Since the ABA Banking Journal Podcast last checked in on the Current Expected Credit Loss standard—which is coming into effect for many banks and the vast majority of bank assets on Jan. 1, 2020—there have been several key developments.
The Securities and Exchange Commission today proposed to provide relief for smaller reporting companies from a part of the Sarbanes-Oxley Act that requires firms to obtain an outside audit to asses their internal control over financial reporting.
Connecting the dots between internal audit, legal, human resources and compliance.
The Securities and Exchange Commission this week approved the Public Company Accounting Oversight Board’s AS 3101 auditing standard aimed at providing more relevant information to investors.
In a comment letter to the American Institute of CPAs on its proposal to modify audits of Employee Retirement Income Security Act-based employee benefit plans, ABA warned of unintended consequences regarding the requirement for auditors to post findings on specific benefit plan provisions.
The American Institute of CPAs has extended the deadline for comments on proposed changes to auditing standards relating to employee benefit plans.
With changes to bank accounting on the horizon, including the Financial Accounting Standards Board’s Current Expected Credit Loss accounting standard and upcoming requirements to disclose bank loans at their so-called “exit price,” ABA noted that many auditing firms will need to employ experts and pricing specialists and that banks will need to greatly expand the documentation supporting their estimates.
The Public Company Accounting Oversight Board today approved a new auditor reporting standard aimed at providing more relevant information to investors.
Many community banks are likely to save on yearly consulting and audit costs as a result of revisions made to the Financial Accounting Standards Board’s understanding of what defines a public business entity.