The implosion of Germany’s Wirecard has demonstrated that those parties – management, the audit committee and board, auditors, audit regulators, and corporate reporting regulators – investors compensate and rely upon to look after their capital investments failed them on multiple levels in the European Union’s (EU’s) largest economy.
The narrative that management and auditor assessment of internal controls of financial reporting is too expensive is a very common, but undemonstrated, narrative regarding virtually every accounting, disclosure, and audit reform. Investors view the benefits of ICFR audits as exceeding the costs.
As we noted in our introductory post on July 14, as the earnings season commences this week, we will undertake a series of posts over the next two weeks on issues we believe are important for… READ MORE ›
The second quarter, ending June 30, will result in US companies providing investors with the first look at the actual impact of COVID-19 on US public companies; and globally, companies will release their half-yearly results for the first time since the global surge in the pandemic.
An Inline XBRL (eXtensible business reporting language) filing is a digital filing with two layers of information: one layer of data that can be read by human beings and another layer of data that can be read by machines.
Segment reporting information is critical to investors. Despite the US GAAP standard on segment reporting being over 20 years old, the disclosures it produces remain challenging for investors who use the information and regulators who enforce the guidance. Recent… READ MORE ›
IAASB’s new standards will live up to the hype — more transparency for investors and key stakeholders to ensure market integrity. How have we helped shape the new standards rolling out in 2017?
Mickey Mantle, the UCLA Bruins, the seven seas — what do they have in common with the Public Company Accounting Oversight Board’s disclosure requirement? What three main changes should investors know?
About those findings, what are IFIAR and the six largest network firms (including BDO International Ltd., Deloitte Tohmatsu Ltd., and Ernst & Young Global Ltd.) doing to end investors’ audit inspection report 'winter’?
Time will tell if the auditor’s report can build a similar expectation with investors after decades of reporting uninformative, stale information.
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