News & Analysis as of

Audits Disclosure Requirements Audit Committee

KPMG Board Leadership Center (BLC)

On the 2025 audit committee agenda

Drawing on insights from our interactions with audit committees and business leaders, the KPMG Board Leadership Center highlights nine issues for the audit committee to consider for the year ahead....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

WilmerHale

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

WilmerHale on

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

Ballard Spahr LLP

GC Insights: SEC Issues Statement on Role of Audit Committees

Ballard Spahr LLP on

The Securities and Exchange Commission (SEC) issued a Statement—signed jointly by the Chairman, the Chief Accountant, and the Director of the Division of Corporation Finance—on December 30, 2019, titled, “Statement on Role of...more

Wilson Sonsini Goodrich & Rosati

SEC Issues Statement on Key Reminders for Audit Committees

On December 30, 2019, Chairman Jay Clayton, Sagar Teotia, the Chief Accountant, and William Hinman, the Director of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (SEC), issued a Statement...more

Stinson - Corporate & Securities Law Blog

SEC Statement on Role of Audit Committees and Key Reminders

SEC Chairman Jay Clayton, Sagar Teotia, Chief Accountant and William Hinman, Director, Division of Corporation Finance issued a Statement on Role of Audit Committees in Financial Reporting and Key Reminders Regarding...more

Cooley LLP

Blog: EY discusses voluntary audit committee disclosures

Cooley LLP on

By now, we all know that, sooner or later, audit reports for most public companies will be required to disclose critical audit matters, which are intended to make the audit report more informative for investors. But, as this...more

WilmerHale

PCAOB Continues to Expand CAMs Resources

WilmerHale on

Earlier this month, the Public Company Accounting Oversight Board released additional resources regarding its new Critical Audit Matters (CAMs) disclosure requirement, with the latest resources targeted to audit committees...more

WilmerHale

PCAOB Issues 2019 Staff Inspections Outlook for Audit Committees

WilmerHale on

On March 14, 2019, the Public Company Accounting Oversight Board issued its 2019 Staff Inspections Outlook for Audit Committees (the “Committee Outlook”), which offers a concise outline of what audit committees should expect...more

Stinson - Corporate & Securities Law Blog

PCAOB Posts 2019 Staff Inspections Outlook for Audit Committees

In a published document, the PCAOB noted its new strategic plan anticipated enhanced external engagement and more proactive communication with its stakeholders, including audit committees, to inform them about its core...more

Mayer Brown Free Writings + Perspectives

Financial Reporting and Related Guidance from AICPA Conference

Representatives from the Office of Chief Accountant discussed new accounting standards. The Staff commented on the implementation of the new revenue recognition standard, which requires companies to provide a comprehensive...more

WilmerHale

Fifth Annual CAQ Audit Committee Transparency Barometer Report Shows ‘Encouraging’ Trends in Voluntary, Enhanced Audit Committee...

WilmerHale on

Last week, the Center for Audit Quality and Audit Analytics recently released their fifth annual Audit Committee Transparency Barometer report. As in past years, the groups “continue to observe encouraging year-over-year...more

WilmerHale

SEC Chief Accountant Addresses 2018 Baruch College Financial Reporting Conference

WilmerHale on

In a speech delivered at last week’s 2018 Baruch College Financial Reporting Conference, SEC Chief Accountant Wes Bricker discussed objectives of financial reporting and its importance to the markets. Mr. Bricker revisited...more

WilmerHale

CAQ Releases New Non-GAAP Measures Tool for Audit Committees

WilmerHale on

While the frequency of SEC comments on companies’ disclosure of non-GAAP measures has subsided, it remains important for audit committees to ensure their companies’ disclosures comply with applicable non-GAAP disclosure...more

Cooley LLP

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

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

Cooley LLP

Blog: Form What? CAQ Offers Help For Audit Committees In Understanding And Using Form AP

Cooley LLP on

Remember Form AP? That’s the form that the PCAOB is now requiring audit firms to use to name individual audit engagement partners. The form will also disclose the names and Firm IDs, locations and extent of participation of...more

WilmerHale

PCAOB Evaluates Audit Firm Communications with Audit Committees

WilmerHale on

On April 5, the PCAOB issued a report regarding compliance with Auditing Standard No. 16, Communications with Audit Committees (AS No. 16), based on its inspections of issuer audits during its 2014 inspection cycle. AS No. 16...more

Parker Poe Adams & Bernstein LLP

PCAOB’s New Audit Disclosure Rule

Earlier this month the PCAOB adopted rules requiring audit firms to disclose the names of each audit partner and certain information regarding other audit firms participating in each audit. The new rules are subject to SEC...more

Skadden, Arps, Slate, Meagher & Flom LLP

"SEC Considers Possible Revisions to Audit Committee Disclosures"

On July 1, 2015, the U.S. Securities and Exchange Commission (SEC) issued a concept release soliciting public comment on possible revisions to its existing disclosure requirements related to audit committees. The release...more

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