Weekly News Round Up: Consumer Spending Rises; IP Cyber Attacks to Increase; and Insights on Audit Committees
November 7, 2016
Welcome to the Weekly News Round Up from the SC&H Group blog. Each week, we showcase audit, tax, and consulting news to keep you informed about the current stories and events impacting the accounting and business landscape – and ultimately your financial obligations.
This week, we highlight how consumer spending rose in September, and the private sector added 147,000 jobs in October. In addition, cyber threats are poised to increase in the next year, and we offer some insights about audit committees.
Consumer Spending Rises 0.5 Percent in September
U.S. consumer spending beat expectations in September, showing the biggest increase in three months as Americans bought more new cars and other long-lasting goods.
Private Sector Added 147,000 Jobs in October
Private sector employers added 147,000 jobs in October, according to the latest monthly jobs report from payroll giant ADP.
Durable Goods Orders Fall 0.1 Percent in September
U.S. durable goods orders fell in September, confirming another weak quarter for business spending, but core capital goods showed some signs of a recovery.
IP Cyber Attacks Expected to Rise
The number of IP cyber thefts is expected to increase in the next 12 months, according to a recent poll.
IASB Plans Revamp of Financial Term Definitions
The International Accounting Standards Board is aiming to make it easier for investors to understand financial reports by providing new definitions of common financial terms.
AICPA Drafts Revenue Recognition Guidance for Broker-Dealers and Banks
The American Institute of CPAs’ Financial Reporting Executive Committee is asking for feedback on three new working drafts of guidance for broker-dealers and depository and lending institutions.
Audit Committees Shed More Light on Auditor Oversight
Audit committees are increasing the amount of information they are giving investors on the actions they are taking to oversee their outside auditing firms, according to a new report.