SEC backs tougher rules for audits involving multiple firms

CFO Dive

SEC Chair Gary Gensler hailed efforts to avert significant errors in audits by multiple firms, including mistakes in the calculation of revenue and measurement of fair value

U.S. and China Reach Agreement on Chinese Company Audits

CFO News Room

accounting regulators to inspect China-based audits , laying the groundwork for a monthslong process that could prevent numerous Chinese companies from being booted off American stock exchanges. The deal, which was negotiated over many months, comes after a decadelong standoff between regulators in the two countries over the audit working papers of New York-listed Chinese companies. Washington and Beijing reached an agreement for U.S.

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China’s Ailing Developers Delay Results as Audits Drag

CFO News Room

said they couldn’t publish audited annual results by Hong Kong’s March 31 deadline, with some blaming pandemic-related problems as one reason for the delay. Others have recently parted company with the accountancy firms that previously audited their books.

Lack of Access Could Hinder Audits of Companies With Ties to Russia

CFO News Room

Also, due to government sanctions accounting firms will likely have less access to auditors in Russia than they previously did, audit experts say. WSJ | CFO Journal. The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. Audit Risks.

Cybersecurity increasingly on audit committee agendas

CFO Dive

To the extent CFOs support the committees, they could be called on to help find experts to join, or present to, members who are tasked with preventing a damaging breach

Talent shortage turns audits into tactical issue

CFO Dive

Delays mean companies can face hurdles raising capital, securing financing or making financials available to buyers interested in an acquisition

Accounting Firm EY Considers Split of Audit, Advisory Businesses

CFO News Room

Big Four accounting firm Ernst & Young is considering a world-wide split of its audit and advisory businesses amid regulatory scrutiny of potential conflicts of interest in the profession, according to people familiar with the matter. billion came from audit work.

Assessing Inherent Risk During an Audit

CFO News Room

They do this through routine audits , which are reviews that may involve the financial examinations of corporate financial statements, as well as compliance issues and internal controls involving a company’s financial reporting. Audits are conducted by internal and external auditors.

EY considers global audit spinoff

Future CFO

EY is considering a global audit spinoff amid growing regulatory pressure, according to media reports. According to media reports, EY’s CEO Carmine Di Sibio said in a memo that no decisions have been made regarding to the audit spinoff.

The Truth About Nonprofit Audits

The Charity CFO

In this episode, Tosha will walk you through the most common misconceptions about nonprofit audits to let you know exactly what you can expect (and NOT expect) from a nonprofit audit before you commit. Audits scare the daylights out of nonprofit founders.

Dynshaw Italia, CFO at Soldo 

Generation CFO

Change must be a part of the DNA of a business if it is to be successful, says Dynshaw Italia, CFO at spend management platform Soldo, who has navigated his fair share of transformation throughout his career. . “In I enjoy the entire CFO function.

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PCAOB finds audit flaws on fraud risk, SPACs

CFO Dive

During the coming inspection period, the PCAOB’s so-called Target Team will focus on “risks related to climate change” that influence companies’ financial statements

When Does Your Nonprofit Need an Audit?

The Charity CFO

Contrary to what many people envision, a nonprofit audit doesn’t usually start with a letter from the IRS. Instead, an independent nonprofit audit is something you choose to build trust in your nonprofit organization. What is a nonprofit financial audit? .

Deloitte Explores Splitting Auditing, Consulting Arms, Following Ernst & Young

CFO News Room

Deloitte is exploring a plan to split its global audit and consulting practices, following an effort by fellow Big Four accounting firm Ernst & Young to potentially spin off its consulting arm , according to people familiar with the matter. The moves would mark the biggest shake-up in the accounting industry in decades, handing windfalls to tens of thousands of the firms’ partners and creating two new consulting giants and two stripped-down auditing firms.

Global Auditing Firms Struggle to Leave Russia

CFO News Room

WSJ | CFO Journal. The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. The Big Four will likely use these new firms for the now-complicated task of auditing the Russian operations of multinational s, according to people familiar with the matter. Removing that shared support entirely could make it difficult for the Russian firms to offer their existing audit and other services, people close to the Big Four firms said.

Main functions of the CFO in environments of maximum uncertainty

Generation CFO

The Chief Financial Officer (CFO) is one of the most authoritative executives in the company, second only to the Chief Executive Officer (CEO), and is usually one of the heavyweights on the management committee of large companies. Main functions of the Chief Financial Officer or CFO.

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BREAKING: SEC proposes sweeping new PF audit, fees rules

Private Funds CFO

The entire industry is caught up in 'sea change' proposal. Compliance News & Analysis featured SEC

PCAOB, SEC double down on full access to audits in China

CFO Dive

The Public Company Accounting Oversight Board (PCAOB) doesn’t have the authority to remove foreign companies from U.S. exchanges but a 2020 law gives the Securities and Exchange Commission authority to do that if the PCAOB isn’t getting cooperation

The top challenges for internal audit in 2022

Future CFO

The top challenge for internal audit leaders this year is how they can attract talent with nontraditional skills, said Gartner recently. 57% of chief audit executives said that attracting talent with nontraditional skills was an important or extremely important issue for them in 2022.

Hybrid auditing: How audit leaders can transform processes to tackle challenges

Future CFO

Audit functions that fail to adapt well to hybrid auditing risk a loss of effectiveness and influence at a time when real-time assurance has never been more vital to the wider organisation, said Gartner recently. Data analytics has also enabled better remote and continuous audits. .

Audit and Technology

Future CFO

This report provides an overview of some of the various technologies that currently affect or are likely to affect the audit profession in the near future and what this means for auditors as people. Download The post Audit and Technology appeared first on FutureCFO.

Will new IRS funding increase small business audits?

CFO Share

Should we expect more audits and fines? This austerity, compounded with complex Covid tax relief measures, means the IRS is 6+ months behind in processing tax returns, audits, and even opening the mail. Enforcement activity, including audits, has focused almost exclusively on high-income individuals and corporations, not small businesses. How do I avoid an IRS audit? Audits, fines, and other IRS disputes are a major distraction from routine business.

Internal audit at risk of being overstretched in 2021

Future CFO

The internal audit function faced both declining budgets and a significantly expanded workload in 2020, according to Gartner survey of 299 internal audit organisations in 2020. The post Internal audit at risk of being overstretched in 2021 appeared first on FutureCFO.

Survey: 62% of organisations expect external audit fees to rise in 2021

Future CFO

Of the survey respondents, 81% employed a “big four” audit firm (Deloitte, EY, KPMG, PwC), according to the advisory firm. . Internal control automation In addition, organisations that automate at least 25% of their internal controls paid 27% lower audit fees on average, Gartner pointed out.

Relentless change creates audit control gaps, raises organisational risk

Future CFO

The growing audit control gaps can result in higher organisational risk, said Gartner recently when releasing results of its survey of 200 audit business partners in February. Improving the speed of audit deployment is also an important part of mitigating control gaps.”.

What is the Difference between a Part-Time, Fractional, and Interim CFO?

CFO Simplified

A chief financial officer (CFO) holds the highest financial position in a business. A CFO, according to NetSuite , is responsible for: Tracking cash flow and financial planning. So, what’s the difference between a part-time CFO, a fractional CFO, and an interim CFO?

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What Is a CFO?

Michigan CFO

None of these roles could be more important than the chief financial officer (CFO). CFO services are vital to any business’s growth. This article will explain what a CFO does. But a bookkeeper, accountant, or controller is not a CFO. Leaving CFO tasks to someone without experience and training as a CFO, or even worse–simply ignoring them, is a risk that will come back to bite you eventually. What Does a CFO Do? How Do I Know If I Need a CFO?

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Blockchain and the future of audit

Future CFO

The post Blockchain and the future of audit appeared first on FutureCFO. Blockchain Resources Technology Videos/Tutorials CFO issues digital transformation GartnerEY sheds light on how blockchain can change reporting and the role of the finance function.

Should non-audit service prohibitions be further strengthened in Singapore?

Future CFO

Given that auditors are required to offer unbiased opinions about the financial statements of companies that they audit, the lack of auditor independence can severely compromise the quality of the auditors’ work. . This should improve the overall quality of the audit.

BlackLine to offer remote audit solution on a complimentary basis

Future CFO

BlackLine said on Monday that it will offer BlackLine Remote Audit on a complimentary basis to a limited number of qualified customers that sign on by June 1. The post BlackLine to offer remote audit solution on a complimentary basis appeared first on FutureCFO.

CFO for Manufacturing Companies

Michigan CFO

In the world of manufacturing, where processes run thick and bottlenecks are known to arise, CFO services play a critical role in helping organizations steer towards efficiency, profitability, and longevity. The Evolving CFO Role in a Manufacturing Company.

What is a Fractional CFO?

Michigan CFO

Did you know the average base salary for a Chief Financial Officer (CFO) is $397,448 ? With a fractional CFO, you can reap the benefits of a full-time CFO at a significantly reduced rate while still being able to get the same level of financial leadership and insights.

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The top risk in 2021 according to audit chiefs

Future CFO

Chief audit executives (CAEs) have listed IT governance as the top risk for 2021, said Gartner recently. The Audit Plan Hot Spots Report indicates that IT governance is displacing data governance, which was the top entry for 2020 and is in second position for 2021.

The world’s largest auditing firm so far

Future CFO

Deloitte has emerged as the world's largest auditing firm in FY2020, though KPMG hasn’t announced revenues, which is usually the least among the Big 4. Three of the four audit heavyweights — Deloitte, PwC, and EY have reported their revenues in FY 2020.

Theresa Guest Joins The Charity CFO as Accounting Manager

The Charity CFO

Theresa Guest is joining The Charity CFO team in the role of Accounting Manager. Theresa serves on the Board of Directors for Easterseals Midwest, where she is the Audit Committee Chair and is also a member of the Government Relations Committee.