While the overall number of financial restatements by US public companies has decreased over the last four years, large company restatements have been on the rise, according to research conducted and published by Audit Analytics in the "2012 Financial Restatements: A Twelve Year Comparison" report.
On August 2, 2012, the Governmental Accounting Standards Board (GASB) published standards intended to improve the accounting and financial reporting of public employee pensions by state and local governments.
Account reconciliation is an underappreciated yet critical control to help ensure an organization's financial integrity. Weaknesses and inefficiencies in the reconciliation process often lead to inaccuracies.
The Supreme Court ruled to uphold much of the PPACA, which puts in motion the expansion of the health care system, including the individual mandate requiring all U.S. citizens to maintain minimum health care coverage or pay a penalty.
On June 27, the FASB issued for public comment a proposed ASU intended to improve financial reporting about certain risks inherent in financial instruments and how they contribute to the reporting organization's broader risks.
The ACCA and the IMA have announced their global strategic partnership. The signing of the agreement took place at IMA's Annual Meeting of Members, during IMA's Annual Conference and Exposition in Las Vegas.
J. Stephen McNally, CPA, provides an overview of COSO and his perspective on how it has been leveraged by such companies as Campbell Soup. In addition, he offers insight into COSO's recent ICIF Refresh Project.