The last of the five new members of the Public Company Accounting Oversight Board was sworn in earlier this month. The reconstituted Board’s first major public initiative is to seek input into its strategic planning process...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
In a November 14 speech at the Financial Executives International 36th Annual Current Financial Reporting Issues Conference, SEC Chief Accountant Wesley Bricker commented on a range of topics, including effective financial...more
The Center for Audit Quality and Audit Analytics recently released their 2017 Audit Committee Transparency Barometer. As in past years, the 2017 report “illustrates the continuing positive trend of audit committees...more
SEC Chief Accountant Wesley Bricker recently delivered another speech in which he discussed current issues in financial reporting and highlighted the critical roles that auditors, audit committees and audit regulation play in...more
Lewis Ferguson, a member of the Public Company Accounting Oversight Board, recently provided guidance to audit committees on how committees might use new, publicly available information regarding other accounting firm(s) that...more
In December 2015, the Public Company Accounting Oversight Board (PCAOB) adopted a rule requiring audit firms to file information on Form AP for each public company audit report. The disclosures include the name of the...more
In a pair of recent speeches, SEC Chief Accountant Wesley Bricker discussed the critical role audit committees play in the financial reporting process, explored current challenges confronting audit committees, and offered...more
The Center for Audit Quality has issued an updated version of its "External Auditor Assessment Tool." First issued in 2012, this publication has provided a framework for audit committees to assess their companies' external...more
Each year, the vast majority of larger public companies voluntarily ask shareholders to ratify the audit committee’s selection of the company’s auditor, and such proposals routinely pass with high rates of shareholder...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
The Financial Accounting Standards Board’s comprehensive new revenue recognition standard (ASC 606) will become effective for calendar-year reporting companies on January 1, 2018, a little over a year from now. As previously...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
The Center for Audit Quality and Audit Analytics recently released their 2016 Audit Committee Transparency Barometer. The report is based on a review of proxy statements filed through the end of June 2016 by companies in the...more
Recently, a group of prominent corporate executives, including Warren Buffett and Jamie Dimon, as well as investment managers and institutional investors, issued a set of “Commonsense Principles of Corporate Governance.”...more
As has been widely reported, in recent months the Securities and Exchange Commission has raised concerns about the use of non-GAAP measures by public reporting companies, through public speeches, revised compliance guidance...more
Consistent with its current focus on internal control over financial reporting (ICFR), the Securities and Exchange Commission recently sanctioned a company and individuals for failing to adequately evaluate and audit the...more
3/26/2016
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Securities and Exchange Commission (SEC)
Speaking at the Directors Forum in San Diego recently, SEC Enforcement Director Andrew Ceresney reviewed the SEC’s historical and current enforcement activity in the area of issuer reporting and disclosure, as well as the...more
As part of its annual budget process for 2016, the Public Company Accounting Oversight Board reviewed the priorities set forth in its 2015-2019 Strategic Plan.
Commenting on the adoption of its $257.7 million budget for...more
In a December 9 address at the 2015 AICPA National Conference on SEC and PCAOB Developments, SEC Chair Mary Jo White discussed the “heavy demands” placed on audit committees. In particular, she suggested that new,...more
Culminating a process begun in 2009, and that encompassed a concept release and three separate rule proposals, the Public Company Accounting Oversight Board has adopted new auditor transparency rules. The rules will require...more
In recent remarks at the 34th Annual Current Financial Reporting Issues Conference hosted by Financial Executives International, SEC Commissioner Michael S. Piwowar discussed the status of International Financial Reporting...more
The Center for Audit Quality and Audit Analytics recently released their 2015 Audit Committee Transparency Barometer. The report is based on a review of proxy statements filed through the end of June 2015 by companies in the...more
In its fourth annual report on enhanced audit committee reporting to shareholders, Ernst & Young reports that “the previously observed trend of Fortune 100 companies going beyond minimum disclosure requirements and providing...more
On July 1, 2015, the Securities and Exchange Commission issued its long-anticipated concept release on Possible Revisions to Audit Committee Disclosures. The concept release notes the important function of the public company...more