Day 5 of One Month to Better Investigations and Reporting-the Board’s Investigation Protocol
Materiality in the context of the federal securities laws has been a topic of repeated focus by the Securities and Exchange Commission (SEC) and the courts over the years. That attention, however, has not necessarily produced...more
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
The Securities and Exchange Commission (SEC) issued a Statement of the Chief Accountant of the SEC, Sagar Teotia, outlining activities and concerns of the Office of the Chief Accountant (OCA) in responding to the impacts of...more
The Public Company Accounting Oversight Board (PCAOB) recently published guidance for auditors on the accounting treatment of cryptoassets, including Bitcoin. The PCAOB guidance highlights considerations for addressing...more
On July 11, 2019, the Public Company Accounting Oversight Board (PCAOB) issued two companion pieces providing “insights” into the PCAOB’s requirements for the presentation of critical audit matters (CAMs) in the auditor’s...more
A company listed on a stock exchange market is subject to various specific requirements which go beyond information obligations. Compliance with such stock exchange matters is a complex and demanding task, entailing a series...more
The PCAOB recently released its 2019 Staff Inspections Outlook for Audit Committees. During its 2019 inspections, the PCAOB has said that its inspections will focus on among other things...more
The Public Company Accounting Oversight Board (PCAOB) recently noted that it will provide an opportunity for audit committee chairs of certain companies whose audits are subject to inspection to “engage in a dialogue with the...more
The PCAOB recently noted that during 2019 it will provide an opportunity for audit committee chairs of certain companies whose audits are subject to inspection to “engage in a dialogue with the inspections staff.” ...more
The Center for Audit Quality, working with Audit Analytics, has just released a new edition of its annual Audit Committee Transparency Barometer, which, over the past five years, has measured the robustness of audit committee...more
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
Executive Compensation Recoupment - The most recent development in the prominent University of Louisville Foundation controversy is the release of an independent analysis suggesting that its senior executive leadership was...more
In December, the Center for Audit Quality released The Auditor’s Report: Considerations for Audit Committees. The new tool is designed to assist audit committees navigate the new auditor’s reporting model by summarizing the...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
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
It’s getting to be that time of year when visions of sugarplums may dance in your head — alongside more mundane thoughts and concerns about financial statements, audits, audit committees and year-end reporting that just might...more
OVERVIEW - On July 1, 2015, the US Securities and Exchange Commission (SEC) issued a concept release relating to its audit committee reporting requirements. This release references two Public Company Accounting Oversight...more