News & Analysis as of

Auditors

SEC Chief Accountant Offers Guidance to Audit Committees During Period of Change

by WilmerHale on

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

Changes to Audit and Truth in Negotiations Act in FY 2018 NDAA

For DoD acquisitions, the Conference Report for FY 2018 NDAA includes provisions that would streamline the DCAA Incurred Cost Audit process by involving private auditors and increase the TINA threshold. Conference Report...more

Rethinking Independence in Internal Investigations

by Farella Braun + Martel LLP on

For a company under actual or potential government scrutiny, an independent internal investigation performed by outside counsel, sometimes coupled with cooperation with the government, can mean the difference between...more

SEC Approves New PCAOB Auditing Report Standard

On October 23, 2017, the Securities and Exchange Commission (“SEC”) unanimously approved (the “Approval Release”) the Public Company Accounting Oversight Board’s (“PCAOB”) proposal to adopt a new auditing standard, AS 3101,...more

Former CFO Pleads Guilty To Lying To Auditors

by Dorsey & Whitney LLP on

Former Osiris Therapeutics, Inc. CFO Philip Jacoby pleaded guilty to criminal charges stemming from the financial fraud at the company. U.S. v. Jacoby, No. 1:17-cr-00676 (S.D.N.Y. Filed Nov. 2, 2017). The charge on which the...more

Le proposte di modifica al diritto societario contenute nella Legge Delega per la riforma delle discipline della crisi di impresa...

È stata pubblicata la Legge 19 ottobre 2017, n. 155, recante delega al Governo per la riforma delle discipline della crisi di impresa e dell'insolvenza (si seguito, la "Legge Delega")....more

SEC Approves New PCAOB Standard

by McGuireWoods LLP on

Recently, the SEC approved the PCAOB’s new auditor reporting standard, AS 3101, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion. Hailed as the most significant change...more

Australian Government Releases Draft of Private Sector Whistleblower Protection Law

by Jones Day on

The Situation: Currently, limited protections exist in Australia for private sector whistleblowers against victimization and detrimental treatment. The Development: The Australian government has released draft law that...more

SEC Approves Enhanced Auditor Reporting Model

by WilmerHale on

On October 23, 2017, the Securities and Exchange Commission approved the Public Company Accounting Oversight Board’s revised auditing standard, AS 3101, governing the contents and form of the audit report. As noted by SEC...more

SEC Approves PCAOB's New Rules on Auditor Reports

by Bracewell LLP on

The Securities and Exchange Commission has approved the Public Company Accounting Oversight Board’s (PCAOB) proposed Auditing Standard 3101, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses...more

SEC Approves New Model for Auditor Reports

On October 23, 2017, the U.S. Securities and Exchange Commission (SEC) approved the Public Company Accounting Oversight Board’s (PCAOB) proposed new model for auditor reports. As we covered in our alert when the PCAOB adopted...more

Blog: CAMs are here! SEC approves new PCAOB standard to enhance auditor’s reports

by Cooley LLP on

Yesterday, the SEC approved the PCAOB’s proposed rules requiring changes to the auditor’s report, AS 3101, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion, along with...more

Audit Report Revamp Approved by SEC

by Locke Lord LLP on

On October 23, 2017, the SEC approved the adoption of AS 3101, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion and related amendments to other auditing standards,...more

Communications With Auditors and Audit Committees May Change

by Carlton Fields on

The SEC has proposed for comment major revisions in the disclosures auditors are required to make in their reports on financial statements audited pursuant to Public Company Accounting Oversight Board (PCAOB) standards....more

Global Private Equity Newsletter - Fall 2017 Edition: Update: Purchase Price Adjustment Disputes: Drafters Continue to Beware

by Dechert LLP on

In the Spring 2017 edition of Dechert’s Global Private Equity Newsletter, we reviewed the Delaware Court of Chancery’s decision in Chicago Bridge & Iron Company N.V. v. Westinghouse Electric Company LLC and WSW Acquisition...more

SEC Staff Extends Effectiveness of No-Action Relief on Auditor Independence and the “Loan Provision”

by Dechert LLP on

The U.S. Securities and Exchange Commission’s Division of Investment Management (SEC Staff) on September 22, 2017 extended indefinitely the effectiveness of no-action relief granted a year earlier with respect to the...more

PCAOB Staff Inspection Brief Highlights Areas of Focus During 2017 Inspections

by WilmerHale on

The staff of the Public Company Accounting Oversight Board recently published a Staff Inspection Brief regarding its 2017 inspections of registered audit firms. As described in the corresponding news release, the goal of the...more

SEC Advisory Committee Meeting on Small and Emerging Companies

On September 13, 2017, the SEC Advisory Committee on Small and Emerging Companies held an open meeting to discuss the Sarbanes-Oxley (“SOX”) auditor attestation requirement, the final report that will be issued prior to the...more

Delaware Supreme Court Reverses Chancellor's Chicago Bridge Ruling - Authority of Independent Auditor to Resolve Purchase Price...

by Jones Day on

In a much-anticipated decision, on June 27, 2017, the Supreme Court of Delaware reversed the Chancery Court's ruling in Chicago Bridge v. Westinghouse. The Delaware Supreme Court determined that an independent auditor...more

Investment Services Regulatory Update - August 2017

by Vedder Price on

On August 7, 2017, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert providing a summary of the staff’s observations from sweep exams of broker-dealers, investment advisers and funds...more

Blog: EY Study Shows Continued Increase In Voluntary Audit Committee Disclosures Among The Fortune 100

by Cooley LLP on

With the SEC now considering whether to approve AS 3101, the PCAOB’s new enhanced disclosure requirement for the auditor’s report, and SEC concept releases and other disclosure projects still hovering in the ether, there...more

Compliance into the Weeds-Episode 51, the PCAOB and Compliance

by Thomas Fox on

In this episode, Matt Kelly and I take a deep dive into the Public Accounting Oversight Board (PCAOB). We consider the role of the PCAOB in both audit standards and internal controls for compliance. What is goodwill, goodwill...more

Contingency-Fee Unclaimed Property Auditor Arrangement Subject to Due Process Review

A facial challenge to Delaware’s use of contingency-fee unclaimed property auditors has been given new life by a federal appellate court, which held that the arrangement is subject to due process review, reversing the lower...more

Big Changes Coming to the Form and Substance of Auditor’s Reports

In early June, the PCAOB adopted a new auditing standard (AS No. 3101) that will fundamentally change the format and substance of the audit reports provided by outside auditors to their public company clients. This is big...more

PCAOB Adopts New Auditor Reporting Standard

by Ropes & Gray LLP on

After more than six years of outreach and public comment, on June 1, 2017, the Public Company Accounting Oversight Board (“PCAOB”) adopted a new auditor reporting standard1 that, if approved by the SEC, would significantly...more

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