United States: Accounting and Audit

Since Jan. 1, 2026, some businesses have focused on more immediate obligations under the updated California Consumer Privacy Act (CCPA) regulations, including risk assessments and automated decision-making technology (ADMT) requirements. However, for the largest businesses, another deadline is quickly approaching — the first audit period under the CCPA’s new cybersecurity audit rules.

Mowery & Schoenfeld celebrates its 30th anniversary by promoting seven professionals to partner positions across tax, assurance, transaction advisory, and client advisory services. The promotions include Justin Goetz, Jim Odegard, TJ Van Derpluym, Doug DeLara, Mark Hallgren, Cameron Richey, and Nicole Zambetti, reflecting the firm's commitment to developing leadership from within and positioning for future growth.

Internal audit delivers greater value when finance leaders and executive teams actively engage with auditors throughout the entire audit lifecycle. How can state and local government organizations strengthen collaboration between internal audit, finance, and leadership to transform audit findings into meaningful operational improvements while maintaining audit independence?

Unused merchandise drawbacks allow a claimant to recover up to 99% of the duties paid on imported goods that are exported, unused, within five years of importation. 19 U.S.C. § 1313(j)(1); 19 C.F.R. § 190.31(a)-(b)(2025).

The SEC Staff has issued new guidance addressing valuation challenges for private credit and other private assets held by public companies and registered investment companies. The statement emphasizes the need for robust valuation policies, market-based assumptions, and transparent disclosure practices as the private credit market continues to expand. Investment advisers managing private funds should carefully consider how these principles apply to their own valuation procedures and investor communications.

Courts in Delaware and New York recently have dismissed with prejudice parallel putative class actions challenging mutual fund NAV accounting practices. The decisions are important victories for advisers to registered funds. Both cases asserted claims under the Securities Act of 1933, alleging that equity mutual funds misstated NAV by treating accrued dividends and realized capital gains as assets rather than liabilities.

Divorce proceedings involving significant or complex assets are rarely straightforward. Beyond the emotional and legal dimensions, these cases often hinge on a clear and defensible understanding of financial reality.

For years, revenue recognition was the primary issue cited in allegations of accounting fraud, whether in enforcement investigations or securities litigation.

Consider a court case in which one side presents a chart, report, or a video reconstruction that was created entirely by artificial intelligence (AI).

Ultra-high-net-worth individuals and families face a valuation environment that is far more complex than simply determining the worth of an asset. In the context of trust, gift, and estate tax planning, valuation becomes a foundational discipline that affects wealth transfer strategy, tax efficiency, compliance, and long-term family outcomes.

In recent years, the accounting profession has been grappling with a concerning trend: a shortage of skilled workers. According to the American Institute of CPAs (AICPA)...

Cybersecurity breaches concerning workers' personal information and retirement savings have increased liability risks for benefit plans and third-party administrators under federal benefits laws.