How auditors assess internal controls

Why do auditors ask so many questions about their clients’ internal controls? Assessing internal controls is part of today’s auditing requirements. It helps identify risk factors — but the requirements can sometimes be unclear. The American Institute of Certified...

FASB issues new standard on callable debt

In March, the Financial Accounting Standards Board (FASB) published an update to U.S. Generally Accepted Accounting Principles (GAAP) that will shorten the amortization period for premiums paid for callable debt securities, such as municipal bonds, to the earliest...