Is Contract Accounting under the Microscope?

Last week, news came out that the SEC was investigating Boeing Co. for possible irregularities in the company’s long-term contract accounting. (Bloomberg) The U.S. Securities and Exchange Commission is investigating whether Boeing Co. properly accounted for the costs and expected … Continue reading

PCAOB Audit Committee Dialogue

The PCAOB’s May 2015 release of its Audit Committee Dialogue provides audit committee members of publicly traded companies with insight into concerns that have consistently arisen in discussions between audit committees and auditors over the past few years. In addition, the … Continue reading

Genworth Financial: Fewer Adjustments, But Controls Still Ineffective

As we discussed in our previous blog, the remediation of control deficiencies can be a lengthy and costly process. The case of Genworth Financials (NYSE: GNW) is no exception. Its most recent quarterly report, filed on Wednesday, April 29, states that its … Continue reading