In the wake of the financial crisis, the government is getting serious about risk control. The Public Company Accounting Oversight Board (PCAOB) latest move to propose seven new auditing standards related to the assessment of risk is no exception. According to the PCAOB, the proposed standards would supersede its interim auditing standards related to audit [...]
In the final weeks leading up to Election Day, Democratic Presidential contender, Barack Obama, said he could not “imagine anything more important to talk about” than Americans’ losing their jobs, healthcare and homes. Meanwhile, Republican Presidential hopeful, John McCain, has said sweeping reform in the way Washington works is needed to restore confidence in the [...]
The U.S. Treasury recently announced it has hired accounting firms PricewaterhouseCoopers and Ernst & Young to help with its emergency buyouts of toxic assets from troubled financial institutions. The two firms will help “with accounting and internal controls services needed to administer the complex portfolio of troubled assets the department will purchase, including whole loans [...]
The global marketplace is highly competitive and the ability of many firms to operate profitably in diverse geographic markets is vital. Operating globally however gives way to a number of legal, finance and global accounting issues. Multinational firms must comply with international laws on pensions and business practices… and tax. In fact, research conducted by [...]
As the U.S. economy slows and volatility plagues the financial markets, restructuring specialists are in growing demand. Amid the turmoil, few U.S. companies will readily find lenders, forcing them to opt for some sort of restructuring in or out of a bankruptcy court, reports IDDMagazine.com. The report quotes Mark Shapiro, Head of Restructuring and Finance [...]
Treasury Secretary Henry Paulson issued a recent warning that recent market turmoil had “seriously impacted” the economy and that more U.S. financial firms would go bankrupt, according to the AP. Paulson says the $700 billion bailout package would take several weeks to put in place and it would not mean an end to bankruptcies. Moreover, [...]
CFOs and other senior finance executives have expressed concern over their ability to raise capital, execute long-term strategy, and manage risk in the months to come. Now, in the heat of economic turmoil and the financial crisis, the preferred skill set for CFOs is changing rapidly, according to CFO.com. The report states that changing demands [...]
The accounting industry remains strong, despite a faltering economy. In fact, the top 100 accounting firms have posted double-digit growth for three years running, according to the latest national Public Accounting Report (PAR) survey of highest revenue accounting firms published by CCH, a Wolters Kluwer business and a provider of tax, accounting and audit information, [...]
The financial markets may be reeling, but distressed investors see opportunity amid the turmoil. Distressed firms are seeing strong interest from investors with 18 funds raising $37.9 billion thus far this year, up 28% percent from $29.5 billion raised by 16 funds at this point last year, according to a recent report from Dow Jones [...]
The U.S. economy has sunk into a recession and government action is critical to stem the damage, according to economists in the latest Wall Street Journal forecasting survey. According to the WSJ report, “It is a challenging scenario for the next president, as the election moves into the home stretch. Either Sen. John McCain or [...]
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