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Making the Connection - What Do Recent SEC Enforcement Actions Mean for Cyber Controls?

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

Keeping Current With Form 8-K: A Practical Guide - October 2023

Public companies are required to make prompt public disclosures on Form 8-K about a large number of specified events. While Form 8-K does not mandate current reporting of all material events, it goes a long way toward...more

SEC Charges SolarWinds and CISO with Fraud and Internal Controls Failures

On October 30, 2023, the Securities and Exchange Commission (“SEC”), filed a complaint against SolarWinds Corp. (“SolarWinds” or the “Company”) for fraud and internal and disclosure controls failures relating to allegedly...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

SEC Adopts SAB 120 to Address Spring-Loaded Compensation Awards

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

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

Recent Enforcement Actions Underscore Importance of Timely Remediating Material Weaknesses in ICFR

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

SEC Cautions Issuers to Consider Cyber Threats When Devising and Maintaining Internal Accounting Controls

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

It’s Time Again for Audit Committees to Mind the Non-GAAP

Judging by the frequency of recent news reports and SEC staff speeches focused on non-GAAP financial measures, audit committees may be well served to take a fresh look at the non-GAAP measures reported by their companies and...more

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