News & Analysis as of

PCAOB Urges Audit Committee Scrutiny of Revenue Recognition

The PCAOB recently issued Staff Audit Practice Alert No. 12, which outlines significant audit deficiencies relating to revenue that PCAOB inspections have identified. ...more

Whether 1992 Or 2013 Version Of COSO Framework — Disclose In Management’s And Auditor’s Internal Control Reports

Last week, I posted a piece regarding the “squishy” deadline (to borrow the term of art coined by the COSO Chair) for implementation of the new 2013 COSO internal control framework. As you may recall, the original 1992 COSO...more

This Week In Securities Litigation

The Commission prevailed on summary judgment in an action against a broker which alleged he misappropriated client funds. The agency also filed actions centered on: an audit failure; the EB-5 immigration program; undisclosed...more

SEC Awards $300,000 to an Audit & Compliance Professional for Whistleblowing: Key Implications & Lessons Learned

Last week, the SEC announced its first whistleblower award to an audit and compliance professional. The $300,000 award announcement noted that the recipient had “reported concerns to appropriate personnel within the company,...more

SEC Gives $300,000 Whistleblower Award to Audit and Compliance Employee

Last week the SEC announced that, for the first time, it had made a whistleblower award to an employee who performs audit and compliance functions at a company. As the SEC noted in its order in the case, although its...more

The Financial Report - Volume 3, No. 16 • August 21, 2014 (Global)

Discussion and Analysis - Recently, we’ve been thinking a lot about crowds. Most sources define the term “crowds” as a large group of people gathered closely together or with something in common. The Merriam-Webster...more

SEC Charges Corporate Officers with Fraud Arising from Failure to Disclose Internal Controls Issues and Alleged Misrepresentations...

On July 30, 2014, the Securities and Exchange Commission (“SEC”) advanced a novel theory of fraud against the former CEO (Marc Sherman) and CFO (Edward Cummings) of Quality Services Group, Inc. (“QSGI”), a Florida-based...more

SEC Gives Itself the Home Court Advantage in an Accounting Fraud / Internal Controls Action Against a Corporate CEO

An otherwise mundane SEC announcement on July 30, 2014 of an enforcement action charging a public company CEO and CFO with accounting fraud and internal controls violations is significant because the SEC is proceeding against...more

The Financial Report - Volume 3, No. 14 • July 24, 2014 (Global)

Discussion and Analysis - Monday of this week was the fourth anniversary of the signing of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Like all anniversaries, it is a time for looking back. As would...more

EY Sanctioned For Acting As An Advocate For Audit Clients

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

Governance & Securities Law Focus: Latin America Edition

In this issue: - US DEVELOPMENTS - SEC Developments - PCAOB Adopts Auditing Standard and Amendments - Noteworthy US Securities Law Litigation - Recent SEC/DOJ Enforcement Matters...more

Governance & Securities Law Focus: Asia Edition

In this issue: - ASIAN DEVELOPMENTS - HKEx Publishes Revised Connected Transaction Rules - US DEVELOPMENTS - SEC Developments - PCAOB Adopts Auditing Standard and Amendments -...more

PCAOB Issues Guidance to Auditors of Broker-Dealers

On June 24, 2014, the Public Company Accounting Oversight Board (PCAOB) released staff guidance to help auditors of brokers and dealers registered with the Securities and Exchange Commission (SEC) plan and perform audits in...more

Corporate and Financial Weekly Digest - Volume IX, Issue 27

In this issue: - SEC Publishes Guidance for Investment Advisers and Proxy Advisory Firms Regarding Proxy Voting and Solicitation - SEC Division of Corporation Finance Issues C&DIs Relating to Accredited Investor...more

This Week In Securities Litigation (Week ending July 11, 2014)

The unblemished record of the Manhattan U.S. Attorney’s Office in insider trading cases came to an end this week with the acquittal of Rengan Rajaratnam, brother of the convicted Galleon Fund founder. This is the first loss...more

This Week In Securities Litigation (Week ending July 3, 2014)

In a holiday shortened week, dark pools were again a focus for regulators. This week FINRA sanctioned Goldman Sachs in connection with the operation of its dark pool....more

SEC Issues Guidance on Application of Custody Rules to Special Purpose Vehicles and Escrows

The Division of Investment Management of the Securities and Exchange Commission (the SEC) recently released an IM Guidance Update with respect to the custody rule, Rule 206(4)-2 (the Custody Rule) under the Investment...more

SEC Chair White Discusses Directors’ Responsibilities

In a recent speech at the Stanford Directors’ College, SEC Chair Mary Jo White discussed several “things that directors should know about the SEC.” Her speech focused on directors as gatekeepers, self-reporting of wrongdoing,...more

SEC Signals Increased Attention to Cybersecurity Preparedness

As part of its increased attention to cybersecurity preparedness, the U.S. Securities and Exchange Commission's Office of Compliance Inspections and Examination (OCIE) recently announced it will perform cybersecurity...more

Public Company Boards and Management will be Affected by PCAOB’s New and Amended Auditing Standards Regarding Related Party...

The PCAOB’s new and amended auditing standards, adopted on June 10 and subject to SEC approval, require that auditors, among other things, discuss related party transactions and executive officers’ financial arrangements with...more

Expanding Liability for Audit Committee Members

When one considers the corporate bureaucracy designed to ensure good corporate citizenship, the audit committee stands out. No committee of the board has the broad ranging purview of the audit committee, and those powers and...more

For Wall Street Fraudsters, Business As Usual

John F. Kennedy once quoted Dante: “The hottest places in hell are reserved for those who, in times of great moral crisis, maintain their neutrality.” Unfortunately, on Wall Street, maintaining neutrality — or feigned...more

SEC Polices Cybersecurity on Wall Street

As U.S. Securities and Exchange Commission (SEC) Chairwoman Mary Jo White recently emphasized at a Cybersecurity Roundtable sponsored by the Commission, the rise of cybersecurity threats poses an increasing risk to companies,...more

SEC Wins Asset Freeze Over Funds

Hedge funds are a continuing focus for the SEC. This week the Commission filed an action against two fund managers and an adviser alleging that they fabricated performance reports furnished to investors. The Court granted a...more

Broker-Dealers and Investment Advisers Now Targeted by Both Cyber Intruders and SEC Cybersecurity Examiners

Cybersecurity has increasingly become a critical issue for all types of businesses, few more so than broker-dealers, investment advisers and others in the financial sector. The cyber threat is much broader than customer data...more

96 Results
|
View per page
Page: of 4