Accounting
Audit partners rate client AI governance as early stage
Nearly 90 percent of surveyed audit partners called their largest client's AI governance developing or early stage.
Standards
Accounting
Accounting
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Accounting · Standards
FASB proposes that funds discount shares they are contractually barred from selling
Comments close July 17. Investment companies would disclose the discount attributable to sale restrictions.
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Small Business
Groups with local chapters must file a new IRS form each year, by fax
Form 15644 replaces the old supplemental group ruling submission. It is due 30 to 90 days before the year closes.
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Accounting · Audit
UK will let Chinese auditing standards be used for London Stock Connect GDRs
The FRC direction covers audit reports signed between 1 September 2026 and 1 September 2028.
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Accounting · Firms
FRC fines Forvis Mazars £577,125 over the Studio Retail Group audit
The audit partner was fined £33,412. Both admitted serious breaches and received severe reprimands.
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Accounting · Technology
FRC study finds AI use in UK corporate reporting is cautious and uneven
Generative AI shows up in narrative reporting. Use inside the financial statements stays limited.
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Accounting · Firms
Former Virgin Money chief named preferred candidate to chair the FRC
Dame Jayne-Anne Gadhia would succeed Sir Jan du Plessis, who steps down on 30 September 2026.
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Accounting · Technology
IESBA publishes ethics guidance on AI and emerging technology
The staff publication groups technologies by traits such as opacity and autonomy rather than by name.
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Accounting · Standards
IMA launches an index scoring how much employers value management accounting
Financial services scored highest and construction lowest. Small firms rated financial reporting least important.
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Accounting · Firms
Lightyear Capital takes majority stake in Prosperity Partners
Unity Partners keeps a minority position in the Chicago firm. Terms were not disclosed.
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Accounting · Firms
Missouri opens a bachelor's degree route to CPA licensure
Senate Bill 1233 adds a bachelor's plus two years of experience path to licensure, effective August 28.
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Accounting · Firms
New AICPA audit standard requires confirming cash held by third parties
SAS No. 150 makes external confirmation of cash and cash equivalents a requirement, with limited exceptions.
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