Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. The conversations are relevant for all finance teams, even if it’s not year-end close time. And it’s relevant even for those not engaged in the company’s closing process – the episodes have something for everyone.

In this next episode of our series, PwC’s US Assurance Quality Management leader, Michael Mullen, shares insights and key reminders on navigating materiality judgments.

In this episode, we discuss:

• 4:51 – A refresher on the framework for assessing materiality and errors in financial statements
• 20:44 – Recent SEC statements and areas of focus relating to materiality and errors
• 31:43 – Considerations related to fraud and illegal acts
• 37:47 – Final advice and key takeaways in navigating materiality assessments

Check out our other episodes in this miniseries:

• Year-end toolkit: Year in review from the corner office
• Year-end toolkit: Accounting and reporting reminders for 2025
• Year-end toolkit: Audit reminders for preparers
• Year-end toolkit: Tax accounting and reporting reminders for 2025

Additionally, follow this podcast on your favorite podcast app for more episodes.

Michael Mullen is PwC’s US Assurance Quality Management leader. In this role, he oversees complex client issues, providing technical insights and expertise in support of overall quality. With over 35 years of client service experience, Michael has led numerous global client engagements.

Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. The conversations are relevant for all finance teams, even if it’s not year-end close time. And it’s relevant even for those not engaged in the company’s closing process – the episodes have something for everyone.

In this next episode of our series, we discuss tax accounting and reporting reminders with Jennifer Spang, PwC’s National Office income tax accounting leader. We cover a variety of tax accounting and reporting topics, including the impact of recent election results and the associated tax impacts expected in 2025.

In this episode, we discuss:

• 2:40 – Anticipated tax implications following the 2024 US election results
• 10:50 – Pillar Two
• 17:36 – The FASB’s disclosure standard
• 21:58 – Uncertain tax positions
• 27:56 – Inflation Reduction Act credits and valuation allowances
• 32:43 – Advice for year-end income tax accounting

For more information about key developments at the AICPA & CIMA conference, see our publication, 2024 AICPA & CIMA Conference: Current SEC and PCAOB Developments and see our publication, Accounting for Pillar Two: Frequently asked questions for the latest on the topic.

Also, check out our other episodes in this miniseries:

• Year-end toolkit: Audit reminders for preparers
• Year-end toolkit: Year in review from the corner office
• Year-end toolkit: Accounting and reporting reminders for 2025

And please follow this podcast on your favorite podcast app for more episodes.

Jennifer Spang is PwC’s National Office income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 30 years of experience helping companies in a variety of industries navigate complex tax accounting matters.

Guest host Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. The conversations are relevant for all finance teams, even if it’s not year-end close time. And it’s relevant even for those not engaged in the company’s closing process – the episodes have something for everyone.

In this next episode of our miniseries, we discuss audit-related reminders for preparers with Brian Croteau, PwC’s US Chief Auditor. In this episode we share timely insights for preparers to consider for the year-end audit, which is another important part of year-end accounting and reporting.

In this episode, we discuss auditing considerations related to:

• 3:13 – Key takeaways from the AICPA & CIMA Conference: Current SEC and PCAOB Developments
• 12:06 – Accounting policies and controls
• 20:28 – The execution or modification of significant contracts and agreements
• 23:08 – Complete and accurate disclosures within the financial statements
• 26:48 – Independence
• 28:54 – Known or suspected fraud or illegal acts
• 34:44 – AI in financial reporting

For more information about key developments at the AICPA & CIMA conference, see our publication, 2024 AICPA & CIMA Conference: Current SEC and PCAOB Developments. Also, check out our other episodes in this miniseries:

• Year-end toolkit: Year in review from the corner office
• Year-end toolkit: Accounting and reporting reminders for 2025

Additionally, follow this podcast on your favorite podcast app for more episodes.

Brian Croteau is the US Chief Auditor. He oversees the establishment and maintenance of PwC’s audit policies and practices, leads efforts to directly support PwC’s audit quality objectives, and plays a key role in the monitoring and assessment of audit quality. He also leads the firm’s efforts related to its relationship with the PCAOB, including supporting all aspects of the PCAOB’s inspection process. Brian currently serves as a member of the PCAOB’s Standards and Emerging Issues Advisory Group (SEIAG) and the SEIAG’s Emerging Issues in Auditing subcommittee. Prior to rejoining PwC, he served as the Deputy Chief Accountant of the Professional Practice Group within the Office of the Chief Accountant at the SEC where he played a key role in the SEC’s oversight of the activities of the PCAOB, managed the resolution of auditor independence issues and ethical matters, and monitored audit and independence standard setting internationally.

Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.