A proposal to expand the requirements for auditors to identify, evaluate and communicate all company violations of laws and regulations is in direct conflict with existing rules, and it risks undermining audit quality and independence, two House Republican chairmen said.
The proposal as currently outlined doesn’t go far enough to consider current and future technical opportunities and risks, ABA says.
Public comments for the Securities and Exchange Commission’s sweeping climate risk disclosure proposal are due on June 17, with major implications for banks and their clients. ABA’s Mike Gullette and Joe Pigg dig into the details.
As banks approach two key asset thresholds—$500 million and especially $1 billion — they must begin preparing for new risks and regulatory expectations. Many of them play out in the audit committee.
This year’s AICPA annual conference brought together key players in the bank accounting space, including banking agencies and banks and audit firms of all sizes. The event served as a forum for public statements, insight and market intel from these institutions.
The Federal Reserve introduced its CECL Scalable CECL Allowance Estimator, or SCALE, method and tool during an “Ask the Fed” webinar this summer.
For banks that have experienced rapid and possibly short-term inflows of assets and deposits during the coronavirus pandemic, the FDIC today issued an interim final rule providing relief from auditing, internal control and audit committee requirements that would have resulted from those inflows.
The Securities and Exchange Commission today informed ABA that it does not object to the association’s conclusion that Main Street Lending Program transactions meet the legal isolation criteria necessary for sale accounting treatment under U.S. generally accepted accounting principles.
Insights from ABA staff expert Josh Stein on the recent FASB oversight hearing.
The Securities and Exchange Commission proposed changes to modernize its auditor independence framework last updated in 2003.