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Audits Audit Committee

Cooley LLP

Center for Audit Quality comes to the rescue for audit committees tasked with AI oversight

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In this 2023 article in Fortune, a survey of 2,800 managers and executives conducted by management consulting firm Aon showed that business leaders “weren’t very concerned about AI….Not only is AI not the top risk that they...more

WilmerHale

PCAOB Releases Summary of 2023 Conversations with Audit Committee Chairs

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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

Cooley LLP

CAQ’s 2024 audit committee practices report discusses priorities and practices

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The Center for Audit Quality has released its 2024 “Audit Committee Practices Report: Common Threads Across Audit Committees.” The report highlights the top five audit committee priorities identified by committee members in...more

Cooley LLP

What’s new in best practices for board governance in 2024?

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In this brand new report, The Conference Board looked at several of the less glitzy areas of board governance to identify some evolving best practices for attaining board excellence, such as board continuing education. From...more

Cooley LLP

The PCAOB suggest some questions for audit committee members

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The PCAOB has posted a 2023 audit committee resource that identifies a number of questions that audit committees may want “to consider amongst themselves or in discussions with their independent auditors, particularly given...more

WilmerHale

Recent PCAOB Developments for Audit Committee and Companies

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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

WilmerHale

PCAOB Releases New Audit Committee Resource for 2023

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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

Health Care Compliance Association (HCCA)

[Event] 2023 Board & Audit Committee Compliance Conference - October 23rd - 24th, Fort Lauderdale, FL

Discover today's best practices for your role in healthcare compliance oversight - The Office of Inspector General of Health and Human Services expects healthcare board members, board audit/compliance committee members,...more

Cooley LLP

SEC’s Investor Advisory Committee discusses audit committee overload and disclosure

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In May, SEC Chief Accountant Paul Munter, quoted here, cautioned his conference audience about the potential for audit committee overload. “More demands are being put on audit committees, sometimes on topics outside their...more

Cooley LLP

Audit committee oversight of ESG fraud risk

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In this article, accounting firm Deloitte observes that boards and managements often experience “denial” when the topic of fraud risk arises—no one wants to feel that the trust they place in their own employees is actually...more

Goodwin

REITs Should Review Disclosure of Non-GAAP Financial Measures Based on New SEC Staff Guidance

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On December 13, 2022, the staff of the Division of Corporation Finance (the “staff”) of the Securities and Exchange Commission (the “SEC”) published seven new or revised Compliance and Disclosure Interpretations (“C&DIs”)...more

Cooley LLP

Public Companies Update – October One-Minute Reads

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SEC adopts final pay-versus-performance rules In August 2022, the US Securities and Exchange Commission announced its adoption of final rules requiring public companies to disclose information regarding the relationship...more

WilmerHale

PCAOB Releases New Audit Committee Resource

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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

Cooley LLP

PCAOB talks to audit committee chairs about auditor oversight in 2021

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Since 2019, as part of its strategy of enhancing transparency and accessibility through proactive stakeholder engagement, the PCAOB has been engaging with audit committee chairs at U.S. public companies that have had audits...more

Nelson Mullins Riley & Scarborough LLP

PCAOB Releases Its Annual Publication Summarizing Conversations with Audit Committee Chairs

The PCAOB recently published its “Spotlight: 2021 Conversations with Audit Committee Chairs” which presents high-level observations and key takeaways from conversations between the PCAOB and 240 audit committee chairs at U.S....more

WilmerHale

SEC OCA Waves Big Red Flag About “Little R” Restatements

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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

Cooley LLP

Is your audit committee climate literate?

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According to audit firm Deloitte, “[i]nformative climate reporting requires a complex transformation of reporting processes, of data collection, education of the finance function, and in many cases, of the audit committee...more

Cadwalader, Wickersham & Taft LLP

The Government is Launching a Consultation on Reforming the UK’s Audit and Corporate Governance Regime

On 18 March 2021, the Department for Business, Energy & Industrial Strategy launched a consultation on its proposals for wide-ranging reforms to modernise the UK’s audit and corporate governance regime. The reforms proposed...more

Stinson - Corporate & Securities Law Blog

PCAOB Releases 2021 Audit Committee Resource

The PCAOB has released a publication captioned “Audit Committee Resource: 2021 Inspections Outlook.”  The purpose of the three-page publication is to assist audit committees in engaging in informed dialogue with their...more

Cooley LLP

Blog: PCAOB reports on its engagement with audit chairs in 2020

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In December 2019, as part of its strategy of enhancing transparency and accessibility through proactive stakeholder engagement, the PCAOB launched an effort to engage with audit committees, conducting conversations with...more

Cooley LLP

Blog: What issues should be on the 2021 audit committee agenda?

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In this new Bulletin, consultant Protiviti identifies key issues for the 2021 audit committee agenda and—no surprise—at least half reflect the impact of COVID-19. The agenda includes four topics related to enterprise,...more

McGuireWoods LLP

SEC Modifies Auditor Independence Standards

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On Oct. 16, 2020, the U.S. Securities and Exchange Commission (SEC) adopted final rules amending the auditor independence requirements of Rule 2-01 of Regulation S-X. The SEC noted that amendments to the auditor...more

Cooley LLP

Blog: Big impact of CAMs? Not so much

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In October 2017, the SEC approved the PCAOB’s proposed new auditing standard for the auditor’s report, which requires auditors to include a discussion of “critical audit matters,” know colloquially as “CAMs.” CAMs are...more

WilmerHale

PCAOB Shares Insights on Its Conversations With Audit Committee Chairs

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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

Ballard Spahr LLP

GC Insights: SEC Office of Chief Accountant Issues Statement Reminding Management, Auditors, and Audit Committees of Continued...

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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

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