Major events or transactions — such as a natural disaster, a cyberattack, a regulatory change or the loss of a large business contract — may happen after the reporting period ends but before financial statements are finalized. The decision of…
Cryptocurrency Brief: The President’s Executive Order Summary
In recent years, digital assets have grown past $3 Trillion. Additionally, nearly 16% of Americans have traded, invested in, or used cryptocurrencies. Countries are now moving toward exploring the Central Bank Digital Currencies (CBDCs). This would be a digital form…
Audit Brief: New Disclosures Required for 2022
Starting in fiscal year 2022, all entities — except nonprofit organizations in the scope of Topic 958, Not-for-Profit Entities, and employee benefit plans — must provide detailed disclosures about government assistance. Here are the details of the new rules. Defining government…
Audit Brief: New Audit Survey Reveals Risk Trend
In late January, a survey entitled “Audit Committee Practices Report: Common Threads Across Audit Committees” was published by Deloitte and the Center for Audit Quality, an affiliate of the American Institute of Certified Public Accountants. The survey analyzed 246 responses,…