CECL and the New AICPA Practice Aid (Part 3): Internal Controls and Governance
A new current expected credit losses (CECL) standard changes the way financial institutions estimate loss reserves from an “incurred loss” to an “expected loss” model. The AICPA has published a Practice Aid to help managers, internal auditors and audit committees prepare for the transition. We are offering our perspective on some of the sections in the Practice […]
Financial Institutions Should Prepare for High Absenteeism, Operational Disruptions as Coronavirus Outbreak Worsens
While the scale and duration of the Novel Coronavirus (COVID-19) pandemic is not yet fully understood, financial institutions, lawmakers, government and regulatory officials are working urgently to implement measures that will arrest the disruption to employees and customers, financial markets and systems, the economy, and business operations. So far, several agencies have issued updated guidance […]
COVID-19: Is Your Business Immunized Against Supply Chain Disruption?
Coronavirus disease 2019 (COVID-19), which emerged in central China in late 2019, had spread to 144 countries by March 15, infecting over 124,800 people. More than 6,500 deaths have been linked to the virus. And there are concerns that the pandemic, which has also disrupted manufacturing operations and supply chains around the world — not […]
Pre-IPO Companies – Put Your Vendors’ SOC Reports on Your 2020 Reading List
For public companies, collecting service organization control (SOC) reports is one of the important activities as of the end of their fiscal year. Companies that have not yet gone public but are considering it are advised to request these reports as part of Sarbanes-Oxley (SOX) internal control analysis, and review them for any exceptions or […]
The Future of Privacy Regulations: Coping With a Complex and Evolving Landscape
Data privacy regulations are in flux, not only at the state and national level, but globally. Even as companies put the finishing touches on extensive preparations to comply with the European Union’s landmark GDPR law, new laws were introduced in the U.S. states of California, Vermont, Nevada, and Maine. While new laws are being passed, […]
Further Measures From the Bank of England to Support LIBOR Transition
In what has become a steady stream of advisories from regulators globally about the financial institution’s preparedness for LIBOR transition, the Bank of England (the Bank), on February 26, announced further measures designed to “turbo-charge sterling LIBOR transition” in a speech by Andrew Hauser, Executive Director of Markets at the Bank. The Bank recognises the […]
