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Study Backs Firms Providing Audit and Non-Audit Services, and more - October 8, 2019 News

by MICPA | Oct 08, 2019   ()

Study Backs Firms Providing Audit and Non-Audit Services
Accounting firms that provide both audit and non-audit services offer positive benefits in the market, according to a new study from a trio of international accounting organizations that aims to counter regulatory calls abroad to make far-reaching changes in the way Big Four firms do business.
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Become a Peer Reviewer: Grow Your Practice and Lead the Profession
What are the benefits of becoming a Peer Reviewer? The peer review landscape continues to evolve and having a quality peer review is more important than ever. Becoming a peer reviewer has many unique advantages to help grow your business and build your reputation as a firm that stands behind its commitment to providing high-quality services. As a Peer Reviewer, you can leverage your expertise and open the door to a whole new source of revenue for your accounting and auditing practice. For more information, contact David Pickering, Peer Review Senior Manager, at dpickering@micpa.org or 248.267.3751.
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Data Holds the Answer, but Finance Finds It
Machines can crunch numbers, says Financial Management Magazine, but accountants who learn to interpret the data and apply the analysis to solve problems provide the real value to a business.
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Video: The Opportunity for CPAs in Cybersecurity Breaches
It’s a startling statistic: One out of every three businesses will experience a data breach within the next two years. Costing an average of $8.19M per breach in the U.S., it’s clear that cybersecurity risk management has never been more important—or needed. Watch this short video from AICPA to hear from a fellow CPA on how your firm can expand into cybersecurity advisory and assurance services, and learn about resources available to help you prepare.
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A New Path for Private Companies With VIEs
Many private companies frequently engage in common control arrangements that may be subject to complex variable-interest entity (VIE) guidance. Last year, FASB issued a financial accounting and reporting standard that provides private companies an accounting policy election not to apply VIE guidance to legal entities under common control (including common control leasing arrangements) when certain criteria are met as long as the common control parent and the legal entity being evaluated for consolidation are not public. The Journal of Accountancy reviews the details in this article.
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New Tax Gap Estimates: Compliance Rates Remain Substantially Unchanged
The IRS released a new set of tax gap estimates with results showing that the nation's tax compliance rate is substantially unchanged from prior years. The average gross tax gap was estimated at $441 billion per year based on data from tax years 2011, 2012 and 2013. After late payments and enforcement efforts were factored in, the net tax gap was estimated at $381 billion.
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Survey Looks at Popularity of Wellness Benefits Among Employers, Staff
Companies are going beyond providing traditional health benefits to address employees' well-being, finds a survey from global staffing firm Robert Half. In research conducted for the Robert Half 2020 Salary Guides, most employers said they offer physical (63%), financial (65%) and mental (74%) wellness programs. Organizations also cover at least some of the cost for these physical and financial (51% each) and mental (64%) wellness resources.
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Finance Leaders Drive Performance in These Three Areas
With the help of significant investments in technology, CFOs have been able to expand their focus from traditional concerns — primarily financial integrity of the business and risk management — to areas impacting enterprise performance, reports CFO.com.
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Source: MICPA
Source: MICPA

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