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AICPA’s Audit Quality Report highlights peer review, control
A recently released audit quality report by the AICPA focused on five key accomplishments in the past year: peer review, audit documentation, single audits, employee benefit plan audits and quality control.
EY, Deloitte, PwC embrace artificial intelligence for tax and accounting
Deloitte, Ernst & Young (EY) and PricewaterhouseCoopers (PwC), three of the famed Big 4 accounting firms employ AI to launch new business .
Practical questions around blockchain and financial reporting
The Financial Executives Research Foundation (FERF) is collaborating with Deloitte to explore how blockchain is currently being adopted in the financial reporting community, the potential for industry disruption and the realistic next steps for...
Retain investing, cybersecurity, financial fraud. "SEC’s top 3 enforcement priorities"
Stephanie Avakian, co-director for the SEC's enforcement division , said the agency is trying to be more strategic, expanding the use of digital analytics in its investigations.
House Ways and Means approves amended Tax Cuts and Jobs bill
The House Ways and Means Committee has voted to send an amended version of the Tax Cuts and Jobs tax-reform bill to the full House. Among notable changes are reinstatement of the adoption tax credit and of the $5,000 exclusion for child care...
PCAOB identifies 3 areas with most frequent audit issues
Public Company Accounting Oversight Board inspectors found audit deficiencies most often in three recurring areas in 2016 inspections, according to a staff brief. Firms can take steps to improve performance in these areas in future audits,...
How to prepare for FASB's hedge-accounting update
An update to the Financial Accounting Standards Board's derivatives and hedge-accounting standard will go into effect in a little more than a year. This article reviews what the update does and outlines considerations for adoption.
Senate tax-reform bill differs from House version in many ways
The Tax Cuts and Jobs Act released by the Senate Finance Committee contains many differences from the bill put out by the House. These include different tax rates, different treatment of various deductions and a delay in the reduction of the...
CPA firms find that advancement programs boost recruiting, retention
In an environment with intense competition for skilled professionals, CPA firms are finding that programs promoting mentoring, sponsorship, and gender and minority initiatives help them recruit and retain good people.
Senate to delay corporate tax cut, breaking with Trump and House
Senate Republicans plan to propose delaying a cut in the corporate tax rate until 2019.

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