Weekly News Round Up: IRS Budget Cuts Hurting Operations; Auditors Need to Keep Improving; Americans Lack Financial Literacy
November 23, 2015 - By: SC&H Group
Welcome to the Weekly News Round Up from the SC&H Group blog. Each week, we showcase audit, tax, and consulting news to keep you informed about the current stories and events impacting the accounting and business landscape – and ultimately your financial obligations.
This week, we highlight a new report that points to the IRS needing more funding to operate effectively. In addition, according to the SEC Chief Accountant, public company audits are improving, and a new study shows that only 57 percent of Americans are considered to be “financially literate.”
IRS Budget Cuts Hurting Operations
The Internal Revenue Service Advisory Council released its annual report for 2015, and it recommended that the IRS needs sufficient funding to operate efficiently and effectively.
AICPA Adds Second Not-for-Profit Certification
The American Institute of CPAs introduced the Not-for-Profit (NFP) Certificate II, offering a second level of certification for CPAs who service or work for nonprofit organizations.
SEC Chief Accountant: Auditors Need to Keep Improving
According to Securities and Exchange Commission Chief Accountant James Schnurr, public company audits are improving, and they need to keep doing so.
IRS Tests W-2 Verification Code for Next Season
For filing season 2016, the Internal Revenue Service will test a capability to verify the authenticity of W-2 data as part of a series of steps to combat tax-related ID theft and refund fraud.
GASB Standards for Nonexchange Transactions Worked
Accounting and financial reporting standards for state and local governments that address nonexchange transactions achieved their purpose, according to a new report.
M&A Deal Leaks Are Being Plugged
Companies are doing a much better job keeping their acquisition talks under wraps, according to a new report.
Only 57 Percent of Adults In U.S. Are Financially Literate
According to a new study, only 57 percent of Americans would be deemed “financially literate.”