News & Analysis as of

PCAOB

SEC Chief Accountant Offers Guidance to Audit Committees

by WilmerHale on

SEC Chief Accountant Wesley Bricker recently delivered another speech in which he discussed current issues in financial reporting and highlighted the critical roles that auditors, audit committees and audit regulation play in...more

PCAOB Provides Advice to Audit Committees on New Disclosures About Audit Participants

by WilmerHale on

Lewis Ferguson, a member of the Public Company Accounting Oversight Board, recently provided guidance to audit committees on how committees might use new, publicly available information regarding other accounting firm(s) that...more

Capital Markets & Public Companies Quarterly: The Kokesh Decision’s Impact on SEC Enforcement

by McDermott Will & Emery on

The US Supreme Court’s decision in Kokesh v. Securities and Exchange Commission could have long-lasting implications for the SEC’s enforcement power. We discuss that decision and other developments from the second quarter of...more

Blog: Form What? CAQ Offers Help For Audit Committees In Understanding And Using Form AP

by Cooley LLP on

Remember Form AP? That’s the form that the PCAOB is now requiring audit firms to use to name individual audit engagement partners. The form will also disclose the names and Firm IDs, locations and extent of participation of...more

News Round Up - June 2017

by Morrison & Foerster LLP on

More on the IPO Market from the SEC Investor Advisory Committee - The SEC Investor Advisory Committee devoted its June 22, 2017, session to a discussion of the decline in the number of U.S. IPOs. Chair Clayton addressed...more

CAQ Provides Guidance for Audit Committees About Audit Participant Reporting

by WilmerHale on

In December 2015, the Public Company Accounting Oversight Board (PCAOB) adopted a rule requiring audit firms to file information on Form AP for each public company audit report. The disclosures include the name of the...more

Securities and Governance Update – June 2017

by BakerHostetler on

As part of BakerHostetler’s commitment to serve as a strategic business partner, we are pleased to publish this resource, which is designed to keep executives, corporate counsel and governance professionals apprised of...more

What Lawyers Should Know About the New Auditor’s Report Revisions

After more than six years of deliberations, it looks like the revised auditor’s report is about to become reality. On June 1, the PCAOB adopted a new auditing standard that substantially modifies the long-familiar content of...more

SEC Chief Accountant Gives Speech on Credible Financial Reporting in the Capital Markets

On June 8, 2017, SEC Chief Accountant Wesley Bricker gave a speech titled “Advancing the Role of Credible Financial Reporting in the Capital Markets” at the 36th Annual SEC and Financial Reporting Institute Conference. Mr....more

The PCAOB, Audits, and Compliance - Considerations for the Chief Compliance Officer

by Thomas Fox on

I recently had the chance to visit with Joe Howell, the Executive Vice President of Workiva LLC, to discuss, among other things, the function of the Public Companies Accounting Oversight Board (PCAOB) and what role it might...more

PCAOB Adoption of Enhanced Auditor’s Reporting Model

by Morrison & Foerster LLP on

On June 1, 2017, the Public Accounting Oversight Board (PCAOB) adopted Auditing Standard No. 3101, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion, which the PCAOB...more

PCAOB's New Auditor Report Standard for US Public Companies: Increasing Transparency or Chilling Productive Discussion?

by Dechert LLP on

The Public Company Accounting Oversight Board (PCAOB) adopted a new auditor reporting standard on June 1, 2017. If approved by the U.S. Securities and Exchange Commission (SEC), the new standard would impose additional...more

Accounting Oversight Board Adopts New Model for Auditor Reports

On June 1, 2017, the Public Company Accounting Oversight Board (PCAOB) adopted changes to its rules governing the content and organization of auditor reports required to accompany audited financial statements in filings made...more

PCAOB Adopts New Standard for Auditor’s Reports

On June 1, 2017, the Public Company Accounting Oversight Board (PCAOB) adopted a new standard for auditor’s reports that requires a description of “critical audit matters,” for purposes of providing investors with information...more

PCAOB Adopts Enhanced Auditor Reporting Standard

by WilmerHale on

On June 1, the Public Company Accounting Oversight Board unanimously adopted a revised auditing standard governing the contents and form of the audit report delivered by registered public accounting firms as part of their...more

Blog: The Cams Are Coming: PCAOB Adopts New Standard To Enhance Audit Reports

by Cooley LLP on

On June 1, 2017, as anticipated, the PCAOB adopted, subject to SEC approval, a new auditing standard for the auditor’s report that, while retaining the usual pass/fail opinion, will require auditors to include a discussion of...more

Auditor Reports to Require Additional Information

by Sullivan & Worcester on

The Public Company Accounting Oversight Board has approved a new standard (though still subject to SEC approval) designed to enhance the relevance and usefulness of the Auditor's Report with additional information for...more

PCAOB Approves Expanded Auditor’s Report to Require Communication of Critical Audit Matters

The Public Company Accounting Oversight Board adopted a new auditor reporting standard that will require more information about the audit. The new standard is subject to SEC approval....more

PCAOB White Paper on Emerging Growth Companies

In March 2017, the Public Company Accounting Oversight Board, or PCAOB, released a white paper detailing certain characteristics and trends of emerging growth companies, or EGCs, based on its review of available data through...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Accounting giant KPMG has terminated six employees—including the head of its US audit practice—after learning that they were given “improper warnings” ahead of planned audit inspections by the Public Company Accounting...more

Senators Again Seek to Open PCAOB Disciplinary Proceedings

by WilmerHale on

Senators Charles Grassley (R-Iowa) and Jack Reed (D-Rhode Island) have re-introduced their proposal to open to the public disciplinary proceedings by the Public Company Accounting Oversight Board against accountants. Under...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

NERA issued a report this week on Canadian class actions. Although the number of those actions filed last year increased compared to the year before, over the last several years the number of securities class actions filed in...more

Important Reminders for the 2017 Proxy Season

The following are some important reminders and updates for the 2017 proxy season. Say-When-on-Pay - Required Vote in 2017 - The Securities and Exchange Commission (SEC) requires companies to conduct a...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

Blog: It Didn’t Take Long — House Passes Bills To “Regulate” The Regulators

by Cooley LLP on

Welcome to the future! On Wednesday, the House Republicans (with five Democratic votes) passed H.R. 5, the Regulatory Accountability Act of 2017, a bill that would change the way federal agencies issue regulations and...more

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