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Disclosure Requirements Securities and Exchange Commission (SEC) Auditors

Bass, Berry & Sims PLC

PCAOB Delays NOCLAR Rulemaking to 2025 Amid Controversy and Election-Year Dynamics

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The Public Company Accounting Oversight Board (PCAOB) delayed the adoption of a final rule with respect to its June 2023 proposal (Proposal) to increase auditors’ responsibility to evaluate and disclose a public company’s...more

Society of Corporate Compliance and Ethics...

[Virtual Event] ESG and Compliance Conference - November 7th, 8:00 am - 5:00 pm CT

Stay on top of ever-evolving ESG requirements and emerging trends - With the SEC’s newly issued rules surrounding ESG disclosures and the continued growth of regulations rolling out in the EU, Canada, Asia and elsewhere...more

Troutman Pepper Locke

SEC Digs in on Loss Contingency Disclosure Requirements

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On September 22, the U.S. Securities and Exchange Commission (SEC) filed charges against three former executives of a technology acquisition company (the Company) for making false and misleading statements to auditors, and...more

Miller Canfield

SEC Approves PCAOB Rule Governing Determinations Under the Holding Foreign Companies Accountable Act

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On November 4, 2021, the U.S. Securities and Exchange Commission (SEC) approved the Public Company Accounting Oversight Board's (PCAOB) Rule 6100, Board Determinations Under the Holding Foreign Companies Accountable Act (Rule...more

White & Case LLP

Capital Markets Blueprints - Preparing for Pro Formas

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Pro forma financial statements may be required in a securities offering where an acquisition or disposition has occurred or is probable within a certain period of the offering. In a Rule 144A offering, market practice is...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC v. RPM International — A Cautionary Case Study on the Limits of Attorney-Client Privilege and Work-Product Protection

While much of the corporate legal world has been focused on the effects of the COVID-19 pandemic, a little-noticed case working its way through the federal courts in Washington, D.C. threatens to whittle down the scope of...more

BCLP

Revisions to Financial Statements may be Under SEC Scrutiny

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Multiple news items published over the past six weeks (including as recently as January 30, 2020) have focused on public companies’ correction of accounting errors by revising their financial statements, rather than doing so...more

Dorsey & Whitney LLP

How to Avoid Being Required to Obtain Audit Partner Consents

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SEC registration statements and certain annual reports require consents of experts (e.g., technical experts, audit firms, and investment banks that provide fairness opinions) named in the disclosure document. A recent...more

White & Case LLP

Reminders for Foreign Private Issuers for the 2019 Annual Reporting Season

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This memorandum outlines considerations for foreign private issuers ("FPIs") in preparation for the 2019 annual reporting season. Part I (pg. 2) provides a summary of certain key trends and insights from the 2018 US proxy...more

Mayer Brown Free Writings + Perspectives

Section 404(b) Auditor Attestation—What are the Real Costs?

Recently, in connection with the Securities and Exchange Commission’s consideration of proposed amendments to the definition of “smaller reporting company,” the Commission had an opportunity to consider including in the...more

Farrell Fritz, P.C.

SEC Expands Eligibility for Scaled Disclosure; Signals Possible Auditor Attestation Relief

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On June 28, 2018, the Securities and Exchange Commission issued a release amending the definition of “smaller reporting company” (“SRC”) to expand the number of reporting companies eligible for relaxed or scaled disclosure....more

WilmerHale

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

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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

Cooley LLP

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

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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

Morrison & Foerster LLP - JOBS Act

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

Cooley LLP

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

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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

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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

Parker Poe Adams & Bernstein LLP

What Lawyers Should Know About the New Auditor’s Report Revisions

After more than six years of deliberations, it looks like the revised auditor’s report is about to become reality. On June 1, the PCAOB adopted a new auditing standard that substantially modifies the long-familiar content of...more

Cooley LLP

Blog: Audit Committee Oversight Of The New Revenue Recognition Standard: Center For Audit Quality Comes To The Rescue

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As discussed in this PubCo post, the SEC’s Office of the Chief Accountant has continued to beat the drums to encourage companies and their audit committees to hunker down and address the impending effectiveness in 2018 of the...more

Cooley LLP

Blog: Large Companies Continue To Enhance Audit Committee Disclosures Voluntarily, But Pass On More Delicate Disclosures

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With the PCAOB likely to adopt some form of enhanced disclosure requirement for the auditor’s report, and the SEC contemplating the addition of a number of disclosure mandates for audit committees, there seems to be a slow...more

Parker Poe Adams & Bernstein LLP

New Auditor Disclosures and Filing Requirements

As expected, the SEC last week approved rules proposed by the PCAOB last December that further the PCAOB’s ongoing efforts to enhance audit disclosure practices. The rules require auditors to file with the PCAOB a new Form...more

WilmerHale

SEC Approves PCAOB Transparency Rules

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On May 9, the Securities and Exchange Commission, as expected, issued an order approving the Public Company Accounting Oversight Board’s rules requiring that accounting firms disclose in a new PCAOB form the names of audit...more

Foley & Lardner LLP

A Compilation of Enforcement and Non-Enforcement Actions

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Non-Enforcement - SEC Decides Against Mounting an Appeal in Koch Ruling - The July 2015 ruling by the D.C. Circuit Court in Koch v. SEC will apparently not be challenged by the SEC. The Court ruled in that...more

Cooley LLP

Blog: Big Companies Voluntarily Enhance Audit Committee Disclosures

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While the SEC and PCAOB ponder what to do with auditor and audit committee reports, an increasing number of large companies have begun to include more audit committee disclosures on a voluntary basis, according to an analysis...more

Morgan Lewis

New SEC And PCAOB Proposals Related To Audit Committee Disclosure And Audit Quality

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OVERVIEW - On July 1, 2015, the US Securities and Exchange Commission (SEC) issued a concept release relating to its audit committee reporting requirements. This release references two Public Company Accounting Oversight...more

Katten Muchin Rosenman LLP

SEC Seeks Comment on Possible Enhancement of Audit Committee Disclosures

On July 1, the Securities and Exchange Commission published a concept release to seek public comment regarding the potential enhancement of audit committee disclosure requirements, particularly as such disclosure relates to...more

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