Data analytics: New ways for internal auditors to apply their skills | ASB issues new going concern auditing standard | Incentivizing companies to promote diversity
March 15, 2017
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Accounting and Reporting Update
Data analytics: New ways for internal auditors to apply their skills
Data analytics are offering new tools for internal auditors, who may have to take a more forward-looking approach to continue providing value to the organizations they serve. Most chief audit executives anticipate changes in internal auditing processes, but many are concerned about the transition, research shows.
CGMA Magazine online (2/27) 
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ASB issues new going concern auditing standard
The AICPA Auditing Standards Board recently issued a new standard that considers the Financial Accounting Standards Board's new accounting considerations for going concern as well as the Governmental Accounting Standards Board's accounting guidance for state and local governments.
Journal of Accountancy online (2/22) 
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A New Approach to Intercompany Accounting
Intercompany accounting is a primary consumer of both cost and time within accounting and finance organizations. Learn about the current intercompany accounting landscape and a different approach to intercompany accounting that can finally help you overcome its challenges.
Emerging Trends
CFOs look to nontraditional sources for finance talent
Companies are having trouble filling finance positions as they look for candidates with the right mix of analytical knowledge and soft skills. Some businesses are searching for candidates outside traditional sources to fill the gap. (3/2) 
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Incentivizing companies to promote diversity
Despite large investments in diversity, there's been slow progress toward equal representation of minorities in the tech industry. One possible approach is to link executive pay to diversity objectives.
Fast Company online (2/9) 
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Other News
New revenue recognition standard requires careful attention
Learn how to make significant accounting judgments and document them; collaborate with peers for consistent application; make appropriate disclosures; and communicate information related to implementation throughout your organization. Free report>
Tax Corner
Proposed health care replacement bills contain many tax changes
The draft proposals to repeal the Affordable Care Act released by House Republicans recently would make many tax changes if enacted. Here's a look at their impact on the tax code.
Journal of Accountancy online (3/7),  SHRM Online (3/7) 
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State challenges with the new federal partnership audit rules
The new centralized partnership audit rules were enacted without any consideration of their effect on the states, which prompted state tax authorities and practitioners to come together to identify issues and solutions.
The Tax Adviser (3/2017) 
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Leadership Lessons and Tips
The habits of highly innovative companies
Strong innovators are more likely than lesser-performing peers to look far afield for innovation opportunities, taking advantage of strategies that include corporate venture capital and strategic acquisitions outside of their core businesses.
CGMA Magazine online (2/13) 
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How to ease the pain of firing a good employee
Firing a good employee is sometimes necessary, but it's always painful. Alleviate any animosity by showing empathy and helping the employee pursue other positions that may be a good fit.
Harvard Business Review online (tiered subscription model) (3/3) 
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Other News
Tech Topics
A short introduction to fintech
"Fintech" is a broad term used to describe companies that apply cloud-based tools, open-source software and other kinds of technology to improve banking and investing. Fintech has the potential to upend the financial system, and regulators are still working to strike the right balance between investor protection and innovation.
Bloomberg (2/24) 
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Making sense of data analytics
Many finance executives rely on data analytics when making decisions, but companies can run into problems if they do not take the right approach. About one in four respondents cited organizational culture as an obstacle to successful integration of analytics, according to a survey. (3/3) 
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Regulatory Developments
Supreme Court decision creates liability risk for CPA profession regulators
After a 2015 Supreme Court decision, CPAs serving on state boards of accountancy may be held personally liable for potential antitrust actions taken on behalf of the boards. This risk may discourage CPAs from serving on state boards.
Journal of Accountancy online (2/9) 
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1Q2017 AICPA Business and Industry Economic Outlook Survey
The first-quarter AICPA Economic Outlook Survey reports the highest level of optimism about prospects for the US economy in more than a dozen years. The results are derived from business executives in public and privately owned organizations of all sizes and across a broad spectrum of industries. Refer to the press release and PowerPoint presentation for additional insight.
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Free CPE credit webcast on Implementing the New Major Accounting Standards -- April 4 at 12 p.m. ET
The Financial Accounting Standard Board (FASB) has issued four major new accounting standards, including revenue recognition, leases, financial instrument recognition and measure, and credit losses. This webcast will review the standards, latest issues and provide information on companies' adoption. CGMA designation holders will earn one free CPE credit. Register here.
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NEW toolkit -- Treasury and Cash Management Essentials
Treasury practices have become significantly more complex since the global financial crisis. The new Treasury and Cash Management Essentials toolkit supports CGMAs with resources and tools designed to deepen their knowledge and understanding of key treasury practices.
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Early-bird discount: 2017 AICPA CFO Conference, May 3-5 in Phoenix
The 2017 AICPA CFO Conference brings together corporate leaders from organizations of all sizes, examining the economic, political and executive challenges faced by CFOs. CGMA designation holders receive additional discount on registration.
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About the AICPA
The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations and federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation, which sets a new standard for global recognition of management accounting.
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