SEC Updates Revenue Recognition Guidance

FINRA proposed a rule amendment to restrict access to representative- and principal-level qualification scores.

The SEC charged Ernst & Young LLP with violations of auditor independence rules that require firms to maintain their objectivity and impartiality with clients.

Organizations are embedding AI into internal audit workflows to improve consistency and shorten testing cycles, but success requires a structured approach that addresses evidence handling, testing methodology...

On September 24, 2024, the PCAOB issued settled orders sanctioning four audit firms. As part of an ongoing enforcement sweep, the PCAOB found that Accell Audit & Compliance P.A. ("Accell")...

Finance teams face critical implementation challenges as new GAAP amendments take effect for 2026, requiring immediate attention to accounting policies, documentation standards, and system readiness. Are your financial reporting processes prepared to handle expanded disclosure requirements, CECL practical expedients, and internal-use software accounting changes before year-end audit fieldwork begins?

The CAS Board has raised contract thresholds to $35 million and eliminated CAS 407, fundamentally changing cost accounting requirements for federal contractors. At the same time, the Department of War is demanding unprecedented cost and pricing transparency through new memoranda requiring actual cost information for negotiations valued at $10 million or more, creating a complex landscape where contractors face fewer formal CAS requirements but heightened scrutiny of their pricing data.

On November 8, 2024, without admitting or denying findings, the mainland China-based firm, JTC Fair Song CPA Firm, settled with the PCAOB for repeated violations of PCAOB rules by failing to make requisite filings and for failing to cooperate with an investigation into those reporting violations.

In 2014, the US FASB issued new revenue standards under ASC 606, Revenue from Contracts with Customers, which essentially replaced existing revenue recognition requirements under U.S. generally accepted accounting principles.

Recent trends indicate that software publishers are increasingly initiating direct software audits instead of outsourcing the auditing process to entities such as the BSA.

Landlords of rent stabilized buildings in New York City have filed a lawsuit challenging the rent freeze passed by the Rent Guidelines Board, questioning the Board's independence and data integrity. With operating costs rising 31% over five years while the Board voted 7-1 for a freeze affecting 1 million apartments, the case raises critical questions about the balance between tenant protection and landlord viability.

On February 25, 2026, the Office of the Comptroller of the Currency (the "OCC") issued a Notice of Proposed Rulemaking (the "NPRM") to implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the "GENIUS Act").

The U.S. seized one of North Korea's largest bulk carrier vessels for allegedly shipping illicit coal and heavy machinery in violation of U.S. and UN sanctions.

The SEC named Adam S. Aderton as the new co-chief of the Asset Management Unit's Enforcement Division. Mr. Aderton, who replaces Anthony Kelly, will share the position with Dabney O'Riordan.

FINRA proposed a rule amendment to restrict access to representative- and principal-level qualification scores.

The Health Resources and Services Administration has announced a revised 340B Rebate Model Pilot Program for drugs subject to Medicare's Maximum Fair Price, expanding eligibility to manufacturers with selected drugs for 2026 and 2027. The program introduces new data requirements, dispute resolution mechanisms, and stricter compliance monitoring while addressing stakeholder concerns about administrative burden and program integrity.

The New York State legislature passed the "Stop Hacks and Improve Electronic Data Security Act" (the "SHIELD Act") to enhance cybersecurity

Kroll Bond Rating Agency (KBRA) examines its portfolio of rated subscriptions facilities in a report published this week. The report reviews KBRA's $11.3 billion of rated debt portfolio spanning over 40 funds...

The Centers for Medicare & Medicaid Services has proposed the Regulatory Alignment for Predictable and Immediate Device (RAPID) Coverage Pathway, designed to accelerate Medicare coverage for breakthrough-designated medical devices by aligning CMS coverage review with FDA premarket review.

On May 23, 2024, the Joint Chiefs of Global Tax Enforcement (the "J5") published an advisory note for financial institutions, identifying red flags associated with crypto-related illicit activities.