Auditors

News & Analysis as of

Chris Lazarini Provides Insight on Standards Applied to Pro Se Litigants

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

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

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

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

Federal auditors assail $359 million in Medicare costs for chiropractic care

Federal auditors have found that 80 percent of Medicare spending in a recent year on chiropractic care-some $359 million-was medically unnecessary. The federal insurance program for senior citizens should not have thrown...more

Blog: Large Companies Continue To Enhance Audit Committee Disclosures Voluntarily, But Pass On More Delicate Disclosures

With the PCAOB likely to adopt some form of enhanced disclosure requirement for the auditor’s report, and the SEC contemplating the addition of a number of disclosure mandates for audit committees, there seems to be a slow...more

Federal Whistleblower Statutes Aren’t a Cure-All

When Congress passed the Sarbanes-Oxley and Dodd-Frank Acts, it included protections for employees who blow the whistle on wrongdoing by their employers. However, those whistleblower protections don’t apply to every report of...more

Blog: Auditor independence follow-up

As discussed in this PubCo post, last week, the SEC announced settled charges against EY and individual EY auditors (and certain officers at the audit clients involved) with regard to alleged violations of the auditor...more

SEC Charges EY in First Auditor Independence Actions Based on Personal Relationships

The SEC has long stressed auditor independence. The agency has brought a series of cases over the years to reinforce the point. Two settled actions involving accounting giant Ernst & Young LLP and others are the first,...more

Blog: First SEC Enforcement Actions For Violations Of Auditor Independence Rules Resulting From Personal Relationships

In two orders made public today, the SEC announced settled charges against EY and individual EY auditors with regard to alleged violations of the auditor independence rules as a result of “close personal relationships” with...more

This Week In Securities Litigation

The Commission prevailed in a jury trial this week against the City of Miami and its budget director in an action centered on three bond offerings. Cases brought by the agency this week also included: one against a firm and...more

Blog: Study Finds Disclosure Of “Critical Audit Matters” May Reduce Legal Exposure For Auditors

When the PCAOB originally floated the idea of an expanded audit report in 2011, the proposal fueled quite a controversy. Supporters of the concept contended that the current form of the auditor’s report was just boilerplate...more

Blog: Comments On PCAOB Reproposal Of Expanded Audit Report Reflect Predictable Split

In May of this year, after five years of outreach, the PCAOB once again attempted to make the auditor’s report more relevant and informative to investors by reproposing the auditor reporting standard, The Auditor’s Report on...more

European Banking Authority Final Report on Communications under the Audit Directive

The European Banking Authority published its final report on guidelines for communication between regulators supervising credit institutions and statutory auditors and audit firms carrying out the statutory audit of credit...more

Investment Management Legal + Regulatory Update - August 2016

Regulation - Next on the SEC’s Regulatory Agenda: A Chief Valuation Officer? - First, the SEC required funds to designate a chief compliance officer. Then, the SEC proposed that funds designate a liquidity...more

Blog: Center for Audit Quality provides tool to help audit committees assess non-GAAP financial measures

The Center for Audit Quality has released a new tool, Questions on Non-GAAP Measures: A Tool for Audit Committees, to help audit committees cope with non-GAAP financial measures (NGFMs). Rather than provide a checklist, the...more

PCAOB Expands Outreach Efforts with Form AP Resources

In a further expansion of its outreach efforts, the Public Company Accounting Oversight Board has established a Form AP webpage with resources for investors, auditors, and others interested in the information to be collected...more

CAQ Issues Non-GAAP Tool for Audit Committees

As has been widely reported, in recent months the Securities and Exchange Commission has raised concerns about the use of non-GAAP measures by public reporting companies, through public speeches, revised compliance guidance...more

SEC Staff Addresses Funds’ Auditor Independence Problem

On June 20, 2016, the SEC’s Division of Investment Management provided a temporary no-action letter (the “Letter”) to a fund group (the “Fund Group”) applicable to registered investment companies (each, a “Fund”) and other...more

SEC Staff Issues No-Action Relief on Auditor Independence and the “Loan Provision”

The U.S. Securities and Exchange Commission’s Division of Investment Management (the “SEC Staff”) last night issued a no-action letter (the “Relief”) to Fidelity Management and Research Company that provides guidance to...more

Ban on 'big four' auditors clauses comes into effect

As of 17 June 2016, any term in a contract which has the effect of restricting any audited person's choice of statutory auditor to certain categories or lists of statutory auditors will have no effect. This change, as...more

PCAOB Reproposes Enhanced Auditor Reporting Standard

On May 11, the Public Company Accounting Oversight Board unanimously agreed to repropose a revised auditing standard governing the contents and form of the audit report delivered by registered public accounting firms in their...more

Corporate and Financial Weekly Digest - Volume XI, Issue 20

SEC/CORPORATE - SEC Division of Corporation Finance Issues 12 New and Revised C&DIs Regarding Non-GAAP Measures - As noted in the May 13 edition of Corporate and Financial Weekly Digest, SEC Chair Mary Joe White,...more

Blog: They’re Baaack! PCAOB Reproposes Disclosure Of “Critical Audit Matters”

Last week, after five years of outreach, the PCAOB once again attempted to make the auditor’s report more relevant and informative to investors by reproposing the auditor reporting standard, The Auditor’s Report on an Audit...more

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