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
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
10/30/2023
/ American Bar Association (ABA) ,
Audit Committee ,
Audited Financial Statements ,
Audits ,
Comment Period ,
Corporate Governance ,
GAAP ,
Inspections ,
Non-GAAP Financial Measures ,
PCAOB ,
Proposed Rules ,
Publicly-Traded Companies ,
Regulatory Standards ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
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
7/13/2023
/ Audit Committee ,
Audits ,
Corporate Governance ,
Critical Audit Matters (CAMs) ,
Cybersecurity ,
Digital Assets ,
Disclosure Requirements ,
Fraud ,
PCAOB ,
Risk Assessment ,
Special Purpose Acquisition Companies (SPACs)
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
After months of closed-door negotiations, the Public Company Accounting Oversight Board (PCAOB) announced on Friday that it has entered into a Statement of Protocol with the China Securities Regulatory Commission (CSRC) and...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
The Public Company Accounting Oversight Board (PCAOB) recently released for public comment a draft five-year strategic plan for 2022-2026, setting forth targeted objectives that are oriented around four primary goals: (1)...more
Yesterday, the SEC adopted amendments to finalize rules implementing the submission and disclosure requirements in the Holding Foreign Companies Accountable Act (HFCAA). These amendments finalize the interim final rules...more
12/6/2021
/ Amended Regulation ,
Annual Reports ,
Disclosure Requirements ,
EDGAR ,
Final Rules ,
Foreign Corporations ,
Foreign Issuers ,
Holding Companies ,
PCAOB ,
Securities and Exchange Commission (SEC) ,
XBRL Filing Requirements
As year-end fast approaches, there has been no shortage of regulatory developments relevant to the upcoming financial reporting season. Several of these developments are summarized below....more
11/10/2021
/ Auditor Independence ,
Audits ,
Clawbacks ,
Comment Period ,
Corporate Governance ,
Dodd-Frank ,
Financial Statements ,
Inspections ,
PCAOB ,
Proposed Rules ,
Publicly-Traded Companies ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
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)
Earlier this week, the Public Company Accounting Oversight Board announced updates to its research and standard-setting agendas. Similar to the SEC’s approach with its short-term rulemaking agenda, going forward, the PCAOB...more
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
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
Among the insights shared at last week’s 2019 AICPA Conference on SEC and PCAOB Developments, held December 9–11, Sagar Teotia, recently appointed Chief Accountant of the Securities and Exchange Commission, delivered a...more
PCAOB Chair William Duhnke provided an update on a number of Public Company Accounting Oversight Board initiatives in his keynote speech at Baruch College’s 14th Annual Audit Conference on December 3. Opening his remarks,...more
More than two years since the PCAOB adopted the new critical audit matters (CAMs) disclosure requirement, the first batch of CAMs disclosures is finally rolling out with respect to audits of large accelerated filers with...more
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
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
Last week, the Public Company Accounting Oversight Board issued additional staff guidance on implementation of the upcoming Critical Audit Matters (CAMs) disclosure requirement, offering a “Deeper Dive on the Communication of...more
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
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)
Yesterday, the Public Company Accounting Oversight Board hosted the first of three opportunities for auditors to attend a webinar on the implementation of the upcoming critical audit matters (CAMs) disclosure requirement. The...more
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
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
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
1/3/2019
/ Accountants ,
Accounting Standards ,
AICPA ,
Audit Committee ,
Audits ,
CPAs ,
Financial Reporting ,
GAAP ,
ICFR ,
IOSCO ,
PCAOB ,
Securities and Exchange Commission (SEC)