Covid Fallout Threatens Financial Reporting Guardrails, CFOs Say
The economic blow and staff reductions suffered by companies in the wake of the pandemic are straining safeguards critical to accurate financial reporting, Financial Executives International warned Thursday.
Finance execs work to manage coronavirus issues amid dire conditions
Financial executives are taking a two-phase approach to managing coronavirus issues that face their companies, according to a new survey.
Finance Execs Rethink Office Space, Staffing During Pandemic
Finance executives are reconsidering office space and staffing needs as they steer their companies through the health and economic crises brought on by the coronavirus pandemic.
To fight fraud, manage culture
Organisational culture plays a key role in enabling detection, mitigation, and prevention of financial fraud and misconduct, but leaders need to be active in assessing and shaping internal culture, according to a new study by the Anti-Fraud Collaboration.
Best Robo-Advisor Performance 2020 – Plus Tips to Choose a Robo
As a multi-decade investor I know the allure of high investment returns. It’s wonderful to imagine that a fund’s 20% one-year return will continue into the future. Many investors make that assumption and jump into the funds with top returns.
COMPANIES REPORT HIGHER AUDIT FEES
The 10th Annual Audit Fee Survey Report, released by the Financial Education & Research Foundation (FERF), reveals average audit fees increased 4.25% from 2017 to 2018, with new accounting standards from the Financial Accounting Standards Board (FASB) cited as the primary reason.
Accounting Background No Longer Needed For CFO Jobs
Having an accounting background is no longer a must for a company’s chief financial officer (CFO), according to a report by The Wall Street Journal.
For example, when directors of Hannon Armstrong Sustainable Infrastructure Capital were looking for someone to fill the role, they were more worried about hiring someone who had experience with raising debt and equity, and they didn’t care if the person was a former accountant.
Why You Don’t Need to Be an Accountant to Be a CFO
Directors of Hannon Armstrong Sustainable Infrastructure Capital Inc. congregated in the boardroom in late 2018. On the agenda: the ideal résumé of their next finance chief.
They wanted to fill the impending vacancy with someone who had expertise in raising debt and equity—a priority for the Annapolis, Md.-based investment firm.
Audit fees level off in 2018, study shows
In the newest installment of its annual analysis of audit and non-audit fees, Audit Analytics reports public companies paid an average of $511 in audit fees for every $1 million in revenue. That is the same average amount as in 2017, but it represents a decrease from $537 in 2016 and $515 in 2015.
Audit fees keep rising, thanks to new accounting standards
Average audit fees increased 4.25 percent from 2017 to 2018, going from an average of $2,220,251 in 2017 to $2,314,703 in 2018, mainly driven by new standards from the Financial Accounting Standards Board, according to a new report.
Accounting Changes Main Driver of Audit Fee Spike for Companies
Major, back-to-back accounting changes meant companies paid more to their external auditors in 2018 compared to a year earlier.
Average audit fees increased by 4.25% between 2017 and 2018, with a majority of companies—66%—pointing at new revenue recognition and lease accounting rules from the Financial Accounting Standards Board as the reason, according to a Wednesday report by a research affiliate of Financial Executives International.
Companies Shell Out More in Audit Fees to Tackle Accounting Rule Changes
Annual audit fees continue to rise for U.S. companies as they adapt to an onslaught of new accounting rules and regulatory changes.
The average hourly fees public companies pay to external auditors have climbed 31% over the past decade to $283 in 2018, according to a new survey of finance executives by the Financial Education & Research Foundation.
16 Key Signs That You Will Always Be In Debt
Getting into debt is easy — and the numbers prove it. About 80% of Americans across generations are currently in debt, a 2019 Nitro survey found. And the total amount of household debt in America is nearly $13.95 trillion, according to the Federal Reserve Bank of New York’s most recent report on household debt and credit.