Latest Articles

  • SEC Halts Ponzi Scheme That Preyed on Elderly

    By:
    Chris Gaetano
    |
    Nov 19, 2019
    The Securities and Exchange Commission has halted what they say was a $5 million Ponzi scheme that targeted mostly senior citizens and small business owners. 
  • Regulatory Roundup - Nov. 12-18

    By:
    Chris Gaetano
    |
    Nov 18, 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.
  • Pentagon Fails Audit Again

    By:
    Chris Gaetano
    |
    Nov 18, 2019
    The Pentagon has failed its second fully comprehensive audit, with auditors citing multiple material weaknesses that ultimately resulted in a disclaimer of opinion, despite some improvements from last year's examination, which also failed for largely the same reasons. 
  • IRS to Ramp Up In-Person Visits

    By:
    Chris Gaetano
    |
    Nov 18, 2019
    The IRS wants to increase the number of in-person visits it does, particularly in areas where it has few to no revenue officers on hand. 
  • IRS Commissioner Asks CPAs to Provide Feedback on the Taxpayer First Act

    By:
    Ruth Singleton
    |
    Nov 15, 2019
    IRS Commissioner Charles Rettig, speaking at the AICPA National Tax Conference in Washington, D.C., said that he wants to hear from CPAs and other tax professionals about the Taxpayer First Act of 2019, enacted on July 1.
  • Conference Speaker: Auditing Standards Shifting Away From Simple Checklists

    By:
    Chris Gaetanoq
    |
    Nov 14, 2019
    Wendy Stevens, a member of the Public Company Accounting Board's (PCAOB) Standing Advisory Group and a speaker at the Foundation for Accounting Education's Nov. 14 Auditing Standards Conference, said that the board wants auditors to move away from a checklist mentality and use more professional judgment, as evidenced by its most recent standards. 
  • Speakers Advocate for IT Audits to Move From Templates to Risk Modeling

    By:
    Chris Gaetano
    |
    Nov 14, 2019
    Many information technology audits are performed through the use of simple templates provided by practice advisers, mainly because they are easy to complete and don't require much IT knowledge per se. But a pair of speakers at the Foundation for Accounting Education's Nov. 14 Auditing Standards Conference said these templates don't account for the rapid technological advances that have become features of our modern world. 
  • FASB Proposes Clarifications on Hedge Accounting Standard

    By:
    Chris Gaetano
    |
    Nov 13, 2019
    The Financial Accounting Standards Board (FASB) has proposed an update meant to address what stakeholders said were inconsistencies and unintended consequences in hedged risk guidance. 
  • Bill Would Limit Interest Rates on Consumer Loans to 36 Percent, Would Be Major Blow to Payday Loan Industry

    By:
    Chris Gaetano
    |
    Nov 13, 2019
    Legislation introduced in both chambers of Congress would, if implemented, cap interest rates on all consumer loans at 36 percent, a move that would do major damage to the payday loan industry, which often charges interest rates in the hundreds of percent.
  • JPMorgan Economist Says Conventional Wisdom on Recessions No Longer Works, and That's Good

    By:
    Chris Gaetano
    |
    Nov 12, 2019
    James Glassman, managing director of and head economist of commercial banking with JPMorgan Chase, said that while conventional wisdom indicates that a recession should be on the horizon, factors such as changing demographics and new monetary policy mean that all the usual signs don't really apply today.