Enterprise risk management (ERM) is a growing concern and the biggest challenge for Chief Financial Officers, Audit Committee Members and Chief Audit Executives (CAEs). That’s according to three new surveys conducted by Crowe Chizek and Company LLC - one of the top 10 public accounting and consulting firms in the U.S. “The common theme in [...]
U.S. Accounting firm BDO Seidman recently announced its annual revenue jumped 12% percent in 2008, helped by strong growth in its consulting business. BDO - one of the largest U.S. accounting firms after the “Big Four” auditors - says revenue for the fiscal year ended June 30, 2008 increased to $659 million, an 11.9% percent [...]
Deloitte’s forensic accounting and tax units have enjoyed a big boost in business. The Big Four accounting firm reports that annual revenue at its member firms rose 18.6% in fiscal 2008, spurred by growth in Asia and demand for its financial advisory services, according to Reuters. Amid the slowing economy, the firm’s business transformation services [...]
U.S. companies need to prepare for the convergence of global accounting standards. A mid-year update of the Financial Accounting Standards Board’s agenda left no doubt that the group is actively planning for U.S. GAAP to be replaced by International Financial Reporting Standards (IFRS), reports CFO.com. Moreover, a large majority of accounting leaders from around the [...]
The credit crisis has triggered a broad and growing emphasis on risk. In fact, a recent study conducted by KPMG’s Audit Committee Institute (ACI) and the National Association of Corporate Directors shows that risk management is now the biggest concern for audit committees. Moreover, although most audit committee members at public companies say their audit [...]
Salaries are climbing along with demand for accounting talent. Despite fears of a recession and layoffs, accountant salaries have jumped to their highest levels ever. That’s according to a recent survey conducted by the Institute of Management Accountants (IMA). The IMA’s 2007 Salary Survey, which polled roughly 1,600 internal auditors, treasurers, forecasters and planners at [...]
The U.S. Securities and Exchange Commission has proposed that companies publicly traded in the U.S. adopt a specific new technology, known as eXtensible Business Reporting Language or XBRL, for financial disclosure. The mandate issued by the SEC outlined a graduated process for adoption of XBRL, although Fortune 500 companies would be required to adopt as [...]
Fair value accounting has been blamed for exacerbating the credit crisis – mainly for its contribution to billions worth of dollar writedowns. Also known as FAS 157, the measure forces companies to use complex methods to assign a value to an asset based on what the current market would be willing to pay for it. [...]
Amid increased scrutiny and regulation, the internal audit profession has grown dramatically in the last several years. The Institute of Internal Auditors (IIA) reports that membership in the organization, which spans 165 countries, has increased a staggering 58% over the past four years to more than 150,000 professionals. According to the IIA, studies have also [...]
The issue of data center efficiency is garnering more attention as companies face mounting pressure to cut back on spending. That’s because the massive, energy-gobbling data centers that hold racks of mission-critical equipment are costly to maintain. The Environmental Protection Agency (EPA) found that data centers in the U.S. consumed 61 billion kilowatt hours of [...]
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