ABA to PCAOB: Confirmation process needs modernization beyond current proposal
The proposal as currently outlined doesn’t go far enough to consider current and future technical opportunities and risks, ABA says.
Browsing: Audit
Podcast: Understanding the SEC’s climate risk disclosure proposal
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.
Audit committee expectations intensify as assets hit $1 billion
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.
Key Takeaways From the 2021 AICPA National Conference
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.
Fed’s SCALE Method for CECL: Haze Lifted, Questions Remain
The Federal Reserve introduced its CECL Scalable CECL Allowance Estimator, or SCALE, method and tool during an “Ask the Fed” webinar this summer.
FDIC Provides Temporary Audit Relief for Banks with COVID-Bulked Balance Sheets
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.
ABA Receives SEC Preclearance on MSLP Accounting
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.
Financial Services Hearing Spotlights Lawmakers’ Serious Concerns About CECL
Insights from ABA staff expert Josh Stein on the recent FASB oversight hearing.
SEC Proposes Updates to Auditor Independence Framework
The Securities and Exchange Commission proposed changes to modernize its auditor independence framework last updated in 2003.
ABA Calls for Greater Clarity in CECL Audit Proposal
The American Bankers Association submitted comments to the American Institute of Certified Public Accountants today on a proposal addressing how auditors will approach accounting estimates and related disclosures after the current expected credit loss standard is implemented.