Corporate income taxes continue to be a hot topic in the news, especially with the recent controversy surrounding inversions. At the center of many of these debates are the foreign earnings that multinational companies claim to be indefinitely reinvested. Such … Continue reading
On August 15, 2014 Alibaba Holding (BABA) disclosed accounting irregularities in one of its units – recently acquired Alibaba Pictures (formerly known as China Vision Media Group). The announcement did little to affect the company’s valuation. About a month later, on … Continue reading
On August 19th, the PCAOB issued a Staff Consultation Paper on Auditing Accounting Estimates and Fair Value Measurements. As discussed in the paper, Accounting Estimates is one of the most challenging topics for auditors and companies alike. Other regulatory bodies, … Continue reading
With the Scottish referendum on independence taking place this Thursday, there has been a lot of talk about what the consequences might be – especially for the people of Scotland and the UK, of course, but also for various other … Continue reading
Overview of Out of Period Adjustments Audit Standard No. 8 paragraph 3 states that an “auditor must plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements due to error or … Continue reading
Fred’s Inc (NASDAQ: FRED), the regional discount retailer, released its Q2 results yesterday in a Form 10-Q. Revenue was up 1.9% compared to the prior year, but restructuring charges led to a net loss of over $(16.4) million, compared to … Continue reading
We’re often asked about who audits who, and we frequently receive questions especially about the larger US public companies – in this case, identified as either Large Accelerated or Accelerated filers. Over the summer, we posted an auditor market share … Continue reading