Technology and Health & Life Sciences
CAQ Study Shows Big Drop in Financial Restatements
Evaluating financial restatement trends over the ten-year period after the Sarbanes-Oxley Act’s (SOX) implementation, the Center for Audit Quality (CAQ) recently released the findings of its study, Financial Restatement Trends in the United States: 2003–2012. Authored by University of Kansas Professor Susan Scholz, the report focuses on restatement activity that was disclosed by U.S. Securities and Exchange Commission-registered filers. Per Scholz’s analysis and findings, it was determined that financial restatements have dramatically decreased over the years. Major takeaways from the report include the following: Contributed to the implementation of SOX Section 404 internal control reporting, restatement announcements reached its peak. Read More.
Topics: Audit, Banking, Center for Audit Quality "CAQ", Chemicals, Energy, Financial, insurance, Internal Control Reporting, Mining, Restatement, Sarbanes-Oxley Act "SOX", Software, Technology, U.S. Securities and Exchange Commission "SEC"
Board of Directors Concerned About Cybersecurity
In a recent survey, over 250 corporate directors responded to questions regarding their companies’ top non-financial concerns. For the survey’s second straight year, reputational risk was listed as the highest concern among all respondents (72 percent), and second was cybersecurity and information technology (62 percent). Despite cybersecurity risk experiencing a nine percent jump from 2013, the survey revealed CFOs and CEOs lag on a strong understanding of the topic. Visit the CGMA Magazine for the survey’s complete results. Also check out our Industry section for the Firm’s services within the Technology sector.
AICPA Task Force Releases White Paper on Technology & Auditing
In its efforts to create a conceptual framework and guidance on how technology impacts internal and external reporting, the American Institute of Certified Public Accountants’ (“the Institute”) Assurance Services Executive Committee Emerging Assurance Technologies Task Force has released, Re-imagining Auditing in a Wired World. Published as a white paper document, the guidance offers insight on the future of reporting and auditing systems, as well as the benefits of technology related to auditing processes. For a copy of Re-imagining Auditing in a Wired World , visit the Institute’s website. Cherry Bekaert offers Assurance services that go beyond checking the boxes, and our Technology & Life Sciences industry. Read More.
Ray Quintin featured in Tampa Bay Business Journal
In today’s “One Question, One Minute” segment on the Tampa Bay Business Journal website, Cherry Bekaert’s Ray Quintin was highlighted as the guest participant. Quintin, an Audit Partner in the Firm, recently moved to Cherry Bekaert’s Tampa office. Aside from his video appearance, Quintin’s transition and interest in biotech companies will be featured in the weekly magazine’s June 13th edition. To see Quintin’s appearance, click here .
IASB and FASB Announce Joint Revenue Standard
Issued today, the International Accounting Standards Board (“IASB”) and Financial Accounting Standards Board (“FASB”) have released a joint standard on revenue recognition from contracts with customers. This is a major accomplishment of the work to converge a key area of financial accounting between International Financial Reporting Standards and U.S. GAAP. Accounting Standards Update (“ASU”) 2014-09 provides enhancements to the quality and consistency of how revenue is reported. The IASB and FASB’s new standard will require the recognition of revenue as goods or services are transferred to customers in amounts that reflect payment the company expects to receive in exchange. In addition. Read More.
Public Technology Companies Show Increased Market Performance
Positive news came to the technology industry, as performance of various sectors within the industry reveals growth performance, according to Hyde Park Capital. In a recent report on Technology M&A, all sectors of the technology industry experienced a positive public stock market performance. Of the largest gains, Internet was up 45 percent, Software-as-a-service (SaaS) grew 33 percent, and IT Services were up by 22 percent. This performance gain for technology companies might signal future M&A growth activities to come. Read more on the trends and activities in the technology industry by clicking here .