Global Reporting Guidelines I’ve been communicating with Michael Kraten, a friend of mind and fellow blogger, about accounting issues surrounding the coronavirus. We agree that companies hard hit by the shutdown should disclose a contingent liability that estimates possible losses as a result of the shutdown. This may be easier... Read more →

The Lost Art of an Independent Audit The time has come to revisit the issue whether all nonaudit services should be prohibited for audit clients. The accounting profession continues to struggle with independence issues when both services are provided. The threats and safeguards approach in the AICPA Code does not... Read more →

Indicators of Audit Quality Forty percent of the audits inspected by audit firm regulators had at least one finding indicating a serious problem, according to a new survey. A recent report from the International Forum of Independent Audit Regulators, a group of national audit regulators including the Public Company Accounting... Read more →