"Unsure about what to expect from [this] week's launch of the General Data Protection Regulation (GDPR)?" writes IIA Vice President of Stakeholder Relations Jim Pelletier in his latest blog. "You aren't alone." Research firm Gartner predicts that by the end of 2018, more than half of companies affected by GDPR will not be in full compliance, Pelletier writes.
The AICPA Accounting and Review Services Committee has issued Statement on Standards for Accounting and Review Services No. 24, which revises reporting requirements for compilations and reviews.
The Internal Revenue Service has announced it intends to issue regulations explaining that legislation attempting to recharacterize state and local taxes as charitable contributions is subject to interpretation under federal tax law, suggesting the IRS does not recognize these payments as bona fide charitable contributions.
Because nondisclosure agreements are not drafted with the accountant-client relationship in mind, CPAs risk breaching professional standards when they agree to keep certain items confidential.
Lau has been serving as executive vice president of finance.
A New Zealand scientist plans to collect water samples from Scotland's Loch Ness to look for DNA traces and possibly determine what, if any, undiscovered species live in the lake. "What we'll get is a really nice survey of the biodiversity of the Loch Ness," University of Otago professor Neil Gemmell says.
A strong system of internal controls is essential for handling complaints of sexual harassment, especially when an executive is accused, lawyer Sonja J. McGill writes. Organizations should investigate all harassment complaints and require all employees to undergo anti-harassment training, and remedial actions must be "swift and effective," McGill writes.
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