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The Triple Threat Facing Generalist Law Firms, Part 3: The Big Four

The Big Four bogeyman has haunted the U.S. legal market for years. Like any good horror movie villain, it’s shrouded in mystery. We don’t know when it’s coming, or exactly what will go down, but we know that a...more

Orrick, Herrington & Sutcliffe LLP

DC Circuit Holds PCAOB Improperly Denied Target of Investigation Access to Expert Assistance

A D.C. Circuit panel unanimously ruled that the Public Company Accounting Oversight Board ("PCAOB") acted unlawfully by denying former Ernst & Young partner Marc Laccetti his right to bring an accounting expert to an...more

WilmerHale

2017 EY Survey Reports Steady Increase in Voluntary Audit-Related Disclosures

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In its sixth annual report on voluntary audit committee reporting to shareholders, Ernst & Young observed “similar increases in voluntary audit-related disclosure as in the past several years, with steady growth in certain...more

Perkins Coie

Issuer Reporting and Disclosure Remains Focus of SEC and Other Regulators

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In a recent speech, SEC Enforcement Director Andrew Ceresney confirmed the SEC’s continued pursuit of investigations and enforcement actions relating to issuer reporting and disclosure, an area that remains a high priority...more

Dorsey & Whitney LLP

SEC – PRC Based Audit Firms Reach A Settlement

Dorsey & Whitney LLP on

The SEC and the PRC based affiliates of five major accounting firms entered into a settlement of proceedings initiated over the failure to produce audit work papers for issuers with substantial operations in China. The...more

Dorsey & Whitney LLP

EY Sanctioned For Acting As An Advocate For Audit Clients

Dorsey & Whitney LLP on

Auditor independence is critical. The opinion issued by the audit firm regarding the financial statements of an audit client represents in part that the firm is independent. That judgment is based on an assessment of all the...more

Skadden, Arps, Slate, Meagher & Flom LLP

"SEC Judge Issues Initial Decision Regarding Chinese Affiliates of the Big Four Accounting Firms"

On January 22, 2014, U.S. Securities and Exchange Commission Administrative Law Judge Cameron Elliot (the ALJ) issued an initial decision censuring the Chinese accounting firms affiliated with Ernst & Young LLP, KPMG LLP...more

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