Industry News
Accounting
Top stories summarized by our editors
8/6/2020

"The audit committee's success is tied to the effectiveness of the internal audit department," writes IIA President and CEO Richard Chambers. The audit committee and chief audit executive must have a strong, continuous and open dialogue to ensure internal audit is focused on the right risks during the coronavirus pandemic, he says.

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Richard Chambers
8/6/2020

Five indicators can serve as red flags that a ransomware attack may be imminent, and information security executives should be alert for them, writes Peter Mackenzie. He lists several network scanners and hacking tools whose presence should prompt an investigation, including AngryIP, Advanced Port Scanner and MimiKatz.

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Sophos News
8/6/2020

The Financial Accounting Standards Board on Wednesday issued a new standard that is intended to simplify accounting for convertible instruments and contracts in an entity's own equity.

8/6/2020

The new audit evidence standard is here. It's principles-based, forward-looking, and it helps auditors work remotely. Before you dive into it, though, review this need-to-know info.

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AICPA Insights
8/6/2020

Practitioners should be careful to ensure language in a partnership agreement has substantial economic effect or otherwise reflects the partners' interests in the partnership.

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The Tax Adviser
8/6/2020

As companies start to reopen offices, employees should familiarize themselves with their employers' return-to-work policies. If they have any safety concerns, they should consider discussing these issues with their boss.

8/6/2020

Want to reconcile data files in a heartbeat? Liam Bastick, FCMA, CGMA, guides you on how to make it happen. Editor's note: This item is republished after some readers experienced technical difficulties with a link in Tuesday's CPA Letter Daily.

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FM
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Liam Bastick
8/6/2020

The Securities and Exchange Commission has proposed revamping the disclosure framework for mutual funds and exchange-traded funds. The SEC called for "concise and visually engaging shareholder reports" including important data investors need to evaluate a fund.

8/6/2020

Rocket Cos., which operates Quicken Loans, has priced shares for its initial public offering below expectations. The company priced shares at $18 each on Thursday's offering of 100 million shares, which is projected to raise $1.8 billion.

8/6/2020

A report from the Committee of Sponsoring Organizations of the Treadway Commission provides guidance on implementing blockchain technology to benefit financial reporting. The report explores how the COSO Internal Control -- Integrated Framework (2013) can help identify blockchain-related risk in financial reporting, and it notes the need to establish additional controls dealing with those risks.

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Treadway Commission

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