $4 Million to Whistleblower
Washington D.C., April 25, 2017—The Securities and Exchange Commission today announced an award of nearly $4 million to a whistleblower who tipped the agency with detailed and specific information about serious misconduct and provided additional assistance during the ensuing investigation, including industry-specific knowledge and expertise.


 

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