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Audits PCAOB Audit Committee

Cooley LLP

PCAOB Puts NOCLAR Proposal on Hold

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Of course, it’s not just the SEC that will feel the impact of a new administration. Even quasi-regulators like the PCAOB are impacted. Hence, the PCAOB’s recent decision to put its pending rulemaking that would broaden the...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

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

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

Cooley LLP on

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

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

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

WilmerHale on

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

Faegre Drinker Biddle & Reath LLP

Trump Budget Proposes Folding the PCAOB into the SEC by 2022

According to a White House budget issued on February 10, 2020, the White House is considering transferring the authority of the Public Company Accounting Oversight Board (PCAOB or Board) to the SEC by 2022 in order to...more

Foley Hoag LLP - White Collar Law &...

White House’s Proposed Consolidation of PCAOB into SEC Could Reduce Audit Oversight

In its proposed budget for 2021, the White House called for the Public Company Accounting Oversight Board’s (“PCAOB”) “functions and responsibilities” to be consolidated into the SEC. According to the administration, having...more

Kilpatrick

SEC Leadership Statement on Audit Committee Responsibilities

Kilpatrick on

Just before the new year, top leadership of the Securities and Exchange Commission (SEC) provided guidance to public company audit committees as to those areas that they believe need special focus during the upcoming...more

Cooley LLP

Blog: Audit committee chairs identify effective practices for audit quality improvement

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In December, the PCAOB posted a report on the results of its 2019 conversations with almost 400 audit committee chairs, focused on audit committee perspectives on audit quality assessment and improvement, auditor...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

Mayer Brown Free Writings + Perspectives

Year-End Reminders on The Role of Audit Committees

On December 30, 2019, the Chair of the Securities and Exchange Commission, the SEC’s Chief Accountant, and the Director of the SEC’s Division of Corporation Finance issued a joint statement regarding the role of audit...more

Troutman Pepper Locke

SEC Issues Year-End Guidance for Audit Committees

Troutman Pepper Locke on

On December 30, 2019, the SEC issued a Statement of the Chairman, the Director of the Division of Corporation Finance and the Chief Accountant to remind audit committees, in anticipation of the year-end financial reporting...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

Smith Anderson

PCAOB Provides Guidance on Critical Audit Matters

Smith Anderson on

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

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 Offers Guidance on Communications to Audit Committees Related to Independence

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In response to audit firm requests for guidance and a number of deficiencies identified during the Public Company Accounting Oversight Board’s audit firm inspections process, the PCAOB has recently released new Staff Guidance...more

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