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Financial Reporting Audits Publicly-Traded Companies

BCLP

UK Corporate Briefing - August 2024

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Welcome to the Corporate Briefing, where we review the latest developments in UK corporate law that you need to know about. In this month’s issue we discuss...more

Faegre Drinker Biddle & Reath LLP

The SEC’s Renewed Focus on Accounting Misconduct

Two recent enforcement actions by the U.S. Securities and Exchange Commission (SEC), including a recent settled action against Kraft Heinz Co. (“Kraft”), underscore the agency’s renewed and continuing focus on accounting and...more

Cooley LLP

Blog: How did COVID-19 affect financial reporting and financial health?

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Audit Analytics has just released a deep dive into the impact of COVID-19 on financial reporting and financial wellbeing. To assess the effect of the pandemic, the report looked at going-concern audit opinions, impairment...more

BCLP

SEC staff announces guidance for SPACs

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Last week the Staff of the Division of Corporation Finance issued a statement addressing a variety of accounting, financial reporting and governance issues that a private operating company should consider before undertaking a...more

BCLP

IA Shareholder Priorities for 2021

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The Investment Association (IA) has published its Shareholder Priorities for 2021 setting out investor expectations on (i) climate change (ii) audit quality (iii) stakeholder engagement and (iv) diversity. This year there is...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

Carlton Fields

A Forensic Accountant’s Take on Materiality

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In the accounting profession, the concept of materiality in financial reporting comes from two distinct areas: Generally accepted accounting principles (GAAP), and generally accepted auditing standards (GAAS). ...more

Mayer Brown Free Writings + Perspectives

AICPA Expands Permitted Situations for Agreed-Upon Procedures Engagements

In December 2019, the American Institute of Certified Public Accountants (AICPA) revised its attestation standards to eliminate certain requirements for Agreed-Upon Procedures (AUP) engagements, thereby expanding the types of...more

Mayer Brown Free Writings + Perspectives

Legal Update: Ring in the New Year with SEC Year-End Guidance

During the last two weeks of 2019, the US Securities and Exchange Commission offered guidance and reminders relating to the role of audit committees, international intellectual property and technology risks, and confidential...more

Stinson - Corporate & Securities Law Blog

Big 4 Audit Firm Issues First CAM

To my knowledge this 10-K includes the first critical audit matter, or CAM, issued by a Big 4 firm.  The CAM is straightforward and does not reflect negatively on the company or its audit committee or cast doubt on its...more

Smith Anderson

PCAOB Provides Guidance on Critical Audit Matters

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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

CAQ Expands CECL and ICFR Resources

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Last week, the Center for Audit Quality released two new resources—an updated Guide to Internal Control over Financial Reporting (ICFR Guide) and a new Tool for Audit Committees: Preparing for the New Credit Losses Standard...more

Mayer Brown Free Writings + Perspectives

Lessons Learned from CAM Dry Runs

In 2017, the Public Company Accounting Oversight Board (“PCAOB”) adopted a new standard for auditor’s reports that requires a description of critical audit matters (“CAMs”) designed to provide investors with information that...more

Mayer Brown Free Writings + Perspectives

Integrity of Financial Reporting and Foreign Issuers; China-Based Issuers

On Friday, the Chair of the Securities and Exchange Commission Jay Clayton, the Commission’s Chief Accountant Wes Bricker, and the Chairman of the PCAOB William Duhnke issued a statement reaffirming the significance to the...more

Cooley LLP

Blog: AS 18 Creates A New Buzz About Related-Party Transactions For The Audit Of 2015

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As discussed in this PubCo post, last year the PCAOB adopted Auditing Standard No. 18, Related Parties, addressing related-party transactions, significant unusual transactions and transactions with executive officers. (See...more

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