Auditors

News & Analysis as of

CFTC Staff Provides Guidance on Auditor Independence Requirements Under FCM Customer Protection Rules

The CFTC’s Division of Swap Dealer and Intermediary Oversight (the “Division”) issued an interpretive letter regarding the auditor independence standards included in CFTC Regulation 1.16, specifically as it applies to...more

The Registrar is Changing the Game for Complaints Against Arizona Contractors

Sweeping changes at the Registrar of Contractors have the construction and real estate industries concerned and curious. The Registrar recently received some poor performance reports by the Auditor General and State...more

CFTC Issues Interpretation Regarding Auditor Independence Standards

On March 28, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight issued an interpretive statement regarding the auditor independence standards applicable to futures commission...more

Corporate and Financial Weekly Digest - Volume IX, Issue 14

In this issue: - SEC Requests Comment on FINRA Rules - CFTC Issues Interpretation Regarding Auditor Independence Standards - OTC Derivatives Regulators Group Issues Report to G20 - NFA...more

Auditors’ Liability to Third Parties: An emerging defence – Part I

Interesting policy issues arise when auditors of corporations whose management has fraudulently misrepresented the company’s financial statements find themselves defending claims brought on behalf of the corporation by...more

Once You Start Bribing – I Guess It Is Hard To Stop

News came out last week that chiropractor Stephen Jacobs of Lowell, MA is in hot water with the feds. Dr. Jacobs allegedly paid an IRS auditor $5,000 in cash to ignore two deductions he improperly took on this 2011 income...more

Auditors’ Liability to Third Parties: Massive Liability May Not Be Indeterminate

Paradoxically, the application of the Hercules Managements duty of care test in cases like Widdrington (Estate of) v. Wightman, 2011 QCCS 1788, affirmed QCCA 1184 (“Castor Holdings”) may actually work to expand, rather than...more

SEC, KPMG and Auditor Independence

The Commission, as part of its retooled enforcement program, is, in part, focusing on gatekeepers such as attorneys and accounts in an effort to achieve omnipresence. This has resulted in a number of proceedings against...more

"SEC Judge Issues Initial Decision Regarding Chinese Affiliates of the Big Four Accounting Firms"

On January 22, 2014, U.S. Securities and Exchange Commission Administrative Law Judge Cameron Elliot (the ALJ) issued an initial decision censuring the Chinese accounting firms affiliated with Ernst & Young LLP, KPMG LLP...more

Enhanced Auditor’s Report – Latest Developments

You may recall that last August the PCAOB proposed a new standard designed to enhance the independent auditor’s report. •the communication of “critical audit matters” as determined by the auditor, •enhanced...more

Auditors’ Liability to Third Parties: Small closely-held corporations

In Waxman v. Waxman (2004), 186 OAC 201, the Ontario Court of Appeal considered whether the Hercules Managements analysis is applicable in a case brought by a shareholder of a small, closely- held corporation where concerns...more

Inside The Courts - December 2013 | Volume 5 | Issue 4

In This Issue: *U.S. SUPREME COURT: - Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317 (U.S. Nov. 15, 2013) Lawson v. FMR LLC, No. 12-3 (U.S. Nov. 12, 2013) - Chadbourne & Parke LLP v. Troice, No....more

Corporate Review - November 2013: Proposed Changes to Auditor Oversight Rules Will Alter Information Provided to Audit Committees...

The Canadian Securities Administrators (CSA) has proposed revisions to National Instrument 52-108, Auditor Oversight, to alter the level of disclosure that audit firms are required to make to securities regulators and the...more

Auditors’ Liability to Third Parties: An Overview

Historically, the doctrine of privity of contract prevented third parties from claiming against auditors for negligently prepared audited reports. The landscape changed with the recognition of the tort of negligent...more

Inside The Courts - August 2013 | Volume 5 | Issue 3

In This Issue: - AUDITOR LIABILITY: Sec. & Exch. Comm’n v. Deloitte Touche Tohmatsu CPA Ltd., No. 11-mc-512 (D.D.C. Apr. 22, 2013) - CONFIDENTIAL WITNESSES: Fort Worth Emps. Ret. Fund v. J.P. Morgan Chase & Co.,...more

PCAOB Proposes Significant Changes To Auditor’s Report And Responsibilities For Annual Reports Filed With The SEC

As a result of ongoing efforts to improve the informational value of the auditor’s reporting model, on August 13, 2013, the Public Company Accounting Oversight Board (PCAOB) proposed two new auditing standards for public...more

Know When to Say When in Response to Auditors’ Requests for Information

Christopher Barnett, Scott & Scott, LLP attorney, says companies need to know when to say: “Enough!” In almost every enterprise-level audit, there comes a point where an auditor’s demands cross the fine line separating...more

Competition Commission stops short of requiring Mandatory Rotation of Auditors

As part of its ongoing investigation into the UK audit services market, the Competition Commission ("CC") has provisionally decided on a package of remedies that will require FTSE 350 companies to put auditing contracts out...more

In The SDNY, Hindsight Is No Substitute For Red Flags When Alleging Scienter

On April 8, 2013, Judge Shira A. Scheindlin of the Southern District of New York granted auditor Deloitte Touche Tohmatsu CPA’s (“DTTC”) motion to dismiss a shareholder class action, finding that plaintiffs failed to...more

Defending SPLA Audits: Critical First Steps

Robert J. Scott, Managing Partner of Scott & Scott, LLP, suggests that there are a couple of critical steps you should take upon receipt of a SPLA audit notice before providing Microsoft's auditors with information....more

Listing Of Chinese Companies On The Toronto Stock Exchange Or TSX Venture Exchange

Originally published in Canada China Business Forum, Fall-Winter 2012: THE TORONTO STOCK EXCHANGE (TSX) AND THE TSX Venture Exchange (TSX-V), which are part of the TMX Group in Canada , are receptive to new successful ...more

Indemnification Claims Under the CCAA A - Caution for Underwriters, Auditors, Directors and Others

Indemnification clauses are often considered a critical component of risk mitigation strategies in legal relationships. However, as is well understood, the value of an indemnification clause, in the event it becomes...more

Inside The Courts - December 2012

This issue of Inside the Courts, Skadden's securities litigation newsletter, includes summaries and associated court opinions of selected noteworthy cases principally decided from July to November 2012. This edition addresses...more

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