In The News – 2020

Accounting Background No Longer Needed For CFO Jobs

1/29/2020

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

1/29/2020

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

1/21/2020

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

1/15/2020

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

1/15/2020

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

1/15/2020

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

1/14/2020

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.