Latest Articles

  • SEC Charges Theranos CEO, President with "Massive Fraud"

    By:
    Chris Gaetano
    |
    Mar 15, 2018
    The SEC has charged Elizabeth Holmes, the CEO of blood testing company Theranos, and Ramesh “Sunny” Balwani, its president, with a "massive fraud" where they exaggerated or made false statements about the firm's technology, business, and financial performance. 
  • Study: Execs With Accounting Experience Linked to Higher Risk of Accounting Misstatements, If Given Pay Incentive

    By:
    Chris Gaetano
    |
    Mar 14, 2018
    A recent study says that executives highly skilled in accounting are also highly skilled at manipulating accounting, at least when there is incentives to do so. 
  • ACCA Finds Disclosure of Key Audit Matters Improves Governance, Audit Quality, Reporting

    By:
    Chris Gaetano
    |
    Mar 14, 2018
    The Association of Chartered Certified Accountants has released a study of audits conducted in jurisdictions requiring the disclosure of Key Audit Matters as required by the International Auditing and Assurance Standards Board, and has found that such disclosures have improved governance, supported audit quality and encourages better corporate reporting. 
  • Poll: 34 Percent of Women in Accounting Say They Experienced Sexual Harassment

    By:
    Chris Gaetano
    |
    Mar 13, 2018
    A recent poll of accounting professionals has found that 34 percent of women in the industry said they have experienced some form of sexual harassment over the course of their careers, and 39 percent of women said they are aware of others who have been similarly harassed. 
  • SEC Charges KPMG, Deloitte, BDO Affiliates With Circumventing PCAOB Regs

    By:
    Chris Gaetano
    |
    Mar 13, 2018
    The Securities and Exchange Commission announced that it has charged African affiliate firms of KPMG, Deloitte and BDO with circumventing the full oversight of the Public Company Accounting Oversight Board (PCAOB).
  • Regulatory Roundup: March 7-13

    By:
    Chris Gaetano
    |
    Mar 13, 2018
    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 ‚Äč‚Äčannouncements from the past week, and puts them in one place to help you stay on top of the issues.
  • IRS Gives Extra Time to Many Businesses Affected by Recent Storms

    By:
    Chris Gaetano
    |
    Mar 13, 2018
    The IRS said that it is providing relief to businesses and tax professionals affected by last week’s storm--known as Winter Storm Quinn—and this week’s storm –known as Winter Storm Skylar--that primarily hit portions of the Northeast and Mid-Atlantic.
     
  • IFIAR: 40 Percent of Audits Flawed

    By:
    Chris Gaetano
    |
    Mar 12, 2018
    The International Forum of Independent Audit Regulators, a body of audit industry regulators such as the U.S.'s Public Company Accounting Oversight Board, released a survey of inspection findings from its members saying that, worldwide, about 40 percent of audits contained at least one problematic finding. 
  • Cryptocurrency Investors Bilked Out of $2M as Company Takes Money and Runs

    By:
    Chris Gaetano
    |
    Mar 12, 2018
    Over 1,000 investors funding an initial coin offering (ICO) for a company called Giza found themselves bilked out of $2 million after the company they put money into simply vanished with all their funds.
  • Guest Blog Post: Individual Tax Extenders Included in the Bipartisan Budget Act of 2018

    By:
    Mark H. Levin, CPA, M.S. (Taxation)
    |
    Mar 9, 2018
    On Feb. 9, 2018, President Trump signed the Bipartisan Budget Act of 2018 as P.L. 115-123 (the Budget Act). Division D, Title 1, of the Budget Act enacts many of the long-awaited extenders of provisions that expired at the end of 2016. Some of these provisions are extended only for the tax year 2017, while others are extended for multiple years.

    This article discusses those extenders that, in the author’s opinion, will have the greatest impact for CPAs.