Priya PatelLet’s see what’s in the news today.
What accountants should know about robotic process automation
Accounting firms use tech to automate workflows, such as RPA, which is software technology programmed to automate repetitive, rules-based tasks.
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US SEC approves new audit quality benchmarks over Republican objections
The five-person U.S. Securities and Exchange Commission voted 3-2, with Republican members objecting to what they said was a hasty drafting process and unnecessary burdens likely to fall on smaller audit firms. The U.S. Public Company Accounting Oversight Board (PCAOB), which Congress created in the wake of the Enron-era accounting scandals and whose rules and standards require SEC approval, has moved to tighten accounting rules and standards this year.
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US SEC approves new audit quality benchmarks over Republican objections By Reuters
US SEC approves new audit quality benchmarks over Republican objections
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SEC’s New Rule on Auditing Standards will Provide Greater Protection for Investors, but Agency Must Go Further
WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement on the SEC’s vote to adopt the Public Company Accounting Oversight Board’s (PCAOB) new rule imposing quality control standards on auditors. “The PCAOB is responsible for ensuring the auditing profession fulfills its duty as a critical gatekeeper for accurate and complete financial statements from
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Let’s Put Intellectual Property on the U.S. GAAP Balance Sheet
To quote the famous business management guru Peter Drucker, “You can’t manage what you can’t measure.” In the world of financial reporting, recognition and measurement are two of the fundamental matters that must always be addressed, and these concerns, in the context of research and development expenditures, may give rise to intangible assets, the measurement of which admittedly can sometimes be challenging.
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