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Selected Reminders for Companies Ahead of First Quarter Reporting

Global events over the past quarter have had and continue to have a variety of disparate impacts on public companies. Below are some selected disclosure reminders to keep in mind for the upcoming quarterly reporting season,...more

PCAOB Releases Summary of 2023 Conversations with Audit Committee Chairs

One of the stated goals of the Public Company Accounting Oversight Board (PCAOB) is to preserve external audit quality. To further this priority, the PCAOB regularly invites public company audit committee chairs to have...more

Recent PCAOB Developments for Audit Committee and Companies

The Public Company Accounting Oversight Board (PCAOB) has had one of its busiest years in recent memory, including with respect to standard setting, inspections and enforcement. Below is a summary of notable developments that...more

PCAOB Releases New Audit Committee Resource for 2023

The PCAOB recently released a new Audit Committee Resource, which sets forth an updated set of questions that audit committee members may want to consider incorporating into their ongoing engagement with auditors....more

SEC Acting Chief Accountant Comments on “The Auditor’s Responsibility for Fraud Detection”

Continuing his recent efforts at clarifying the views of the Office of the Chief Accountant (“OCA”) on various topics, in an October 11, 2022 statement Acting Chief Accountant Paul Munter emphasized the SEC’s focus on auditor...more

PCAOB Releases New Audit Committee Resource

The PCAOB recently released a new Audit Committee Resource, which sets forth questions that audit committee members may want to consider incorporating into their ongoing engagement with auditors. The categories of questions...more

SEC OCA Waves Big Red Flag About “Little R” Restatements

SEC Acting Chief Accountant Paul Munter released a statement last week, Assessing Materiality: Focusing on the Reasonable Investor When Evaluating Errors (the “Statement”), that is sure to become required reading for any...more

Reflections on the End of a Turbulent Year and Selected Considerations for 2021

With 2021 now upon us, companies, auditors and audit committees are gearing up for another annual reporting season, coming off of one of the more turbulent years in recent history, which included a significant number of...more

PCAOB Shares Insights on Its Conversations With Audit Committee Chairs

Last week, the Public Company Accounting Oversight Board shared additional insights regarding its latest conversations with audit committee chairs – Conversations with Audit Committee Chairs: COVID-19 and the Audit (the...more

AICPA Releases New COVID-19 Checklist of “Essential Considerations” for Audit Committees

The Association of International Certified Professional Accountants (AICPA) has released an Audit Committee Checklist for COVID-19 that provides questions  for audit committee members to consider as they perform their...more

SEC Shares Best Practices With Audit Committees

The Securities and Exchange Commission recently released a Statement highlighting eight areas that audit committees should focus on this reporting season. Penned by SEC Chairman Jay Clayton, Division of Corporation Finance...more

PCAOB Offers Insights from Conversations with Audit Committee Chairs

In support of its commitment to increased transparency, the Public Company Accounting Oversight Board recently released Conversations with Audit Committee Chairs: What We Heard & FAQs (the “Summary”), a summary of...more

Sixth-Annual CAQ Audit Committee Transparency Barometer Shows Mixed Trends in Voluntary, Enhanced Audit Committee Disclosures

Earlier this month, the Center for Audit Quality (CAQ) and Audit Analytics released their sixth-annual Audit Committee Transparency Barometer report.  Similar to prior years, the groups acknowledge “progress on the...more

PCAOB Continues to Expand CAMs Resources

Earlier this month, the Public Company Accounting Oversight Board released additional resources regarding its new Critical Audit Matters (CAMs) disclosure requirement, with the latest resources targeted to audit committees...more

PCAOB Offers Guidance on Communications to Audit Committees Related to Independence

In response to audit firm requests for guidance and a number of deficiencies identified during the Public Company Accounting Oversight Board’s audit firm inspections process, the PCAOB has recently released new Staff Guidance...more

PCAOB Releases Preview of 2018 Inspection Observations

The Public Company Accounting Oversight Board’s Division of Registration and Inspections has recently released a Staff Preview of 2018 Inspection Observations (Preview), based on the PCAOB staff’s inspection of over 160 audit...more

CAQ Expands CECL and ICFR Resources

Last week, the Center for Audit Quality released two new resources—an updated Guide to Internal Control over Financial Reporting (ICFR Guide) and a new Tool for Audit Committees: Preparing for the New Credit Losses Standard...more

Regulators Address the 2019 Baruch College Financial Reporting Conference

Always a fertile source of regulatory perspective, this year’s Baruch College Financial Reporting Conference featured a future-oriented theme in remarks by Chief Accountant of the Securities and Exchange Commission Wesley...more

CAQ Expands Library of Resources for Audit Committees

Earlier this month, the Center for Audit Quality (CAQ) further expanded its resource library for audit committees by refreshing its External Auditor Assessment Tool. Consistent with the prior version, which was updated in...more

PCAOB Expands CAMs Guidance

Last week, the Public Company Accounting Oversight Board published new staff guidance to support implementation of the impending critical audit matters (CAMs) disclosure requirements, which first become effective later this...more

PCAOB Issues 2019 Staff Inspections Outlook for Audit Committees

On March 14, 2019, the Public Company Accounting Oversight Board issued its 2019 Staff Inspections Outlook for Audit Committees (the “Committee Outlook”), which offers a concise outline of what audit committees should expect...more

New Accounting Standards and ICFR at the Forefront of 2018 AICPA Conference

Capping off a busy year, the annual American Institute of Certified Public Accountants Conference on Current SEC and PCAOB Developments, held on December 10-12, 2018, revisited many familiar themes from prior years and...more

Fifth Annual CAQ Audit Committee Transparency Barometer Report Shows ‘Encouraging’ Trends in Voluntary, Enhanced Audit Committee...

Last week, the Center for Audit Quality and Audit Analytics recently released their fifth annual Audit Committee Transparency Barometer report. As in past years, the groups “continue to observe encouraging year-over-year...more

PCAOB Chair Highlights Plans for Enhanced Audit Committee Engagement

Last week, PCAOB Chairman William Duhnke delivered a keynote speech at the American Law Institute’s Accountants’ Liability 2018 Conference in Washington DC, in which he described recent efforts and future plans for the PCAOB...more

PCAOB Seeks Public Comment on Five-Year Strategic Plan

Last week, the PCAOB released a draft of its five-year strategic plan for 2018-2022. As PCAOB Chair William D. Duhnke noted, “[t]his draft strategic plan is the product of significant engagement among PCAOB leadership, staff,...more

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