Conducting Corporate Internal Investigations
In August, Paytime, Inc., a payroll services company, moved to dismiss a putative class action filed in the wake of a data breach in which the personal and financial information of more than 230,000 people was compromised. ...more
In North Carolina, an accounting firm now owes a fiduciary duty to its audit client, both as a matter of law and as a matter of fact.
On November 4, 2014, a North Carolina appellate court held — for the first time —...more
The Joint Audit Committee (JAC) has announced that it will maintain its current restrictions on trading while undermargined. As background, the JAC Margins Handbook provides that if an account is undermargined for an...more
Watch an in-depth webinar discussion focused on conducting corporate internal investigations, both in the U.S. and abroad.
Bilzin Sumberg attorneys Marty Steinberg and Rafael R. Ribeiro present best practices for...more
The SEC brought a settled administrative action against an auditor on October 24th. Often I’ll take a case like this and write something about it to warn other auditors (or investment advisers or broker-dealers, or whomever)...more
The Commission brought a series of administrative proceedings this week and one civil injunctive action. The civil injunctive action was an insider trading case. The administrative proceedings centered on FCPA violations, the...more
In 2011 the AICPA’s Auditing Standards Board published Statement on Auditing Standards (SAS) No. 122, Statements on Auditing Standards: Clarification and Recodification—fondly known as the Super SAS as it was a newly codified...more
Compliance Week reports that SEC Chair Mary Jo White, speaking before the Investor Advisory Group of the PCAOB, said that the SEC plans to Issue a concept release in early 2015 “exploring possible avenues for elevating the...more
The saga of the PCAOB and its proposals to require identification of the audit engagement partner continues. Compliance Week reports, based on a newly published PCAOB standard-setting agenda, that the PCAOB is now...more
The Centers for Medicare and Medicaid Services has unleashed an alphabet of auditors to identify overpayments. These auditors are armed with the authority to conduct pre-payment reviews, and post-payment audits, as well as...more
This is the fourth part of an occasional series. The first is available here, the second here and the third here. The entire paper will be published by Securities Regulation Law Journal early next year.
On October 6 and 7, 2014, the Multistate Tax Commission (MTC) will hold an Arm’s-Length Adjustment Service (ALAS) Advisory Group Conference at the Atlanta Airport Marriott. On the first day, third-party contract auditors...more
To many, an understanding of corruption, bribery and compliance comes from the field of regulators, auditors, investigators and attorneys. Each one of these practices brings an important perspective and set of compliance...more
For the third year in a row, the Public Company Accounting Oversight Board (PCAOB) has found shortcomings in the audits of broker-dealers, a trend that could lead to firms spending more to get their books reviewed. The third...more
State income tax laws generally build on federal tax law. The typical pattern is to begin the calculation of state taxable income with federal taxable income and then to modify it by adding or subtracting items where state...more
Compliance officers need to dig into and understand a company’s internal controls. Many compliance officers tend to leave that issue to Internal Auditors – that is a big mistake....more
The application of the in pari delicto defence in the United States is subject to significant jurisdictional variability. Case law reveals at least two different approaches to the scope of the defence: (i) a narrow...more
Last week, the WSJ reported that the PCAOB expects to finalize a new rule this September that would require audit firms to disclose the name of the engagement partner for each audit. The purpose of the rule, according to its...more
A brief ruling issued this week by U.S. District Court Judge James C. Mahan makes it clear that an auditor isn’t always liable even when a subsequent auditor uncovers fraud. In Oaktree Capital Mgmt., L.P. v. KPMG, 2014 U.S....more
While the number of class or collective action lawsuits has exploded, decisions from Circuit Courts of Appeal, particularly on procedural issues, are still infrequent enough to warrant comment. In Pippins v. KPMG, Case No....more
On Tuesday, the Pennsylvania Auditor General’s Office released a report criticizing the Department of Environmental Protection (DEP) for failing to adequately track and respond to public complaints concerning water quality...more
Auditor independence is critical. The opinion issued by the audit firm regarding the financial statements of an audit client represents in part that the firm is independent. That judgment is based on an assessment of all the...more
The Commission filed another proceeding against an audit firm and its partners arising out of the audit of a PRC issuer. Unlike earlier actions involving audit firms for Chinese issuers, in this case the difficulties did not...more
The Office of the Chief Auditor of the PCAOB issued an updated standard-setting agenda, providing the expected timing and key milestones for various PCAOB rulemaking projects. Some of the highlights from the agenda, which was...more
In This Issue:
- SBA Ups Size Standards, Allowing 8,400 Firms to Become Small Biz
- Auditors Want to Limit Reporting of 'Critical Audit Matters'
- House Approves Permanent Extension of Small Business Tax...more
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