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  • Blog
    June 1, 2017
    Financial Firm Auditors: Are You Ready to Audit Under CECL?
    Amid widespread concern that Generally Accepted Accounting Principles (GAAP) are inadequate when it comes to advising investors on deteriorating credit quality, the Financial Accounting Standards Board (FASB) has issued a new methodology. The new standard, known as Current Expected Credit Loss, or CECL, uses data analytics to forecast expected losses based on internal and external trends, as well…
  • Blog
    June 2, 2017
    Manufacturers Are Upbeat About 2017 Business Climate Under New Administration
    Four straight months of manufacturing job growth through March this year and a decidedly more pro-business climate emerging in Washington have given many manufacturers good reason to consider 2017 off to a good start. According to the National Association of Manufacturers' (NAM) first economic outlook survey of manufacturers since Trump took office, more than 93 percent were feeling positive.…
  • Blog
    June 12, 2017
    Can Your SOX Compliance Process Benefit From Some Fine-Tuning? Find Out With Our Latest Benchmarking Survey
    The results of Protiviti’s latest SOX compliance survey are in, and one takeaway in particular – cost of SOX compliance – may be music to the ears of some companies. For many organizations, those costs were reported to be lower this year than last, even as the number of controls, as well as hours dedicated to compliance, increased. We don’t know the specific reasons why the costs at some…
  • Blog
    June 19, 2017
    Cyber Attacks Can Be Costly – Is Cyber Insurance the Answer?
    The WannaCry malware attack in mid-May focused the attention of corporations around the world on escalating cyber threats. Our Flash Report released immediately after the attack noted that it marked a new and unsettling aggressiveness on the part of cyber criminals: No previous assault matched the breadth of impact of WannaCry, which affected hospitals, corporations and government offices in more…
  • Blog
    June 21, 2017
    PCAOB Revises Auditor’s Report
    With the Public Company Accounting Oversight Board’s (PCAOB) new auditor reporting standard finally pending before the U.S. Securities and Exchange Commission (SEC) after nearly a decade in the making, Protiviti has published a Flash Report summarizing the changes and examining possible consequences. The Auditor’s Report on Audit of Financial Statements When the Auditor Expresses an Unqualified…
  • Blog
    June 23, 2017
    Commitment to Equality Promotes Trust and Growth: Protiviti Celebrates Pride Month
    As we progress through June, which is traditionally pride month for the lesbian, gay, transgender and bi-sexual (LGBT+) community, I want to take a moment to reflect on Protiviti’s commitment to the LGBT+ community and our employees, and share my thoughts on the value of diversity, and my experience as an out and proud executive within our firm. At Protiviti, we know that diversity of ideas and…
  • Blog
    June 25, 2017
    EU Payments Directive Opens Door to Open Banking
    The second European Payment Services Directive (PSD2) is scheduled to become law on January 13, 2018. Heralded as a way to make it faster, easier and less expensive for consumers to pay for goods and services, it also forces European banks to share customer data and payment infrastructure with third-party service providers and disruptive new competitors known as fintechs. For better or worse,…
  • Blog
    June 27, 2017
    A New Look at Politically Exposed Persons – Focus on Risk, not Rules
    Implementation of the European Union’s (EU) Fourth Anti-Money Laundering Directive (4AMLD) went into effect on Monday, June 26, for all EU countries. Back in April, Protiviti sponsored a “PEP Breakfast” in anticipation of this directive, at which we had the opportunity to share information with key clients and other leading industry figures about the changes now in effect. The discussion centered…
  • Blog
    June 28, 2017
    “Carpe Diem”: Oilfield Services Companies Eye the IPO Market
    Despite the recent downward trend in oil prices, the oil and gas industry overall is feeling optimistic, as evidenced by increased rig counts and production levels. Both are signs that the industry is on the rebound after a downturn that has persisted for well over two years. Renewed confidence and optimism about future growth have many companies in the sector thinking about pursuing an initial…
  • Blog
    June 30, 2017
    Data-Rich Manufacturing Demands Cybersecurity of the Supply Chain, Too
    Few manufacturers would disagree with the view that the Internet of Things, big data integration and other advances in technology are boosting productivity, streamlining supply and distribution channels, and improving product support. But the WannaCry ransomware attack unleashed on businesses, governments and hospitals across the globe last month and the most recent attack this week delivered a…
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