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PCAOB Approves Expanded Auditor’s Report to Require Communication of Critical Audit Matters

The Public Company Accounting Oversight Board adopted a new auditor reporting standard that will require more information about the audit. The new standard is subject to SEC approval....more

First Form AP Filed with the PCAOB

Grant Thornton LLP became the first registered public accounting firm to file a Form AP with the PCAOB. Form AP currently requires identification of the engagement audit partner associated with certain SEC filings and the...more

SEC Approves PCAOB Rule Requiring Audit Partners to be Identified

The SEC has approved a proposed PCAOB rule requiring identification of audit engagement partners and certain other audit participants....more

Apple’s Conflict Minerals Smelters Nearly 100% Audited

Apple has filed its Form SD for the year ended December 31, 2015. It includes this disclosure: The combination of training, public reporting and a ticking clock drove the number from 82 smelters and refiners...more

PCAOB Adopts Rules Requiring Disclosure of the Engagement Partner

The Public Company Accounting Oversight Board, or PCAOB, has adopted new rules to provide investors with more information about who is participating in public company audits. The rules are subject to SEC approval....more

PCAOB Alerts on Deficiencies in Broker-Deal Audits

The first five inspections of broker-dealer audit and new attestation engagements subject to PCAOB standards show deficiencies in the auditors’ application of these standards according to the PCAOB. The requirement to...more

Providing Audited Financial Statements Late Leads to Charges of Custody Rule Violations

The SEC announced charges against an investment advisory firm and three of its top officials for violating the “custody rule” that requires firms to follow certain procedures when they control or have access to client money...more

Tell the Comp Committee and Consultants the Auditors Will be Calling

We previously described a PCAOB reproposal regarding audit procedures for related party transactions. A suggested audit procedure consisted of “Inquiries of the compensation committee chair and any compensation consultant...more

6/12/2014  /  Audits , Executive Compensation , PCAOB

PCAOB Reproposes Rule Requiring Engagement Partner To Be Named In Audit Report

The Public Company Accounting Oversight Board has reproposed for public comment amendments to PCAOB auditing standards that would provide greater transparency into audits of public companies, brokers, and dealers about the...more

PCAOB Fixes What Isn’t Broken In New Proposals

The PCAOB has issued two new proposed auditing standards addressing the auditor’s opinion and information included in annual reports. ...more

SEC Provides Guidance On Custody Of Privately Offered Securities

The SEC’s Division of Investment Management recently offered guidance on the custody of privately offered securities....more

SEC Issues Final Rules On Audits Of Broker-Dealers

The SEC has amended certain broker-dealer annual reporting, audit, and notification requirements. ...more

AICPA Addresses Independence On Conflict Minerals Audits

The AICPA has issued non-authoritative guidance which provides that auditing an SEC issuer’s financial statements and performing an independent private sector audit of a conflict minerals report would not be inconsistent with...more

PCAOB, Auditors And Executive Compensation

The Public Company Accounting Oversight Board, or PCAOB, has reproposed a new auditing standard, Related Parties, and certain other amendments to its standards. Overall, the reproposal is directed at detecting material...more

Nasdaq Proposes Listed Companies Have Internal Audit Function

The SEC has published for comment Nasdaq’s rule proposal that Nasdaq listed companies have an internal audit function. The rule proposal is as follows...more

3/6/2013  /  Audits , Nasdaq , Risk Management , SEC

SEC Finding Some Hedge Funds And Private Equity Groups Are Not Complying With Custody Rule

The SEC has issued a Risk Alert on compliance with its custody rule for investment. It notes that with respect to advisers to audited pooled investment vehicles, its examinations found some failed to meet requirements to...more

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