PCAOB

News & Analysis as of

SEC Publishes Concept Release on Audit Committee Disclosures

On July 1, 2015, the Securities and Exchange Commission published its long-expected concept release seeking public comment on expanded disclosure requirements for audit committees. The Commission noted that, although audit...more

PCAOB Launches Audit Committee “Dialogue”

As part of its audit committee outreach efforts, the Public Company Accounting Oversight Board has established a webpage called "Audit Committee Dialogue" focusing on recurrent areas of concern identified by the PCAOB over...more

Blog: SEC To Consider Requiring Disclosure Of Audit Firm Tenure And Name Of Engagement Partner

The SEC is expected to issue its concept release on improving audit committee reports “soon” (whatever that means) according to Compliance Week, and among the topics the SEC will examine is whether those “reports should...more

Expanded Audit Committee Responsibilities–New Auditing Standard No. 18

Last October, with relatively little fanfare, new PCAOB Auditing Standard No. 18 expanded Audit Committee oversight responsibilities. (See this Doug’s Note.) AS 18, which became effective for fiscal years beginning on or...more

Securities and Governance Update

With a single statement the SEC upended the private ordering of how shareholder proposals are often dealt with in the height of proxy season. Historically, it has been well settled that companies may exclude shareholder...more

Blog: PCAOB Publishes New “Audit Committee Dialogue”

The PCAOB has announced the publication of a new paper designed to address audit committees. The paper, Audit Committee Dialogue, provides insights from inspections of public company auditors that should assist audit...more

This Week In Securities Litigation

The debate over waivers WKSI waivers and other similar provisions continued this week. The Commission granted a WKSI waiver to Deutsche Bank despite a guilty plea to criminal felony charges but only over the dissent of...more

This Week In Securities Litigation

Microcap fraud, misappropriation by investment advisers and offering fraud cases were the focus of SEC enforcement this week. The Commission filed a microcap fraud action centered on blank check companies involving ten...more

PCAOB Issues Quarterly Standard-Setting Agenda, Adopts Auditing Standard Reorganization

The Public Company Accounting Oversight Board issued its quarterly standard-setting agenda on March 31. The current agenda items, some of which have been pending for some time....more

China Update February 2015: Settlement of the SEC Action Against Chinese Auditors Regarding Production of Workpapers, and EB-5...

Settlement of the SEC Action Against Chinese Auditors Regarding Production of Workpapers - Earlier this month the US Securities and Exchange Commission (SEC) agreed to “stay” the administrative action (meaning the SEC...more

PCAOB Update: 2015 Budget and Broker-Dealer Audits

On Feb. 4, 2015, Public Company Accounting Oversight Board (PCAOB) Chairman James R. Doty provided an update on the Board’s 2015 budget at the Securities and Exchange Commission’s (SEC’s) Open Meeting in Washington, D.C. Even...more

This Week In Securities Litigation

The Commission resolved its actions against the PRC based affiliates of five major accounting firms for failure to produce audit work papers. The settlement contains a series of procedures designed to facilitate production in...more

This Week In Securities Litigation

The DOJ’s settlement with S&P for $1.4 billion, coupled with admissions of fact, made headlines this week. The settlement was joined by 19 states and the District of Columbia. The DOJ and the states will essentially split the...more

"Recent Regulatory and FASB Actions Impacting Auditors"

In one of several recent actions impacting auditors, the Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) have devoted heightened attention to related-party transactions,...more

PCAOB Alerts on Deficiencies in Broker-Deal Audits

The first five inspections of broker-dealer audit and new attestation engagements subject to PCAOB standards show deficiencies in the auditors’ application of these standards according to the PCAOB. The requirement to...more

This Week In Securities Litigation

The Commission brought two FCPA cases this week, one of which was in conjunction with the DOJ. Both centered on the payments for gifts and travel in China. In addition, the SEC filed three manipulation cases, an action...more

Investment Management Update

In This Issue: - SEC Announces First-of-Its-Kind Whistleblower Award To an Audit and Compliance Professional - SEC Issues No-Action Letter To Allow for Amendment of a Sub-Advisory Agreement without Shareholder...more

SEC and PCAOB Combine Their Focusses on Broker-Dealer Audits and Independence in Settlements with Fifteen Audit Firms

On December 8, 2014, the Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB) announced settlements with fifteen audit firms for violating independence rules applicable to auditors of...more

SEC Sanctions 8 Auditors in “Broken Gate” Enforcement Sweep

The SEC this week issued cease-and-desist orders against eight auditors, fining them $140,000 collectively, for violating auditor independence rules by preparing the very broker-dealer financials they were to audit....more

Legal Alert: SEC and PCAOB Address Independence Requirements in Audits Related to Broker-Dealers’ Financial Statements

Confirming that auditor independence continues to be a regulatory priority, the Securities and Exchange Commission (SEC or Commission) and the Public Company Accounting Oversight Board (PCAOB) issued orders on December 8,...more

SEC and PCAOB Collar 15 For Independence Violations in Audits of Broker-Dealers

The SEC and PCAOB collectively charged 15 audit firms for violating independence requirements in connection with audits of broker dealers. Under SEC independence rules, which apply to audits of broker-dealers whether or not...more

SEC Plans Concept Release on Audit Committee Disclosures

The Securities and Exchange Commission plans to issue a concept release in early 2015 addressing possible changes in the audit committee disclosures in proxy statements. SEC Chair Mary Jo White disclosed this plan at the...more

SEC Issues Guidance to BDCs Regarding Consolidated Financials

On October 31, 2014, the Securities and Exchange Commission, through the Chief Accountant's Office of its Investment Management Division, issued a Guidance Update regarding whether wholly owned subsidiaries should be...more

Blog: Four Questions Audit Committees Should Ask Their Audit Firms

Audit Committee members may be interested in this release issued by the PCAOB in August 2012 designed “to assist audit committees in (1) understanding the PCAOB’s inspections of their audit firms and (2) gathering useful...more

Governance Responses to the PCAOB’s New Related Party Rule

Last week the SEC approved new PCAOB rules regarding: - Company relationships and transactions with related parties, - “Significant unusual transactions”, and - Company relationships and transactions with its...more

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