PCAOB

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Corporate and Financial Weekly Digest - Volume XI, Issue 20

SEC/CORPORATE - SEC Division of Corporation Finance Issues 12 New and Revised C&DIs Regarding Non-GAAP Measures - As noted in the May 13 edition of Corporate and Financial Weekly Digest, SEC Chair Mary Joe White,...more

SEC Waives Custody Rule Requirements for Certain Affiliated Sub-Advisers

Under the SEC Rule 206(4)-2, the “custody rule,” registered investment advisers with custody of client funds or securities are required to take a number of steps designed to safeguard those client assets. One such step is...more

Joe Howell on the PCAOB, Audits and Compliance – Part IV

This week I have been exploring the Public Accounting Oversight Board (PCAOB) with Joe Howell, an Executive Vice President (EVP) with Workiva Inc. We have considered how some of the issues addressed by the PCAOB directly...more

Joe Howell on the PCAOB, Audits and Compliance – Part III

Today, I continue my exploration with Joe Howell about the Public Accounting Oversight Board (PCAOB), its scrutiny of public company auditors and how its work impacts the corporate compliance function. Yesterday, I ended with...more

SEC Approves PCAOB’s Proposed Rules on Audit Engagement Partners; PCAOB Re-Proposes Auditing Standard to Increase Transparency in...

On May 9, 2016, the Securities and Exchange Commission (the “SEC”) issued an order approving the proposal of the Public Company Accounting Oversight Board (the “PCAOB”) to adopt new rules (Rules 3210 and 3211), a new form,...more

Joe Howell on the PCAOB, Audits and Compliance – Part II

Today we have Part II of my exploration with Joe Howell about the PCAOB and how its work with public company auditors impacts anti-corruption compliance. I asked Howell about auditor rotation and what it means. Howell...more

Joe Howell on the PCAOB, Audits and Compliance – Part I

I recently had the chance to visit with Joe Howell, the Executive Vice President (EVP) of Workiva LLC. Howell has been the Chief Financial Officer (CFO) of a number of public companies, mostly in the technology space, and...more

Blog: They’re Baaack! PCAOB Reproposes Disclosure Of “Critical Audit Matters”

Last week, 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 an Audit...more

New Auditor Disclosures and Filing Requirements

As expected, the SEC last week approved rules proposed by the PCAOB last December that further the PCAOB’s ongoing efforts to enhance audit disclosure practices. The rules require auditors to file with the PCAOB a new Form...more

Corporate and Financial Weekly Digest - Volume XI, Issue 19

SEC/CORPORATE - SEC Approves PCAOB Rules Requiring Disclosure of Audit Participants - On May 9, the Securities and Exchange Commission adopted the proposed new rules and related amendments to auditing standards...more

SEC Approves PCAOB Transparency Rules

On May 9, the Securities and Exchange Commission, as expected, issued an order approving the Public Company Accounting Oversight Board’s rules requiring that accounting firms disclose in a new PCAOB form the names of audit...more

PCAOB Reproposes Revisions to Auditor’s Report to Require Disclosure about Critical Audit Matters and Auditor Tenure

On May 11, 2016, the Public Company Accounting Oversight Board (PCAOB) issued a reproposal of its auditor reporting standard. This action follows more than five years of active PCAOB consideration of whether the auditor’s...more

Blog: SEC Approves PCAOB Rule Requiring Identification Of Audit Engagement Partner On Form AP

On Monday, the SEC approved PCAOB rules requiring that, for each audit report, audit engagement partners be named on a new Form AP. The form will also disclose the names and Firm IDs, locations and extent of participation of...more

SEC Approves PCAOB Rule Requiring Audit Partners to be Identified

The SEC has approved a proposed PCAOB rule requiring identification of audit engagement partners and certain other audit participants....more

This Week In Securities Litigation

The Commission prevailed at trial this week, securing a favorable verdict after a two week jury trial. The action centered on false statements made by an executive regarding regulatory approvals for the only drug of the...more

SEC’s Division of Investment Management Issues Letter Regarding Independent Verification Required by Rule 206(4)-2 Under the...

On April 25, 2016, the Staff of the Division of Investment Management of the Securities and Exchange Commission issued a no-action letter that provides that it would not recommend enforcement action to the Commission under...more

SEC Sanctions Audit Firm, Partner Tied to Custody Rule

Custody Rule cases are rapidly becoming a staple of SEC enforcement. Rule 206(4)-2 requires registered investment advisers with custody of client funds or securities to implement certain controls to protect those assets....more

This Week In Securities Litigation

The SEC requested comment on the development of a consolidated audit trail this week, a concept long discussed. The audit trail would enable regulators to track trading activity in the U.S. markets. Enforcement initiated...more

PCAOB Evaluates Audit Firm Communications with Audit Committees

On April 5, the PCAOB issued a report regarding compliance with Auditing Standard No. 16, Communications with Audit Committees (AS No. 16), based on its inspections of issuer audits during its 2014 inspection cycle. AS No. 16...more

Blog: Taking On “Management Review Controls”

In a speech at the end of 2015 to the AICPA National Conference on Current SEC and PCAOB Developments, SEC Chair Mary Jo White emphasized that “it is hard to think of an area more important than ICFR [internal control over...more

The Financial Report - Volume 5, No. 8 - April 2016 (Global)

There are currently only three SEC Commissioners, rather than the normal five. A recent New York Times article discussed what appears to be a logjam in the approval of two apparently highly qualified nominees for the open...more

This Week In Securities Litigation

The Commission prevailed at trial in a market manipulation case. The trial followed a series of settlements and a grant of summary judgment in the Commission’s favor as to one defendant. The remaining defendant, a former NFL...more

The SEC’s Non-GAAP Drumbeat Grows Louder

Last year I wrote about the hazards of “non-GAAP disclosure creep,” which can occur as companies become increasingly aggressive with their use of non-GAAP financial measures or simply become bogged down as more and more...more

Recent SEC Enforcement Actions and Public Commentary Demonstrate the Commission’s Continued Focus on Internal Control Failures

We have previously written about how, over the past few years, the SEC and other regulatory agencies have devoted substantial resources to investigations regarding allegations that public companies have inadequate internal...more

In Case You Missed It - Interesting Items for Corporate Counsel - April 2016

Lest you think the pending U.S. Supreme Court nominee is the only nominee-casualty of partisan politics, the Wall Street Journal reports, “a revolt” by U.S. Senate Democrats to block the appointment of two Obama SEC...more

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