As the elderly population increases, so does the need for CPAs to consult clients on a broad range of topics, including selecting a continuing care retirement community. CPAs are well-positioned to help their aging clients understand some of the implications and intricacies involved in choosing a facility that fits their needs.
Williams had been interim CFO since January 2016.
While writing his new book, "Trusted Advisors: Key Attributes of Outstanding Auditors," IIA President and CEO Richard Chambers developed a list of nine characteristics that top internal auditors share. "You've got to be good across the board if you want management, board members and others to seek you out for advice and also to take any assurance that you give them seriously," Chambers said.
Some business groups are stepping up efforts encouraging Congress to roll back a Sarbanes-Oxley Act provision under which auditors must evaluate whether companies' internal controls are effective. Supporters of the provision say it helps ensure that investors are receiving accurate information.
The Internal Revenue Service has announced 13 initial compliance campaigns under its Large Business and International Division. The campaigns, which include repatriation of funds and third-party transactions, are part of a broader effort to emphasize high-risk issues.
The Trump administration has promised a rollback in regulations, but compliance officers at advisory firms need to remain on guard, because most annual reporting obligations remain in place, Lisa Roitman writes. She suggests that firms can take several key steps to address compliance as they wait to see how rules change, Roitman writes.
International enforcement of anti-corruption and bribery rules has risen as cooperation among the world's regulatory authorities has increased. The US Justice Department and the Securities and Exchange Commission have established liaisons with their counterparts globally, among other efforts to establish best practices and foster evidence-sharing.
Forty-one percent of audit committee members point to risk management as the biggest challenge to their organizations this year, according to a recent KPMG survey. Other major issues include regulatory compliance and "maintaining the control environment in an extended organization," respondents said.
Constellation Brands, the third-largest beer seller in the US, is modeling several scenarios related to a possible increase in taxes on imported goods.