News & Analysis as of

Auditors

PCAOB's New Auditor Report Standard for US Public Companies: Increasing Transparency or Chilling Productive Discussion?

by Dechert LLP on

The Public Company Accounting Oversight Board (PCAOB) adopted a new auditor reporting standard on June 1, 2017. If approved by the U.S. Securities and Exchange Commission (SEC), the new standard would impose additional...more

Accounting Oversight Board Adopts New Model for Auditor Reports

On June 1, 2017, the Public Company Accounting Oversight Board (PCAOB) adopted changes to its rules governing the content and organization of auditor reports required to accompany audited financial statements in filings made...more

PCAOB Adopts New Standard for Auditor’s Reports

On June 1, 2017, the Public Company Accounting Oversight Board (PCAOB) adopted a new standard for auditor’s reports that requires a description of “critical audit matters,” for purposes of providing investors with information...more

PCAOB Adopts Enhanced Auditor Reporting Standard

by WilmerHale on

On June 1, the Public Company Accounting Oversight Board unanimously adopted a revised auditing standard governing the contents and form of the audit report delivered by registered public accounting firms as part of their...more

Blog: The Cams Are Coming: PCAOB Adopts New Standard To Enhance Audit Reports

by Cooley LLP on

On June 1, 2017, as anticipated, the PCAOB adopted, subject to SEC approval, a new auditing standard for the auditor’s report that, while retaining the usual pass/fail opinion, will require auditors to include a discussion of...more

Auditor Reports to Require Additional Information

by Sullivan & Worcester on

The Public Company Accounting Oversight Board has approved a new standard (though still subject to SEC approval) designed to enhance the relevance and usefulness of the Auditor's Report with additional information for...more

Blog: Are “Other Key Operating Metrics” The New Non-GAAP Financial Measures?

by Cooley LLP on

As reported by BNA, the top accounting staff at the SEC are quite satisfied with companies’ responses to the SEC’s assault on abuses of non-GAAP financial measures. The staff’s concern was that companies’ reporting was often...more

CAQ Issues Updated Auditor Evaluation Tool

by WilmerHale on

The Center for Audit Quality has issued an updated version of its "External Auditor Assessment Tool." First issued in 2012, this publication has provided a framework for audit committees to assess their companies' external...more

Fifth Circuit Dances On Head of Arbitration Pin

Demonstrating just how difficult it can be to separate questions about the “formation” of an arbitration agreement from the “validity” of that agreement, the Fifth Circuit found this month that when an argument was applied to...more

New Accounting Rules Regarding AUPs Taking Effect May 1, 2017:  More Fun for a Battered Industry

by Dechert LLP on

The Auditing Standards Board (the “ASB”) of the American Institute of Certified Public Accountants recently released new standards as part of the “Attestation Clarity Project” with the goal of redrafting all its standards “in...more

South Carolina FILOT Taxpayers Now Required to File a New Property Tax Return with the County Auditor

by McNair Law Firm, P.A. on

The April 30th deadline for the calendar year South Carolina taxpayers to file their annual Form PT-300, Property Return, is fast approaching. Taxpayers subject to a fee-in-lieu of tax (FILOT) must file a new schedule with...more

Updates on Public Company GMS and shareholders reporting

by White & Case LLP on

On March 14, 2017, the Indonesian Financial Services Authority (Otoritas Jasa Keuangan or "OJK") issued two regulations impacting voting rights at a General Meeting of Shareholders of Public Companies ("GMS") and transparency...more

SEC Speaks: 2017 Enforcement and Exam Trends for Private Funds

At the recent SEC Speaks program, sponsored by PLI, senior SEC staff members provided valuable insight into the SEC’s 2017 priorities for private funds. While the tenor of this year’s discussion seemed to focus more on...more

Investment Funds Update: Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

Enforcement of the 2016 Financial Information Published by Issuers Subject to the Transparency Law - In accordance with the Luxembourg law of 11 January 2008 on transparency requirements for issuers, the CSSF monitors...more

"Inside the Courts: An Update from Skadden Securities Litigators - February 2017 / Volume 9 / Issue 1"

We are pleased to present Inside the Courts (Volume 9, Issue 1), Skadden’s securities litigation newsletter. This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between...more

"Key Takeaways: Corporate Governance Series — Key SEC Financial Reporting, Accounting and Enforcement Matters"

On February 2, 2017, Skadden hosted a webinar titled “Key SEC Financial Reporting, Accounting and Enforcement Matters,” the third installment of our four-part Corporate Governance Series focused on trends in corporate...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

ISO 37001: Let’s Talk Specifics

by NAVEX Global on

Some, though certainly not all, of the dust has settled since ISO 37001 published last fall. As compliance professionals grapple with the new standard, we thought it would be interesting to use the power of social media to...more

Blog: Audit Committee Oversight Of The New Revenue Recognition Standard: Center For Audit Quality Comes To The Rescue

by Cooley LLP on

As discussed in this PubCo post, the SEC’s Office of the Chief Accountant has continued to beat the drums to encourage companies and their audit committees to hunker down and address the impending effectiveness in 2018 of the...more

Auditor Liability: The Case against PwC

by Robins Kaplan LLP on

At least as far back as the Enron scandal and subsequent enactment of Sarbanes-Oxley, accountants and auditors have been viewed as uniquely positioned to serve a crucial watchdog role. Among their many functions, they...more

Chris Lazarini Provides Insight on Standards Applied to Pro Se Litigants

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini provided insight on a case revealing that while less stringent standards are often applied to pro se litigants, courts still should require them to adhere to the procedural rules....more

SEC Charges Audit Firms With Unprofessional Conduct

by Dorsey & Whitney LLP on

When Congress created the PCAOB many commentators thought that actions against accounting firms and their professionals would be handled by the Board rather than the SEC. While the Board does conduct investigations and bring...more

Mortgage Lender Agrees to $28 Million Fine by NYDFS

by Goodwin on

On November 9, 2016, the New York Department of Financial Services (NYDFS) announced it entered into a consent order with a New Jersey-based mortgage company and its subsidiary. The order stems from multiple...more

Enforcement at the Gates: SEC Action against Big Four Firm and New International Standards Highlight the Role of Accountants as...

In late September 2016, Andrew Ceresney, Director of Enforcement of the Securities and Exchange Commission (“SEC”), signaled the SEC’s renewed focus on the key role played by audit committee members and external auditors as...more

SEC Brings Two Proceedings Naming Auditors

by Dorsey & Whitney LLP on

The Commission initiated two proceedings involving auditors who improperly and repeatedly signed off on unqualified audit opinions. One action involved audits for a municipality and settled. In the Matter of Domenick F....more

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