News & Analysis as of

Internal Controls Audit Committee Securities and Exchange Commission (SEC)

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

BCLP

Is It Time to Take a Fresh Look at Disclosure Controls and Procedures for CEO/CFO Certifications?

BCLP on

In New England Carpenters Guaranteed Annuity and Pension Funds v. DeCarlo (Aug. 2023), the Second Circuit held, among other things, that CEO/CFO certifications mandated by SOX Section 302 constitute non-actionable statements...more

BCLP

Keep Track of Perquisites and Related Person Transactions: Recent Sec Enforcement Actions

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Over the past few years, the SEC has renewed its focus on public company failures to disclose perquisites  and related person transactions. As discussed under “Deeper Dive” below, most of the cases involve companies that...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

Dorsey & Whitney LLP

SPAC Talk: Important Considerations for Private Companies Evaluating a SPAC Going-Public Transaction

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One of the hottest going-public trends in 2020 and 2021 has been the rise of SPACs - Special Purpose Acquisition Companies - as a vehicle for private companies to go public. SPACs are shell companies that are formed, funded...more

WilmerHale

Reflections on the End of a Turbulent Year and Selected Considerations for 2021

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With 2021 now upon us, companies, auditors and audit committees are gearing up for another annual reporting season, coming off of one of the more turbulent years in recent history, which included a significant number of...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Chairman and Senior Staff Members Share Key Reminders for Audit Committees

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

WilmerHale

Regulators Address the 2019 Baruch College Financial Reporting Conference

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Always a fertile source of regulatory perspective, this year’s Baruch College Financial Reporting Conference featured a future-oriented theme in remarks by Chief Accountant of the Securities and Exchange Commission Wesley...more

WilmerHale

Regulators Focus on Audit Quality, New Accounting Standards and Other Developments at 2017 AICPA Conference

WilmerHale on

Always a fertile source of guidance, this year’s American Institute of Certified Public Accountants Conference on Current SEC and PCAOB Developments, held on December 4-6, was no exception. Discussions during this year’s...more

Cooley LLP

Blog: SEC Chief Accountant Addresses Audit Committee Effectiveness

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In a recent speech at the University of Tennessee, “Advancing the Role and Effectiveness of Audit Committees,” SEC Chief Accountant Wes Bricker discusses his recommendations for — wait for it — improving the effectiveness of...more

WilmerHale

Regulators Discuss Accounting and Auditing Developments at 2016 AICPA Conference

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This year’s American Institute of Certified Public Accountants Conference on SEC and PCAOB Developments, held on December 5-7, echoed several themes from prior AICPA conferences regarding regulatory priorities of interest to...more

The Volkov Law Group

The SEC’s Return to Accounting Fraud Enforcement

The Volkov Law Group on

Just like the ups and downs of the business cycle, SEC enforcement of accounting fraud cases follow an up and down trend as well. For example, during the financial crisis, SEC enforcement of accounting fraud cases took a back...more

WilmerHale

It’s Time Again for Audit Committees to Mind the Non-GAAP

WilmerHale on

Judging by the frequency of recent news reports and SEC staff speeches focused on non-GAAP financial measures, audit committees may be well served to take a fresh look at the non-GAAP measures reported by their companies and...more

WilmerHale

SEC Administrative Case Reinforces Current Emphasis on Internal Controls

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Consistent with its current focus on internal control over financial reporting (ICFR), the Securities and Exchange Commission recently sanctioned a company and individuals for failing to adequately evaluate and audit the...more

Dorsey & Whitney LLP

The SEC And Financial Fraud

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Financial fraud was a staple of SEC enforcement for years. Complex financial fraud cases in which the “books were cooked” to make earnings guidance, increase bonuses or for other reasons were the daily grist of SEC...more

Cooley LLP

Blog: SEC Chief Accountant Advises On Audit Committee Responsibilities

Cooley LLP on

In remarks before the UCI Audit Committee Summit at the end of October, SEC Chief Accountant James Schnurr addressed the importance of the oversight role that audit committees play, providing specific advice on inquiries that...more

Dorsey & Whitney LLP

SEC Files Settled Action Tied To Restatement

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The SEC filed another action centered on a restatement resulting from improper accounting and internal controls. In this instance the firm lacked procedures for dealing with related party transactions despite contrary...more

Katten Muchin Rosenman LLP

SEC Charges Four Individuals and Nutrition Company for Failure To Disclose Executive Perks

On September 8, the SEC charged a sports supplements and nutrition company, its former audit committee chairman and three of its current and former executive officers with committing accounting, disclosure and other...more

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