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Report: SEC Increased Accounting and Auditing Enforcement Actions in FY 2022
Accounting
The number of accounting and auditing enforcement actions initiated by the Securities and Exchange Commission (SEC) in…
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PCAOB Finds High Rates of Deficiencies in SPAC Audits
Auditing
Inspectors at the Public Company Accounting Oversight Board (PCAOB) have observed relatively high rates of audit…
Read More
Financial Accounting Foundation Eases Pathway for Stakeholder Feedback About Due Process Issues at FASB, GASB
Accounting
The Financial Accounting Foundation (FAF) has instituted a due process correspondence procedure to make it easier for…
Read More
Apply Professional Skepticism, PCAOB Reminds Auditors
Auditing
Auditors must remain vigilant as they perform their work, the Public Company Accounting Oversight Board (PCAOB) has told…
Read More
TIGTA Faults IRS for Unauthorized Technology Purchases
Taxation
The IRS purchased approximately $1.2 million in information technology (IT) products initiated by business units outside of…
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IRS Revises Guidance on Bitcoin, in Light of Its Use As Legal Tender in Some Nations
Taxation
The IRS has slightly revised its 2014 guidance on the treatment of virtual currency in recognition of the fact that certain…
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High Court Considering Case on Whether IRS Can Secretly Obtain Bank Records of Taxpayer's Relatives
Taxation
The U.S. Supreme Court recently heard arguments in the case of Polselli v. IRS, and the ruling will determine the limits of…
Read More
Republican Bill Would Strip Away IRS Funding in Exchange for Debt Ceiling Increase
Trusted Professional
House Republicans have introduced legislation to claw back much of the $80 billion in Inflation Reduction Act funding for…
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New ChatGPT Software Can Write Emails for Accountants
Trusted Professional
Software provider Canopy has integrated ChatGPT into its accounting practice management software, which allows it to write…
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