News & Analysis as of

Auditors

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

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

by Cooley LLP on

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

by Zuckerman Spaeder LLP on

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

by Cooley LLP on

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

by Dorsey & Whitney LLP on

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

by Cooley LLP on

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

by Dorsey & Whitney LLP on

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

by Cooley LLP on

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

by Cooley LLP on

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

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