On July 18, 2024, the U.S. District Court for the Southern District of New York dismissed most of the claims brought by the Securities and Exchange Commission (the “Commission”) against SolarWinds Corp. and its Chief...more
8/13/2024
/ Accounting Standards ,
Chief Information Security Officer (CISO) ,
Cyber Attacks ,
Disclosure Requirements ,
Dismissals ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Fraud ,
Internal Controls ,
Sarbanes-Oxley ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
SolarWinds
On Friday, SEC Chief Accountant Paul Munter released a public statement in which he expressed concerns about the risk assessment process of both auditors and management. As a possible harbinger of things to come, the...more
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
8/19/2022
/ Acquisitions ,
Audit Committee ,
Audits ,
Compliance ,
Cybersecurity ,
Fraud ,
Initial Public Offering (IPO) ,
Inspections ,
Internal Controls ,
Mergers ,
PCAOB ,
Publicly-Traded Companies ,
Risk Assessment
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
Last week, the SEC announced the adoption of Staff Accounting Bulletin No. 120 (SAB 120), which provides guidance for companies as to how they should recognize and disclose the cost of providing “spring-loaded” awards to...more
12/10/2021
/ Corporate Governance ,
Disclosure Requirements ,
Equity Compensation ,
Executive Compensation ,
Fair Value Standard ,
Financial Accounting ,
Incentive Stock Options ,
Internal Controls ,
Material Nonpublic Information ,
MD&A Statements ,
New Regulations ,
Securities and Exchange Commission (SEC) ,
Stock Options
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
1/12/2021
/ AICPA ,
Audit Committee ,
Auditor Independence ,
Coronavirus/COVID-19 ,
Corporate Governance ,
Cybersecurity ,
Disclosure Requirements ,
Internal Controls ,
PCAOB ,
Publicly-Traded Companies ,
Reporting Requirements ,
S&P ,
Securities and Exchange Commission (SEC)
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
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
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
5/15/2019
/ Accounting Standards ,
Audit Committee ,
Corporate Governance ,
Cybersecurity ,
FASB ,
Financial Reporting ,
ICFR ,
Independent Audits ,
Internal Controls ,
PCAOB ,
Professional Conferences ,
Publicly-Traded Companies ,
Regulatory Standards ,
Securities and Exchange Commission (SEC)
Earlier this week, the Securities and Exchange Commission announced that it had settled charges against four public companies for failing to maintain internal control over financial reporting (ICFR) over the course of seven...more
Yesterday, the Securities and Exchange Commission released an investigative report regarding its investigation into whether nine public companies that were victims of cyber-related frauds violated federal securities laws by...more
Always a fertile source of guidance, this year’s American Institute of Certified Public Accountants Conference on Current SEC and PCAOB Developments, held on December 4-6, was no exception. Discussions during this year’s...more
Recently, KPMG released its 2017 Global Audit Committee Pulse Survey, which reports on audit committee activities based on survey responses from 800 audit committee members across 42 countries. Asking, "Is Everything Under...more
This year’s American Institute of Certified Public Accountants Conference on SEC and PCAOB Developments, held on December 5-7, echoed several themes from prior AICPA conferences regarding regulatory priorities of interest to...more
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