More than a third of organizations had accounting and financial data-related cyber incidents

Accounting and financial data is increasingly in the crosshairs of cyber criminals. A recent poll of C-suite and other executives from Big Four firm Deloitte showed evidence of this. It found that 34.5% of organizations have experienced at least one “cyber event” targeting accounting and financial data over the past year. Of these, 12.5% ​​have … Read more

IIA objects to PCAOB’s proposed confirmation standard

The Institute of Internal Auditors is pushing back against part of a proposed new standard on audit confirmations from the Public Company Accounting Oversight Board, saying it would jeopardize the traditional relationship between internal and external auditors and criticizing the implication that internal auditors are untrustworthy. IIA president and CEO Anthony Pugliese late a comment … Read more

Financial Accounting Standards Board votes to release draft cryptocurrency in March

The Financial Accounting Standards Board, in its Feb. 1 meeting, voted to advance its first standard on cryptocurrencies and digital assets. The exposure draft is set to be released in late March and stakeholders will have 75 days to comment. The board’s project has undergone several refinements over the course of several meetings within the … Read more

Tax fraud volume tracks new benefits

Tax-related fraud more than doubled in 2020 compared to 2019, according to John Gilmore, head of research at private security firm DeleteMe. Between 2016 and 2019 the trend had been declining, according to Gilmore. “There are ‘boom years’ where fraud rings relaunch mass scams, often prompted by special provisions or credits which may create opportunities … Read more

Small businesses dialed back on raises in January

Hourly wage growth at small businesses dampened this month, even though the pace of hiring remained strong, according to data released Tuesday by payroll processor Paychex. The Paychex | IHS Markit Small Business Employment Watch indicated that the rate of hourly wage growth for US small businesses slipped to 4.66% year-over-year in January, while one-month … Read more

Shaping central banks: Cryptocurrency carries inherent governance issues

Like much of the financial world, Carolyn Wilkins, a former deputy governor of the Bank of Canada, was dismayed at the governance failures that led to the collapse of the FTX crypto trading platform. However, while there is much to be said about the specific missteps of those connected to this company, she said that … Read more

Senators call on PCAOB to toughen crypto audits

Late. Elizabeth Warren, D-Massachusetts, and Senate Finance Committee chairman Ron Wyden, D-Oregon, are asking the Public Company Accounting Oversight Board to do more to regulate the audits of cryptocurrency companies in the wake of recent high-profile bankruptcies of companies like FTX . In a lighter Wednesday to PCAOB chair Erica Williams, they pointed to the … Read more

PwC reports improvements in audit quality

PricewaterhouseCoopers is making efforts to improve its results on annual audit inspections by the Public Company Accounting Oversight Board, especially in comparison to its fellow Big Four firms. PwC released a midyear update to the annual Audit Quality Report on Monday, pointing to improvements in recent years. The PCAOB released its 2021 inspection report for … Read more

Deloitte taps forms Pfizer finance chief as CFO-in-residence

Deloitte is building its outreach to CFOs, appointing Frank D’Amelio, the former executive vice president and CFO at the pharmaceutical giant Pfizer, as its CFO-in-residence. He is becoming an independent senior advisor to Deloitte’s CFO Programmewhere he will provide strategic guidance on the finance function to clients, senior leadership and teams at the firm, about … Read more

The war over the Tax Mandate grinds on

Both the Supreme Court and the Eleventh Circuit weighed in on the American Rescue Plan Act’s Tax Mandate, aka Tax Cut Ban, last week. The Supreme Court, on Jan. 17, 2023, declined to consider Missouri’s challenge to the Tax Mandate, which restricts states that receive federal aid from using the funds to “either directly or … Read more