News & Analysis as of

To Whom Does “Related Parties” Refer In A.S. No. 18?

In June of last year, the Public Company Accounting Oversight Board adopted Auditing Standard No. 18 which “establishes requirements regarding the auditor’s evaluation of a company’s identification of, accounting for, and...more

The PCAOB’s Enhanced Auditor Performance Standards–Be Sure You’re Ready

A little over a year ago the PCAOB issued new Auditing Standard No. 18, which enhanced auditor performance standards in three significant areas of a company’s audit: - Company relationships and transactions with related...more

Blog: Another Study Shows Increase In Enhanced Disclosures Regarding The Audit Committee

The Center for Audit Quality and Audit Analytics have jointly released their second-year analysis, Audit Committee Transparency Barometer. The analysis, which studied proxy statements of companies in the S&P Composite 1500,...more

Blog: AS 18 Creates A New Buzz About Related-Party Transactions For The Audit Of 2015

As discussed in this PubCo post, last year the PCAOB adopted Auditing Standard No. 18, Related Parties, addressing related-party transactions, significant unusual transactions and transactions with executive officers. (See...more

This Week In Securities Litigation

The SEC prevailed on two summary judgment motions. One centered on a manipulation action. The other was against an attorney who facilitated a prime bank fraud. The Commission also filed: An action against UBS tied to its...more

PCAOB Announces First Settled Order with Admissions

Last week, the Public Company Accounting Oversight Board (PCAOB) joined the list of regulators who will, in certain circumstances, seek admissions of liability from audit firms and individuals in settlements. Although the...more

This Week In Securities Litigation

The PCAOB filed a settled action involving an auditing firm in which the consent order of settlement was based on admissions of facts. The approach is similar to the one adopted by the SEC in which the Commission requires...more

SEC Holds Its Admin Forum Isn’t Unconstitutional (!)

The SEC recently – and predictably – rejected a Respondents’ arguments challenging the constitutionality of the agency’s administrative forum. The September 17 Timbervest decision was the first of the constitutional...more

This Week In Securities Litigation

September 30th Madness dominated this week. The drive for stats was evident as the Commission stacked up cases like cord wood at a pace seldom seen. Twenty-two municipal bond actions were filed in one swoop; an insider...more

This Week In Securities Litigation

The Commission responded to critics of its administrative proceedings this week, proposing changes to the Rules of Practice which govern them. If adopted the new rules would modify the time period within which the actions...more

SEC Again Rejects Constitutional Challenges to Administrative Enforcement Proceedings

The Securities and Exchange Commission again rejected constitutional challenges to the use of administrative enforcement proceedings presided over by Administrative Law Judges (“ALJs”). The Commission’s September 17, 2015...more

Blog: Big Companies Voluntarily Enhance Audit Committee Disclosures

While the SEC and PCAOB ponder what to do with auditor and audit committee reports, an increasing number of large companies have begun to include more audit committee disclosures on a voluntary basis, according to an analysis...more

This Week In Securities Litigation

In a burst of post-Labor Day energy, the SEC filed a number of significant actions. Those include a series of actions arising out of the audit failure by BDO; actions centered on a financial fraud at an on-line lender; cases...more

Blog: Study Of Enhanced Audit And Audit Committee Reports In UK Shows Positive Audit Impact

This study reported in Compliance Week may put some wind in the sails of those seeking to enhance the nature of the disclosures in standard audit reports and audit committee reports in the US. The study showed that, in the...more

This Week In Securities Litigation (Week ending August 21, 2015)

The Commission filed a settled FCPA action this week centered on hiring relatives of foreign officials tied to a sovereign wealth fund. In addition, the agency filed two actions involving Citigroup – one based on the market...more

New SEC And PCAOB Proposals Related To Audit Committee Disclosure And Audit Quality

OVERVIEW - On July 1, 2015, the US Securities and Exchange Commission (SEC) issued a concept release relating to its audit committee reporting requirements. This release references two Public Company Accounting Oversight...more

This Week In Securities Litigation

The SEC filed three actions following-up on its settled proceeding against Oppenheimer for selling millions of shares of unregistered penny stocks. Each individual settled with the agency. In addition, the Commission brought...more

Blog: Does Auditor Rotation Impair Professional Skepticism?

CFO.com is reporting on a study published in a leading accounting journal The Accounting Review (payment required) that reaches the counter-intuitive conclusion that auditor rotation actually impairs professional skepticism....more

Broker-Dealer Audits: PCAOB Disciplinary Orders and Extraordinary Cooperation Credit

Despite a decreased budget in 2015, Public Company Accounting Oversight Board (PCAOB) Chairman James R. Doty believed there would be enough resources to continue with the PCAOB’s strategic plan to serve as the oversight body...more

PCAOB Requests Supplemental Comment on Rules to Require Disclosure of Engagement Partners and Audit Participants

At an open meeting on June 30, 2015, the Public Company Accounting Oversight Board unanimously voted to publish a supplemental request for comment on potential rules to require the disclosure of certain audit participants on...more

SEC Seeks Comment on Possible Enhancement of Audit Committee Disclosures

On July 1, the Securities and Exchange Commission published a concept release to seek public comment regarding the potential enhancement of audit committee disclosure requirements, particularly as such disclosure relates to...more

The SEC Considers Updating Audit Committee Disclosures

The SEC recently published a concept release seeking comment on the need for new audit committee disclosures. This follows on the heels of recent PCAOB pronouncements and proposals regarding audit engagement partner...more

SEC Issues Concept Release Requesting Input on Potential Audit Committee Disclosure Requirements

At an open meeting held on July 1, 2015, the Securities and Exchange Commission (SEC) issued a concept release seeking input on whether it should adopt rules requiring additional disclosures for audit committees, with a focus...more

"SEC Considers Possible Revisions to Audit Committee Disclosures"

On July 1, 2015, the U.S. Securities and Exchange Commission (SEC) issued a concept release soliciting public comment on possible revisions to its existing disclosure requirements related to audit committees. The release...more

Chamber of Commerce Airs Grievances Related To Internal Controls Inspections

In recent months, issues related to internal control systems and reporting have taken on an increased profile and significance. For example, as previously noted by the authors here and here, the SEC has sought to prioritize...more

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