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Deloitte Audit & Assurance

News and media coverage

Check out news coverage featuring leaders in Deloitte’s Audit & Assurance practice gathered from a variety of publications.

Recent Deloitte Audit & Assurance news

Lease accounting standard leaves companies with questions

Accounting Today | June 6, 2017

As companies prepare for implementation of the new lease accounting standard, question are arising regarding its major concepts–including the definition of a lease, lease payments, and presentation and disclosure. In this article, Audit & Assurance partner James Barker and Advisory managing director Sean Torr discuss their interpretation of the new standard and detail a number of transition challenges that will need to be considered.

Gaining insights from innovations in a financial statement audit

CFO Journal | April 24, 2017

In this interview-style article, National Managing Partner-Audit Transformation leader Lara Abrash discusses how innovation in technology, such as cognitive technologies and advanced analytics, is adding value to the audit. Learn how audit innovation is transforming audit and enhancing audit quality.

Revenue recognition disclosure requirements: A challenge that can’t wait | April 17, 2017

Many companies are focusing solely on implementing the new revenue standard and ignoring corresponding disclosure requirements. Big mistake. Senior consultation partner Eric Knachel explains why in this bylined article.

Audit change data shows difference at Big 4 firms

Compliance Week | February 17, 2017

Three of the Big 4 firms have seen net losses numbering in the 20s of their public company audit client bases. For a second straight year, however, Deloitte has managed to hold steady with slight increases both years. Adam Weissenberg, national managing partner, Audit Clients & Industries, discusses how the firm has invested in audit quality measures and in innovating audit with new technology and tools. “That’s getting known in the marketplace,” he continues, “When we meet with potential clients and walk through the tools and innovation, that coupled with quality method has really resonated with clients.”

Auditors prepare to inspect revenue recognition adoption

Compliance Week | February 14, 2017

Public companies should be aware that auditors are developing their game plans for how to scrutinize the impending switch to the new revenue recognition accounting standard. Amy Steele, partner, Deloitte & Touche LLP, says auditors are developing “deep technical expertise” in the new accounting, even within industry sectors where the accounting changes may be more industry-specific, so they will be prepared to ask the right questions as companies proceed through implementation.

In stock options, accounting simplicity begets payroll complexity

Compliance Week | January 24, 2017

The Financial Accounting Standards Board issued an update to accounting standards in March 2016 that aimed to make it easier for companies to account for share-based payment awards. “It’s fair to say the new ASU does simplify some of the tracking. But it doesn’t eliminate all the tracking or all the complexities in trying to figure out the right tax rate to use for each employee in each jurisdiction,” says Sandie Kim, senior consultation partner at Deloitte & Touche. She continues to explain, “Companies often don’t want awards to be classified as a liability, it creates volatility in the income statement.”

New accounting rules spell big changes for public companies

Bloomberg BNA | January 12, 2017

Large corporations are gearing up for the most historic accounting changes to hit US capital markets in decades, which will affect the reporting of revenue streams, balance sheets and net income. Mainly, corporations’ focus is on preparing for the bigger accounting standards on revenue recognition, leases and financial instruments—credit losses that are effective in 2018, 2019, and 2020 respectively. “Some companies will likely choose to adopt the new lease accounting rules—effective 2019 but can be applied earlier—at the same time they adopt the revenue rules on its 2018 effective date,” Deloitte & Touche LLP partner Bob Uhl told Bloomberg BNA.

Deloitte showcases new technology at Innovation Demo Day event

Accounting Today | January 12, 2017

Deloitte professionals displayed some of the company’s latest, innovative technologies for audit, tax, and consulting at its New York offices during the inaugural Deloitte Innovation Demo Day event. Among the technologies on display at the event for auditors were ICount, a mobile app for doing inventory counts and in the area of disclosure analytics, a new technology that rapidly searches through millions of disclosures and accounting policies among companies. “That’s the beauty of why the technology is so important,” said Deloitte & Touche chief innovation officer Jon Raphael. “Now we’re spending almost no time on data capture, binding, reconciling and creating work papers. All the time is spent interacting with people, touching the inventory and moving things around.”

Small venture firm, big mission: Diversity

USA TODAY | January 11, 2017

According to a report from the National Venture Capital Association and Deloitte University Leadership Center for Inclusion, women, African Americans and Latinos are significantly underrepresented in venture capital, with few holding decision-making positions. Women make up 45 percent, African Americans make up 3 percent and Latinos 4 percent, of the venture capital workforce. None of the 217 firms with more than 2,500 employees surveyed had an African-American investment partner.

Technical side of revenue recognition still vexes companies

Compliance Week | January 10, 2017

The new five-step method for recognizing revenue that all public companies will apply beginning in 2018 requires companies to begin by identifying their contracts with customers. “A key question is whether the license of intellectual property represents a separate performance obligation from other goods or services in a contract,” says Jeff Ellis, life science industry practice director at Deloitte & Touche, “That notion of whether it is distinct is a difficult judgment to make.”

Agenda 2017: revenue recognition, meet internal controls

Compliance Week | January 4, 2017

In terms of accounting change priorities, companies can expect revenue recognition to easily win the top position on their to-do list in 2017. “There is a tendency for people to underestimate the amount of work,” says Eric Knachel, a senior consultation partner at Deloitte & Touche. “The runway is getting shorter, and resources will get tighter and tighter.” He continues by stating many companies haven’t completed their assessments of how they will be affected by the standard to have asked the necessary technical accounting questions, which must be addressed before moving into control design.

Lack of VC diversity: New data shows that, yes, it's still a problem

San Francisco Business Times | January 4, 2017

A new study from Deloitte and the National Venture Capital Association has again confirmed what many inside and outside the industry have been saying for years: venture capital firms have a problem with diversity. The study collected information from 2,500 employees at 217 venture capital firms nationwide to create a benchmark of diversity and inclusion data about the industry as a whole. The survey characterizes diversity and inclusion as “business imperatives,” pointing to their positive effects on innovation, bottom line performance and attracting talent.

14 Assists that will help women entrepreneurs score in 2017

Forbes | January 4, 2017

The importance of women investment decision-makers at venture capital (VC) firms cannot be overstated. According to the NVCA-Deloitte Human Capital Survey Report, women make up just 11 percent of investment decision-makers. The report shows the need and value for VCs to have a human capital strategy—it really does improve diversity at VCs.

Deloitte leads the way in Massachusetts IPO auditing work in 2016

Boston Business Journal | January 4, 2017

Deloitte won more auditing work from Massachusetts businesses going public last year than any other accounting firm, landing jobs with a third of the companies that underwent initial public offerings statewide. William Bacic, the managing partner of Deloitte's New England practice, said the firm has been focused on emerging growth companies for 15 years. According to Bacic, Deloitte has 10 partners and managing directors in Boston focused exclusively on emerging growth companies.

Deloitte poll: Is 2017 the year of lease accounting implementation?

ELFA | December 28, 2016

More than one-half (54.7 percent) of respondents to a recent Deloitte poll expect their organizations to increase the amount of time and effort spent on implementing the new Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) lease accounting standards in the coming year. “For the many companies impacted by the new lease accounting standards, the biggest challenge may be in identifying leases themselves,” said James Barker, senior consultation partner in the national office of accounting services of Deloitte & Touche LLP.

Some plan to dig into leases in 2017, some not so much

Compliance Week | December 22, 2016

The latest poll on big accounting transformations suggests some companies are making plans to devote time in 2017 to the new requirements around lease accounting. More than half of companies who responded to a recent Deloitte poll said they expect to increase in 2017 the amount of time and effort they will devote to transitioning to new lease accounting standards. The poll says roughly one-third of companies are “somewhat prepared” to take on the new accounting in 2019, but only 14 percent are very prepared or extremely prepared. Another 28 percent said they are not prepared for the new requirements.

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Media archive

Revenue recognition: The clock Is ticking | December 21

National Office’s Eric Knachel takes a holistic view of the new FASB revenue recognition standard, examining various areas and departments the new standard will impact beyond accounting, such as IT systems, legal (contracts), human resources (staffing and training) and compensation, as well as which method–full retrospective or modified–is the best path forward as companies scramble to ramp up their implementation efforts.

Venture capital is overwhelmingly white and male

USA Today | December 15, 2016

The National Venture Capital Association and Deloitte University Leadership Center for Inclusion delivered the first comprehensive look at the demographics of venture capital firms from its own trade association, and it painted a sobering snapshot of what decades of exclusion of women and minorities have wrought.

SEC moves to identify 'high-quality' non-GAAP measures

Accounting Today | December 12, 2016

Christine Davine, deputy managing partner of Deloitte & Touche LLP’s National Office, assembled and hosted a panel discussion at the AICPA conference on current SEC and PCAOB developments about the use of non-GAAP measures in financial reporting. Following the conference, Davine expanded on specifics that the SEC is interested in observing.

Questions abound as companies adopt new lease accounting standard

Compliance Week | November 29, 2016

Despite the immediacy and looming deadline for implementing the FASB’s new accounting standard for revenue recognition, companies are also indicating activity and some progress on dealing with the new FASB leasing standard regulations as well. National Office’s James Barker noted, “People are probably not as far along as they’d like to be. Resources are scarce, but we’ve had a lot of good traction with questions, and we expect that to pick up into next year.” And, Advisory’s Sean Torr added,” Complex, multinational organizations are starting to recognize the job they face in identifying all those kinds of arrangements to assure they are captured and reflected under the new standard.

How to account for accounting rule changes

Convenience Store News | November 18

National Office Senior Consultation Partner James Barker and Sean Torr, managing director and leader of Advisory’s Lease Accounting Services group, team up to write an article on how the new FASB leasing standard will specifically impact convenience stores.

Fusion revolution will upend finance | November 15, 2016 6:38 am

“I think that in the next five or six years the accounting and auditing profession will change more than they have in the last fifty, certainly the last thirty since I’ve been here,” said Deloitte CEO Cathy Engelbert during the opening keynote of Financial Executive International’s Current Financial Reporting Issues Conference. Engelbert’s comment underscored what she referred to as the “Fusion Revolution,” which includes the fusion of physical, biological and digital worlds and prompted by technological advancement, and which is creating rapid change in industries and the finance staffs that support them.

Deloitte leverages AI and analytics for audits

Accounting Today | November 14

Artificial intelligence, data analytics, and advanced technologies such as drones and robotics illustrate the future of audit. Deloitte CEO Cathy Engelbert and Will Bible, a partner with the Audit Innovation team, addressed these topics at the 2016 FEI Current Financial Reporting Issues Conference.

A call for innovation in financial reporting | November 8

Financial reporting needs to adapt to the changing needs of an increasingly diverse set of users. The rapid pace of innovation and the increasing demands of consumers is being felt among all industries and sectors, including preparers of financial statements. Senior consultation partner Bob Uhl examines this issue and what can and is being done to evolve financial reporting to meet the demands of consumers.

Non-GAAP in context: A Q&A with Deloitte’s Dave Sullivan | November 3

National managing partner Dave Sullivan discusses the future of non-GAAP reporting, including the importance of supporting control structures and engaged audit committee.

Auditors plan to dig into controls, risk in year-end audits

Compliance Week | October 18

As auditors of public companies prepare for the upcoming year-end audit cycle and assemble a lengthy list of accounting, regulatory, and market concerns to factor into their audit plans, internal control over financial reporting is certain to priority attention. “It’s probably what everybody thinks about more than anything else,” says Daniel Sunderland, chief auditor at Deloitte. “It is now a piece of the fabric in the dialogue between management, the audit committee, and the auditor.”

7 reasons to study COSO’s new Fraud Risk Management Guide

Compliance Week | October 12

COSO’s new Fraud Risk Management Guide elaborates on the 8th principle required under its previously authored “Internal Control—Integrated Framework,” which says the organization has considered the potential for fraud in assessing the risks to the achievement of objectives. The impact of the guide will vary, and it will be dependent on how rigorously organizations previously considered fraud when performing risks assessments and designing and implementing relevant controls, says Paul Drogosch, senior consultation partner, National Office of Accounting Services, Deloitte.

Revenue recognition readiness: A Q&A with Deloitte’s Eric Knachel | October 25

National Office senior consultation partner Eric Knachel discusses the most pressing questions around the implementation of the new FASB accounting standard on revenue recognition as well as Deloitte’s new “A Roadmap to Applying the New Revenue Recognition Standard” comprehensive guide.

Minding the non-GAAP measures | September 27, 2016

Jennifer Burns and Jeff Aughton offer guidance on how to establish disclosure controls for non-GAAP measures.

Congress gives itself extra time, then asks: What’s the rush?

WSJ | September 23, 2016

Lawmakers shifted the fiscal year long ago to get more time for budget deals, but lately, the deadline is getting missed.

While the majority of companies align their fiscal year with the calendar year, many close their books to account for seasonal trends within their industry. “A lot of companies close their books within a week of the end of the year,” said Adam Weissenberg, the clients and industry audit leader for Deloitte. “You don’t need the lag. As long as everyone in your sector is doing the same thing, you’re fine.”

FASB adopts eight new cash flow classification rules

Compliance Week | September 20, 2016

Over the past decade, the cash flow statement has been one of the leading areas of financial restatements, says Dennis Howell, a senior consultation partner in Deloitte’s national office of accounting services. “One of the root causes of cash flow restatements relates to the lack of detailed guidance for specific transactions and inconsistent principles contained in ASC 230.”

Companies make early progress in adopting revenue recognition

Compliance Week | September 7, 2016

Albeit slow, accounting experts are starting to see more companies getting to work to adopt the new revenue recognition requirements. “Many companies have made substantive progress over the summer,” says Eric Knachel, senior consultation partner at Deloitte.

As SOX costs persist, companies automate more controls

Compliance Week | August 23, 2016

The demands on finance and accounting continue to increase in the post-Sarbanes-Oxley era, as regulators continue to demand more precision in financial reporting, especially with regard to internal controls. Whether because of SOX costs running amok or increased regulatory and competitive pressure in general, a growing number of companies are moving more methodically toward automating more of their internal controls over financial reporting.

Deloitte offers advice on controls over Non-GAAP measures

Accounting Today | August 1, 2016

Deloitte’s “Heads Up—Controls and non-GAAP measures” provides tips to help companies deal with the Securities and Exchange Commission’s guidance on the use of non-GAAP measures. “There’s a lack of clarity as far as the additional requirements out there between financial statement certifications as well as broader certification of the full filed documents. We wanted to offer some clarity around that,” says Deloitte partner Jeff Aughton.

Accounting leaders advocate close look at controls over non-GAAP measures

Compliance Week | July 28, 2016

As part of its current focus on non-GAAP measures, the SEC has questioned whether companies and audit committees have implemented appropriate controls regarding the disclosure of such measures. "Given the recent update to the SEC’s Compliance & Disclosure Interpretations related to non-GAAP financial measures, the timing is appropriate to also look at a company’s related disclosure controls and procedures that cover these measures outside the financial statements,” says Jeff Aughton, an audit partner at Deloitte.

LSU wins Deloitte Foundation’s 21st annual national student case study seminar

Accounting Today | July 18, 2016

There is no substitute for experience–especially when the experience is about current business issues and challenges. A team of undergraduate and graduate accounting students from Louisiana State University took advantage of this very type of opportunity at the Deloitte Foundation’s 21st annual National Student Case Study Seminar, capturing first place.

Biggest obstacle to going public is timing the market: Deloitte poll

Big 4 | July 16, 2016

“For emerging growth companies, IPOs are pivotal for expansion, and a poorly-timed offering can be incredibly difficult to overcome,” said Heather Gates, managing director and West region emerging growth company practice leader, Deloitte Services LP, following a new poll from Deloitte in which more than one-third of companies see timing the market as the largest issue when considering an initial public offering (IPO).

Tech execs optimistic for more IPOs later this year, despite current drought

Silicon Valley Business Journal | July 12, 2016

A new Deloitte poll shows more than one-third of companies view timing the market as the biggest concern when considering an initial public offering (IPO). Reservations about building the right team and business infrastructure ranked as the second leading concern. Overall, companies are optimistic IPO activity will increase over the remainder of the year.

5 tips for implementing FASB’s credit loss standard

Journal of Accountancy | July 12, 2016

The new FASB expected credit loss standard is not just for banks. Financial institutions and their accounting for their loan portfolios will be affected the most by the standard. It also applies to other organizations. Lease receivables, trade receivables, and held-to-maturity debt securities are among the other assets organizations may hold that are within the scope of the standard. “This is not just a banking standard, and it’s not just loans,” said Jonathan Howard, a partner in the Deloitte & Touche LLP national office. “It applies to all entities that have assets that represent the right to receive cash that they carry at amortized cost.”

With focus on revenue, FASB eyes nonfinancial assets | June 29, 2016

Responding to the FASB proposed accounting standards update (ASU), “Gains and Losses from the Derecognition of Nonfinancial Assets,” should be reported, Kristin Bauer, partner, national office accounting services, commented, “Unlike sales that occur as part of a company’s regular course of business, the proceeds of a sale of a nonfinancial asset “will not be presented as top line revenue because it does not meet the definition of a customer transaction. Instead, it would be presented under income from continuing operations.”

Companies slow to comply with new lease accounting standard

Accounting Web | June 22, 2016

A recent survey and report by Deloitte & Touche LLP revealed that almost half (47 percent) of respondents said implementation of the lease accounting standards by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) will be somewhat or extremely difficult.

FASB requires timelier recording of credit losses | June 16, 2016

Commenting on the FASB’s new ASU requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations, senior consultation partner Jonathan Howard said, “While the discussion of the anticipated effects of the new standard has mainly focused on banks, “I hope it’s going to improve financial reporting [more broadly] by giving a more current look at what entities expect to have in the way of credit losses on their financial assets.”

10 must-reads for the CRE industry today (June 13, 2016)

National Real Estate Investor | June 13, 2016

A Deloitte survey on the new FASB lease accounting standard shows the retail sector being the least prepared to comply with the new guidance. Not surprisingly, sectors with higher numbers of leases expected the highest level of difficulty implementing the lease accounting standards.

Lease accounting implementation a challenge for preparers

Journal of Accountancy | June 6, 2016

Disparate tracking systems, expanding global footprints, and M&A activity was among the major reasons given by companies that are encountering challenges with the new FASB lease accounting standards, according to a recent Deloitte survey.

Revenue standard causes concern about compensation arrangements

Journal of Accountancy | June 3, 2016

Aside from the expected accounting and IT challenges associated with the implementation of the new revenue recognition standard, compensation arrangements are emerging as a big concern for companies.

Transparency penalty? Companies pondering revenue adoption, beware

Compliance Week | June 2, 2016

Senior consultation partner Eric Knachel advises companies that are considering how they will adopt the new revenue recognition standard to take into account when they might expect to access the capital markets in a stock offering soon as putting the new accounting to work because it could affect just how much revenue they’ll need to restate.

Deloitte Foundation Trueblood Seminars underscore audit innovation

Big 4 | June 2016

Innovation and how it is transforming the audit as well as developing tomorrow’s CPAs was a key topic of discussion at the 51st Accounting Association/Deloitte Foundation Robert M. Trueblood Seminars for Professors.

Audit innovation helps private companies improve performance

Accounting Today | May 24, 2016

Breakthrough innovations in such areas as artificial intelligence, workflow automation, and data analytics are enabling auditors to deliver powerful insights that simply weren’t possible before.

Deloitte CEO: Audit work presents opportunity for area grads

Kansas City Business Journal | May 23, 2016

The class of 2016 can start a career right here in the American heartland that in many respects rivals anything Silicon Valley has to offer—by going to work for an audit firm.

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Daniel Mucisko
Public Relations
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