More good stuff for auditors – 11/10

A few articles of interest to auditors. Uh oh – perhaps IFRS isn’t completely dead. A couple of ideas on social media.

11/6 – Wall Street Journal – New SEC Chief Accountant Weighing Switch to Global Accounting Rules – The new chief accountant is reviewing past work at the SEC on IFRS. He hopes in a few months to have “movement” on the issue. Didn’t give a hint what direction he thinks the agency should go.

Do we really have to pull out the always-growing list of reasons why IFRS is harmful? I hope not.

9/30 – NASBA Center for the Public Trust – What to Do When the Wrong Answer Seems Right – Your visiting team member from another country strongly suggests doing something to get a lot more business. Your gut says it isn’t right. If you don’t get the deal, a lot of your coworkers might lose their jobs. What to do?

Check out the article for more detail on an ethical dilemma.

10/7 – Accounting Web – How to Prepare to Be Fired – You have every intention of staying at your firm and you are doing great work. That doesn’t mean you will be in your current job very long.

Lots of things can change. Author of the article says he has worked at four firms that went belly up.

Article provides several great ideas on how to do a little planning in case things go sour inside the firm.

Also, taking those steps gives you the freedom to fire your firm if you need to let them go because they can’t do a good job. Or develops an integrity problem. Or won’t treat you fair.

10/7 – Accounting Today – Accounting Profession Looks to Provide Relief to Small Business – An alternative financial reporting tool is available for small- and medium-sized entities – Article by Jake Vossen, CPA summarizes the FRF for SME framework. Quick overview if you aren’t familiar with the idea. Banks will be key to the framework being widely accepted. Might become a comparative advantage for perceptive lenders. You can get more info at the AICPA’s FRF for SMEs web page.

Social media

10/15 – Compliance Week – Social Media Requires Better Risk Management, Accenture Report Shows – Increasing danger of faux paux in social media is illustrated with two examples. The Link-In connections of a staffer could reveal confidential client lists. Oversharing on a personal social media platform could reveal confidential information that a regulator is so upset with as to generate an enforcement action. Think a few moments and you can see how that might apply to a small business or a nonprofit organization.

Conclusion of the report by Accenture is that the Fortune 500 companies are underestimating their risk and overestimating their preparedness to deal with a social media fiasco.

10/15 – CGMA magazine – Vetting job candidates on social media? Beware the risk – During the hiring process, you may not consider the candidates’ race, gender, age, or religion. In many jurisdictions, you may not consider sexual orientation. If you check out a candidate’s social media sites, you will likely see lots of indicators of matters you can’t take into consideration. Article advises be careful. Some quoted employers won’t look at social media to avoid finding out things they can’t consider.