Latest Articles

  • Regulatory Roundup - May 7-13

    By:
    Chris Gaetano
    |
    May 13, 2019
    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. 
  • Wolters Kluwer Outage Shows Risks of Cloud Centralization

    By:
    Chris Gaetano
    |
    May 13, 2019
    Last week's cyberattack on Wolters Kluwer, which knocked out widely used accounting and tax software platforms around the world, demonstrated the risks that emerge when vast swaths of the economy come to rely on the services of a single company. 
  • IRS Raises Fees for Enrolled Retirement Plan Agents

    By:
    Chris Gaetano
    |
    May 13, 2019
    The IRS has announced that the initial enrollment user fee for enrolled retirement plan agents will be removed, as it no longer offers such initial enrollment, and it will also be increasing fees for both enrolled retirement plan agents and enrolled agents in general. 
  • GAO Says IRS Needs Cybersecurity Standards for Third-Party Preparers

    By:
    Chris Gaetano
    |
    May 10, 2019
    While the IRS has extensive policies and procedures to protect data within its own organization, the Government Accountability Office noted that this protection does not extend to the third-party preparers that process 90 percent of taxpayer returns, representing a major security blind spot. 
  • NYC Has More Billionaires Than Any Other City in World

    By:
    Chris Gaetano
    |
    May 10, 2019
    A recent report finds that New York City has more billionaires than any other city on the planet. 
  • Study: 57 Percent of Distressed Companies 'Opinion Shop' for Auditors

    By:
    Chris Gaetano
    |
    May 9, 2019
    While the whole point of an audit is for a neutral third party to give an unbiased opinion on a company's financial information, what if the company doesn't like the result? The answer, for 57 percent of distressed companies, according to a recent study, is to shop for a better one. 
  • SEC Proposes Changing Definition of Accelerated Filers, Large Accelerated Filers

    By:
    Chris Gaetano
    |
    May 9, 2019
    The Securities and Exchange Commission has proposed changing the definition of accelerated filers and large accelerated filers to ease internal control audit requirements for certain entities. 
  • Speaker: Regulators Increasingly Sophisticated in Data Analytics, Firms Must Keep Up

    By:
    Chris Gaetano
    |
    May 8, 2019
    Regulators such as the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) are increasingly turning to data analytics in their enforcement efforts, which a speaker at the Foundation for Accounting Education's Broker-Dealer Conference on May 8 said is apparent in the types of data they're interested in. 
  • Speakers: Blockchain Has Great Promise for Broker-Dealers But Infrastructure Lagging Behind

    By:
    Chris Gaetano
    |
    May 8, 2019
    A pair of speakers during the Foundation for Accounting Education's Broker-Dealer Conference on May 8 said that blockchain holds great promise for broker-dealers and the securities industry as a whole, but that a lack of infrastructure appropriate for the technology is holding back its true potential. 
  • PCAOB Says Audit Quality Improving, But Trouble Areas Remain

    By:
    Chris Gaetano
    |
    May 7, 2019
    The Public Company Accounting Oversight Board (PCAOB) has issued a report, based on its latest round of staff inspections, finding that, overall, audit quality seem to be improving, which it attributed to the adoption by audit firms of good practices that led to overall improved engagement quality.