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Audit & Accounting Alert Newsletter

Issue 7 | September 2016


Gerry Herter

The push towards global financial reporting standards continues to gain ground. However, that success may prove futile in the long run, if investors and others go elsewhere for the critical data needed for informed decision making. Our first article illustrates the rising call for more innovative thinking in the financial reporting arena.

Establishing internationally recognized audit standards presents another challenge for the accounting profession. Various jurisdictions have identified audit quality indicators (AQI) as guides for directing standards development. The Federation of European Accountants analyzed the AQI initiatives from a diverse group of authoritative bodies. Our second article describes the resulting findings, where there is commonality, yet significant differences as well.

Finally, our quarterly Worldwide Update covers news from organizations across the globe.

Editor Gerald E. Herter, CPA

In This Issue 

Facing the Challenge of Financial Reporting Obsolescence

Current financial reports continue to lose relevance

Over recent years, we have followed the relentless pursuit of global financial reporting standards. From the latest analysis as of July 25, 2016, the International Accounting Standards Board (IASB) reported that just over half of all listed companies worldwide now use International Financial Reporting Standards.

Proceeding on a similar, if not more rapid pace, is the growing perception, to the investing public, that those financial reporting practices are losing relevance. This condition is most starkly personified in The End of Accounting and the Path Forward for Investors and Managers, a new book by New York accounting professors Baruch Lev and Feng Gu. As stated in the book, “corporate financial reports--balance sheets, income and cash flow statements, as well as the numerous explanatory footnotes in quarterly and annual reports and IPO prospectuses--form the most ubiquitous source of information for investment and credit decisions.” But, “despite all of regulators’ efforts to improve accounting and corporate transparency, financial information no longer reflects the factors—so important to investors—that create corporate value and confer on business the vaunted competitive advantage. In fact…today’s financial reports provide a trifling 5% of the information relevant to investors.”

The authors do not deny the importance of the accounting function. They just point out the inadequacy of the information reported and the futility of how the information is required to be reported. The three major concerns put forward are the expensing of intangibles (which often represent more valuable resources than reported assets), use of estimates (which can be erroneous and manipulative), and unrecorded, non-accounting events (such as the approval of a drug, or change in number of subscribers).

The solution presented is the “Strategic Resources & Consequences Report” which focuses “on the strategic, value-enhancing resources (assets) of modern enterprises, like patents, brands, technology, natural resources, operating licenses, customers, business platforms available for add-ons, and unique enterprise relationships, rather than on the commoditized plant, machines, or inventory, which are prominently displayed on corporate balance sheets…to provide investors and lenders (and managers, too) with actionable, up-to-date information.”

The challenge with the well thought out analysis in the book is the current lack of a standardized generally accepted approach that can be consistently and widely applied to the information the authors deem relevant. The advantage of “flawed” international accounting standards is their widespread acceptance and use. The various promulgators of accounting and reporting standards would be wise to embrace the shortcomings of the current backward looking structure of standards and evolve toward a methodology that robustly addresses factors that are more useful for users at all levels.

Preparers of financial reports also face a daunting task. In a recent Ernst & Young report, Are you prepared for corporate reporting’s perfect storm?, one thousand CFOs and controllers were surveyed, along with in-depth interviews of seventeen corporate and EY executives. The major findings, as summarized in the report, were:

  1. Heightened complexity and demand remain significant challenges to effective corporate reporting;
  2. The needs of audit committees and supervisory boards are increasing, and better relationships between finance functions and these key stakeholders are critical;
  3. While the expectations and scope of corporate reporting have increased, finance leaders’ confidence in reporting is falling. They are also concerned about reporting effectiveness; and
  4. Advanced technologies, data analytics and a new skills mix are critical for meeting demands, but significant challenges stand in the way.

Companies often have various diverse systems that need better inter-connectivity, while the demand for a greater number of reports is increasing. Consequently, audit committees, boards and financial managers are required to work more closely. At the same time, reporting required for regulators is diverging more from investor needs, and the essential technology necessary to produce accurate and useful data is increasingly costly and more difficult to master.

In sum, the study states that “three areas are essential to delivering the strategic insight that today’s stakeholders demand: trusted relationships, innovative technology, and talent and skills development. Considering, as well, the substantial challenges facing CFOs, controllers and auditors in the next 36 months as they strive to implement the new lease accounting and revenue recognition standards, time is at a premium now more than ever.

For further information, see The End of Accounting and the Path Forward for Investors and Managers and Are you prepared for corporate reporting’s perfect storm?

A European Perspective on Audit Quality Indicators

Federation of European Accountants compares wide range of studies

Previous editions of the Audit & Accounting Alert have covered various aspects of audit skills, traits and technology needs facing the audit firm of the future. With the International Auditing and Assurance Standards Board (IAASB) leading the way with its Framework For Audit Quality published in February 2014, a variety of regulatory and other authorities around the world have tackled the subject of audit quality indicators (AQI). In July, 2016, the Federation of European Accountants (FEE) issued an information paper, Overview of Audit Quality Indicators Initiatives, summarizing the findings of nine of these agencies. Also in July, the Association of Chartered Certified Accountants (ACCA), in conjunction with Macquarie University, Sydney, reported in Directors’, CFOs’ and auditors’ perceptions of audit quality attributes: a comparative study, survey results from the three groups on this issue.

The FEE paper analyzed initiatives from three European agencies, two from the United States of America, one each from Canada, Australia/New Zealand, Singapore, and the International Organisation of Securities Commissions (IOSCO). The FEE emphasized the benefits of AQIs in providing “a basis for comparison across different audits and audit firms,” while also enhancing “the transparency of information available for discussion with those charged with governance and audit committees, for instance when selecting an audit firm”. Unfortunately, the overall results of the analysis showed “significant differences” in the AQI approaches and specifics of the nine initiatives.

To establish context, the FEE listed the “key elements of audit quality” from the IAASB Framework, which the paper described as follows:

  • Inputs covering such factors as values, ethics, and attitudes which are influenced by the culture of a firm; also it covers knowledge, skills, and experience of auditors as well as allocated time to complete the audit. These apply at both the engagement and firm levels as well as at national level;
  • Process covering audit processes and quality control procedures and their effect on audit quality;
  • Outputs including reports and information that are formally prepared for the purposes of audit;
  • Key interactions within the Financial Reporting Supply Chain covering formal and informal communication between stakeholders and the context which may influence those interactions; and
  • Contextual Factors including a number of environmental factors that might affect audit quality.

A basic difference between the initiatives was that roughly half “suggested a more flexible, principles-based approach while others have published a mandatory, rules-based list of AQIs.” The number of AQIs varied from less than 10 to 28 (PCAOB). Following is a list in descending order of AQIs that were found in at least three of the initiatives (with the number of instances in parentheses):

  1.  Training hours per audit personnel (8)
  2.  Internal engagement quality views (6)
  3.  External inspections (6)
  4.  Number of audit staff per audit partner (5)
  5.  Years of experience (5)
  6.  Partner workload (5)
  7.  Industry expertise of audit personnel (5)
  8.  Staff workload (4)
  9.  Investment in development of new audit methodology and tools (4)
  10.  Staff turnover (4)
  11.  Independence (4)
  12.  Technical resources support (4)
  13.  Staff satisfaction survey (3)
  14.  External investigations (3)
  15.  Tone at the top (3)

While training and assessments, internal and external, were widely acknowledged, tone at the top and staff satisfaction were given less attention. The paper points out, however, that the number of instances “does not mean that these indicators are ‘better’ than those appearing less frequently.” Also, some initiatives focused on the more quantitative measures, while others were more qualitative in nature. The PCAOB was the only one to include all 15 from this list.

The overriding conclusion from the paper was that since approaches and specific AQIs differ so widely from jurisdiction to jurisdiction, a meeting of the minds is needed. Since many firms now perform audits on a global scale, consistency in audit quality accountability is more important than ever. Consequently, the FEE, in this paper, is calling for establishment of a process of international collaboration “to agree on a globally accepted set of audit quality indicators.”

Next month, we will look at the ACCA survey which considered the implications of ten designated audit quality attributes from the perspective of three stakeholder groups: directors, CFOs and auditors. 

For further information, see Overview of Audit Quality Indicators.

Worldwide Update

Quarterly roundup of recent and upcoming actions and activities by audit and accounting organizations throughout the world


IASB International Accounting Standards Board (

  1.  Amendments to IAS 15 Revenue from Contracts with Customers – issued on April 12, 2016, ---Effective beginning in 2018, with early application permitted?

IFACInternational Federation of Accountants (

  1. The Relationship between Accountancy Expertise and Business Performance – IFAC report published July 21, 2016, “summarizing and discussing findings of more than 90 academic research papers on the relationship between accessing accountancy expertise and business performance to gain insight.
  2. International Auditing and Assurance Standards Board (IAASB) - ISA 810 (Revised), Engagements to Report on Summary Financial Statements – published Mar 24, 2016, expands the new and revised auditor reporting standards issued in January, 2015, to these summary financial statements. Effective for audit periods ending on or after December 15, 2016.
  3. International Public Sector Accounting Standards Board (IPSASB) - Impairment of Revalued Assets (Amendments to IPSAS 21, Impairment of Non-Cash-Generating Assets, and IPSAS 26, Impairment of Cash-Generating Assets), issued July 28, 2016, to address property and intangible asset revaluation, and a variety of minor improvements of standards. Effective January 1, 2018.
  4. International Public Sector Accounting Standards Board (IPSASB) - IPSAS 39, Amendments to IPSAS 25, Employee Benefits - issued July 28, 2016, to address terms of IAS 19, Employee Benefits, concerning recognition, presentation and disclosure of defined benefit plans. Effective January 1, 2018, with early adoption encouraged.
  5. International Public Sector Accounting Standards Board (IPSASB) – Consultation Paper published July 27, 2016, covers three previously unaddressed topics related to accounting for public sector financial instruments: currency in circulation, monetary gold, and International Monetary Fund (IMF) Quota Subscription and Special Drawing Rights (SDRs). Comment period ends December 31, 2016.
  6. International Auditing and Assurance Standards Board (IAASB) - Supporting Credibility and Trust in Emerging Forms of External Reporting.-. Discussion Paper published August 17, 2016, “intended to facilitate an open discussion about the IAASB’s potential role and where others can or need to play a role in a holistic and interactive process to support credibility and trust in these reports.” Comment period ends December 15, 2016.

ACCAAssociation of Chartered Certified Accountants (

  1. Factors Affecting Preparers' and Auditors' Judgements About Materiality and Conciseness in Integrated Reporting – research report issued August 9, 2016, drawing evidence from early emerging practices involving integrated reporting in 28 countries.
  2. Professional accountants – the future - research report issued June 1, 2016, “based on a global survey of over 2,000 professional accountants, executives and experts…identifies the main drivers for change that will have the most impact on the profession, plus the technical, ethical and interpersonal skills and competencies that will be required in the future.”
  3. Mapping the sustainability reporting landscape: Lost in the right direction – report issued May 12, 2016, “explores the changing corporate sustainability reporting landscape, outlines its components, addresses current challenges and proposes development opportunities. It provides a considered overview of the trends, levers and drivers influencing the reporting landscape. It also proposes ideas to prompt discussion among professionals involved in reporting who seek standardisation, rationalisation and order.”
  4. Profitability and Cost Analysis: an Eye on Value – global report with KPMG issued April 29, 2016, with data from over 1,100 finance professionals worldwide, “evaluates how the enterprise performance management capability within finance functions is providing the business with insightful profitability and cost analysis through appropriate people, processes and technology.”

CIMAChartered Institute of Management Accountants (

  1. CIMA and AICPA members approve new joint association - June 18, 2016. Carrying forward the AICPA/CIMA joint venture known as the Association of International Certified Professional Accountants, the new association will be “representing the entire accounting profession, while preserving the AICPA and CIMA membership bodies. The organizations would integrate operations to strengthen advocacy and have more agility in responding to evolving member needs.”
  2. Thinking the unthinkable: Joining the Dots in today’s best thinking and practice: What Next? – report issued in May, 2016. “Top decision makers in business and other sectors increasingly recognise the need to work together to find innovative and practical solutions to the challenges presented by the growing range of complex risks, disruption and ‘unthinkable’ issues that they now face. This report explores these challenges in detail'.”

Africa, Europe, India, and the Middle East (AEIME)

FRCFinancial Reporting Council of the UK (

  1. Skills, competencies and the sustainability of the modern audit – research report issued jointly with the Institute of Chartered Accountants of Scotland on April 6, 2016. See May 2016 A & A Alert for discussion.
  2. The capability and competency requirements of auditors in today’s complex global business environment – research report issued jointly with the Institute of Chartered Accountants of Scotland on April 6, 2016. See May 2016 A & A Alert for discussion.
  3. Revised UK Corporate Governance Code, Guidance on Audit Committees, and Auditing and Ethical Standards – issued on April 27, 2016. “The changes strengthen auditor independence by applying prohibitions to a range of engagements that could result in an auditor facing a conflict of interest. Reflecting the FRC’s commitment to proportionate regulation, the revised standards contain some reliefs which will allow, in certain circumstances, an auditor to provide additional assistance to smaller and medium sized entities.”
  4. Amendments to FRS 105 : The Financial Reporting Standard applicable to the Micro-entities Regime - Limited Liability Partnerships and Qualifying Partnerships, issued May 17, 2016. These amendments reflect “a change in the law, which makes the simplified micro-entities regime that is already available to the smallest companies, also available to eligible LLPs and qualifying partnerships.” Effective generally in 2016, with early application to 2015 permitted.
  5. Developments in Audit: An Overview 2015/16 - published on July 14, 2016, notes that “confidence in audit has grown, but more needs to be done in terms of market competition and improving good practice in the profession.”

ICAEW The Institute of Chartered Accountants in England and Wales (

  1. Incentives and institutions in accounting: thinking beyond standards – Public policy paper published in July 2016, looks at “the principal factors that affect financial reporting outcomes and the degree to which these are the product of the surrounding institutions and on the incentives that affect individual firms and their managers,” concluding that there is a “need to focus on the incentives and institutions that support financial reporting quality as well as on accounting standards.”

Americas, Asia, Australia and New Zealand (AAANZ)

FASBFinancial Accounting Standards Board (

  1. Not-for-Profit Entities: Presentation of Financial Statements of Not-for-Profit Entities - ASU 2016-14, issued August 18, 2016, simplifies and improves how a not-for-profit organization classifies its net assets, as well as the information it presents in financial statements and notes about its liquidity, financial performance, and cash flows. See article in June 2015 A & A Alert for discussion. Effective generally in 2018, with early application permitted.
  2. Exposure Draft - Conceptual Framework for Financial Reporting: Chapter 7: Presentation – issued August 11, 2016, “with the objective of providing a foundation for future standards that enhance financial statement users’ abilities to assess prospects for future cash flows by addressing how to group individual recognized items into line items and subtotals,?and clarify the relationships among an entity’s assets, liabilities, and equity, and the effects of related changes of those assets and liabilities on comprehensive income and cash flows. The comment period ends November 9, 2016.
  3. Exposure Draft - Not-for-Profit (NFP) Entities—Consolidation: Clarifying When a Not-for-Profit Entity That Is a General Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity – issued 08/03/16, maintains “how NFP general partners currently apply the consolidation guidance in Subtopic 810-20 by including that guidance within Subtopic 958-810. The comment period ends October 3, 2016.
  4. Exposure Draft - Plan Accounting.—.Employee Benefit Plan Master Trust Reporting (a consensus of the Emerging Issues Task Force) - issued 07/28/16, “to improve the usefulness of the information reported to users of employee benefit plan financial statements,” regarding a plan’s interest in a master trust. The comment period ends September 26, 2016.
  5. Exposure Draft - Income Taxes: Disclosure Framework—Changes to the Disclosure Requirements for Income Taxes - issued July 26, 2016. Intending to enhance disclosures, the proposal “would both modify existing disclosure requirements and provide additional disclosure requirements for income taxes. These modifications and additions include describing an enacted change in tax law, disaggregating certain income tax information between foreign and domestic, and explaining the circumstances that caused a change in assertion about the indefinite reinvestment of undistributed foreign earnings. It also will require disclosing the aggregate of cash, cash equivalents, and marketable securities held by foreign subsidiaries.” Also, differences in disclosure requirements between public and private entities would be described. The comment period ends September 30, 2016
  6. Financial Instruments—Credit Losses: June 2016 Measurement of Credit Losses on Financial Instruments – ASU 2016-13 – issued June 16, 2016, “requires organizations to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts.” Effective generally in 2020 for public companies and 2021 for private companies and organizations, with early application to 2019 permitted.
  7. Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients – ASU 2016-12 – issued April 14, 2016, provides clarification and practical expedients in the areas of assessing collectability, presentation of sales and other taxes, noncash transactions, contract modifications, completed contracts, and technical corrections. Effective dates are the same as for ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date.
  8. Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing – ASU 2016-10 – issued April 14, 2016, to clarify the identification of performance obligations and licensing implementation guidance, while not changing the basic principles of the standard. Effective dates are the same as for ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date.
  9. Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting –ASU 2016-09 issued March 30, 2016, “to reduce cost and complexity and improve the accounting for share-based payment awards issued to employees for public and private companies”...”including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows.” Effective generally in 2017 for public companies and 2018 for private companies and organizations, with early application permitted.
  10. Exposure Draft – Consolidation: Interests Held through Related Parties That Are under Common Control - issued June 23, 2016, provides that a single decision maker considering qualification as the primary beneficiary of a variable interest entity (VIE) “would no longer be required to consider indirect interests held through related parties that are under common control with the single decision maker to be the equivalent of direct interests in their entirety and, instead, would include such interests on a proportionate basis consistent with indirect interests held through other related parties. If, after performing that assessment,…the single decision maker of a VIE concludes it does not have the characteristics of a primary beneficiary, the proposed amendments would continue to require that reporting entity to evaluate whether it and one or more of its related parties under common control, as a group, have the characteristics of a primary beneficiary. If the single decision maker and its related parties that are under common control, as a group, have the characteristics of a primary beneficiary, then the party within the related party group that is most closely associated with the VIE is the primary beneficiary.” The comment period ended July 25, 2016.
  11. Exposure Draft – Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets: Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets - issued June 5, 2016, provides clarification on guidance for derecognition of nonfinancial assets that arise from the issuance of ASU Update 2014-09,Revenue from Contracts with Customers. The comment period ended August 5, 2016.
  12. Exposure Draft - Technical Corrections and Improvements to Update No. 2014-09, Revenue from Contracts with Customers - issued May 18, 2016, covers clarifications for various contract and preproduction cost and other issues. The comment period ended July 2, 2016.
  13. Exposure Draft - Intangibles—Goodwill and Other: Simplifying the Accounting for Goodwill Impairment - issued May 12, 2016. In order “to simplify the subsequent measurement of goodwill, the Board proposes to remove Step 2 from the current goodwill impairment test, which includes determining the implied fair value of goodwill and comparing it with the carrying amount of that goodwill…Instead, an entity would perform its annual, or any interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity generally would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. However, that amount should not exceed the carrying amount of goodwill allocated to that reporting unit. An entity would still have the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary.” The comment period ended July 11, 2016.

GASBGovernmental Accounting Standards Board (

  1. GASB Statement No. 82 – Pension Issues, issued on April 11, 2016, provides “guidance addressing practice issues raised by stakeholders during implementation of the Board’s pension accounting and financial reporting standards for state and local governments.”. Effective for periods beginning after June 15, 2016, with earlier application permitted.
  2. Implementation Guide No. 2016-1, Implementation Guidance Update–2016, issued March 24, 2016, “primarily addresses questions that have been raised relative to the Board’s recently issued standards on fair value and tax abatement disclosures.” Effective generally for periods beginning after June 15, 2016.

AICPAAmerican Institute of Certified Public Accountants (

  1. AICPA and CIMA members approve new joint association - June 18, 2016. Carrying forward the AICPA/CIMA joint venture known as the Association of International Certified Professional Accountants, the new association will be “representing the entire accounting profession, while preserving the AICPA and CIMA membership bodies. The organizations would integrate operations to strengthen advocacy and have more agility in responding to evolving member needs.”
  2. Accounting and Review Services Committee (ARSC)
    a. Exposure Draft – Amendment to Statement on Standards for Accounting and Review Services No. 21 Section 90, Review of Financial Statements
    - issued July 6, 2016, represents a technical correction. The comment period ends September 2, 2016.
  3. Auditing Standards Board (ASB)
    a. Exposure Draft – The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern
    - issued July 8, 2016, to address the changes instituted by FASB Accounting Standards Update 2014-15, GASB Statement No. 56 and IAASB International Standards on Auditing 570. The comment period ends September 5, 2016.
    b. Exposure Draft – Auditor Involvement With Exempt Offering Documents - issued July 8, 2016, specifies “performance requirements when the auditor is involved with an exempt offering document. Exempt offerings are defined as securities exempt from registration under the Securities Act of 1933, as amended, or franchise offerings regulated by the FTC.” The comment period ends October 13, 2016.
    c. SSAE No. 18, Attestation Standards: Clarification and Recodification - issued April 5, 2016, represents the final step in the ASB’s objective to “address concerns over the clarity, length, and complexity of its standards,” by establishing “clarity drafting conventions” and formats. The attestation standards apply to examination, review and agreed-upon procedure engagements for other than historical financial statements. The ASB also made an effort to converge where possible with standards issued by the International Auditing and Assurance Standards Board. Effective for reports dated on or after May 1, 2016.
  4. Peer Review Board
    a. Exposure Draft – Modifying Peer Review Report and Firm Representation Letter
    - issued August 17, 2016, specifies modifications to the peer review report to specifically disclose that a single audit was selected and reviewed in the scope of a peer review, if applicable, and modifications to the representation letter to reflect the scope of engagements performed including all must-select engagements, such as single audits. The comment period ends September 30, 2016.

PCAOBPublic Company Accounting Oversight Board (

  1. Staff Audit Practice Alert No. 14, Improper Alteration of Audit Documentation, released April 21, 2016, reports on observed improprieties where audit work papers have been changed after the fact to avoid assessment of deficiencies during inspection. See the June 2016 Audit & Accounting Alert for a discussion of this issue.

SASBSustainability Accounting Standards Board (

  1. Infrastructure Sector Provisional Standards – issued March 30, 2016, to address sustainability disclosure topics relevant for companies in the following industries: 1) Electric Utilities, 2) Engineering & Construction Services, 3) Gas Utilities, 4) Home Builders, 5) Real Estate Owners, Developers & Investment Trusts, 6) Real Estate Services, 7) Waste Management, and 8) Water Utilities.
  2. Engagement Guide for Asset Owners & Asset Managers - issued July 19, 2016, “provides industry-by-industry guidance on how asset owners and asset managers can use the SASB standards to inform and enhance their engagement with` companies. SASB standards identify the sustainability issues most likely to impact financial performance of companies in 79 industries. For every industry, the Guide poses questions investors can ask to facilitate a more complete and robust assessment of long term risks and value creation.”

COSO - The Committee of Sponsoring Organizations of the Treadway Commission (

  1. Exposure Draft - Enterprise Risk Management — Aligning Risk with Strategy and Performance, issued June 14, 2016, as an update to the original issued in 2004, “designed to address the needs of all organizations to improve their approach to managing new and existing risks as a way to help create, preserve, sustain and realize value.” The comment period ends September 30, 2016.


Additional A&A News

The following links provide a selection of current articles devoted to highlighting other A&A topics currently making news.

  1. To GAAP Or Non-GAAP, That Is The Question
  2. PCAOB Issues Annual Report on Inspections of Broker-Dealer Auditors
  3. FASB modifies not-for-profit accounting rules
  4. Audit Reform: Hard labour for audit committee chairs?
  5. Big Changes Coming for Profession’s Future to 2020 and Beyond
  6. Blockchain — the future heart of finance?

Audit & Accounting Alert is a publication of Integra International intended to highlight emerging issues in the profession. The goal is to give Integra members an awareness of developments impacting the practice of Audit & Accounting, enabling them to stay on the forefront of industry trends.

Editor Gerald E. Herter  •  HMWC CPAs & Business Advisors, 17501 E. 17th Street, Suite 100, Tustin, CA 92780-7924
 •  Tel: 1 714 505-9000  •  Fax: 1 714 505-9200  •  Email: [email protected]