News & Analysis as of

PCAOB

Governance & Securities Law Focus: Asia Edition - May 2018

by Shearman & Sterling LLP on

In this newsletter, we provide a snapshot of the principal Asian, U.S., European and selected international governance and securities law developments of interest to Asian corporates and financial institutions. Please see...more

Capital Markets Alert – Public Market Advocacy Groups Release Guidance

On April 27, 2018, the Securities Industry and Financial Markets Association (SIFMA), the U.S. Chamber of Commerce and Nasdaq, along with certain technology and biotechnology groups, released a policy paper titled “Expanding...more

Recent Developments in Auditor Tenure and Independence

by Dorsey & Whitney LLP on

Last month, over 35% of General Electric Co.’s shareholders voted against ratification of KPMG LLC as GE’s auditor. This high level of opposition (for some context, last year’s votes against KPMG were at a mere 5.7%) comes in...more

PCAOB Seeks Public Input on Strategic Priorities

by WilmerHale on

The last of the five new members of the Public Company Accounting Oversight Board was sworn in earlier this month. The reconstituted Board’s first major public initiative is to seek input into its strategic planning process...more

Blog: Auditors in the crosshairs (re-posted)

by Cooley LLP on

It’s certainly a rare event, but both ISS and Glass Lewis have recommended voting against a proposal to ratify the appointment of GE’s auditor, KPMG at the GE annual shareholders meeting. Most often, the issue of auditor...more

D.C. 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

DC Circuit Dismisses PCAOB Proceeding For Constitutional Error

by Dorsey & Whitney LLP on

The PCAOB excluded from a witness interview an expert accountant assisting counsel for the witness. The Board cited a rule which authorizes it to limit those in attendance at an interview....more

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

Financial Reporting for Foreign Private Issuers Before the SEC

by White and Williams LLP on

Under the current rules of the US Securities and Exchange Commission (SEC), foreign issuers are allowed to use International Financial Reporting Standards (IFRS) financial statements in their registration statements and...more

SEC Settles Four Auditing Cases With Major Accounting Firms

by Dorsey & Whitney LLP on

The Commission brought four auditing actions centered on members of international accounting firms working with a local affiliates in violation of the applicable professional standards and The Sarbanes-Oxley Act....more

Governance & Securities Law Focus: Latin America Edition - March 2018

by Shearman & Sterling LLP on

This newsletter provides a snapshot of the principal U.S. and selected international governance and securities law developments during the fourth quarter of 2017 that may be of interest to Latin American corporations and...more

Episode 25 -- Unraveling the KPMG Audit Scandal

by Michael Volkov on

In January 2018, the Department of Justice and the Securities and Exchange Commission announced criminal and civil charges against five KPMG and a Public Company Accounting Oversight Board employee arising from sharing of...more

Blog: In Light Of The Recent Fraud Charges Against Audit Firm Partners And The PCAOB, What Questions Should Audit Committees Ask...

by Cooley LLP on

Recent civil and criminal fraud charges against partners at KPMG and staffers at the PCAOB, arising out of “their participation in a scheme to misappropriate and use confidential information relating to the PCAOB’s planned...more

Criminal Enforcement Against Senior Executives: The Fish Rots from the Head

by Michael Volkov on

The compliance community is well aware of the risks in the C-Suite. As you move up the corporate ladder, the level of risk from executive misconduct increases. A rotten executive can quickly bring down a company, destroy...more

PCAOB And Accounting Firm Employees Charged With Misuse Of Confidential Data To Improve Firm's Inspection Results

by Shearman & Sterling LLP on

On January 22, 2018, the SEC announced civil charges against six certified public accountants for their role in an alleged scheme to misappropriate confidential information from the Public Company Accounting Oversight Board...more

The KPMG Debacle – Five Former KPMG Employees and Former PCAOB Employees Indicted for Fraud and Conspiracy

by Michael Volkov on

KPMG has been taking it on the chin lately – and apparently for good reason. KPMG is enmeshed in an unfolding corruption scandal in South Africa. Add to that the indictment last week of five individuals (four KPMG employees...more

As President Xi’s Power Grows, So Does China’s Presence on World Stage

In October 2017 at the Chinese Communist Party National Congress, President Xi Jinping consolidated his hold on power and cemented himself as what many commentators are calling the most powerful Chinese leader since Mao...more

Reminders for Foreign Private Issuers for the 2018 Annual Reporting Season

by White & Case LLP on

This memorandum outlines certain considerations for foreign private issuers ("FPIs") in preparation for the 2018 annual reporting season. Part I of this memorandum discusses new developments and practical action items for the...more

Changes to Upcoming Auditor’s Reports

by Dorsey & Whitney LLP on

The United States Public Company Accounting Oversight Board (PCAOB) issued new standards for auditor’s reports that will effect Canadian issuers who are SEC registered. The initial changes go into effect for issuers with...more

Priorities Begin to Emerge for Trump’s SEC

The actions that Securities and Exchange Commission (SEC) Chairman Jay Clayton has taken since the start of his tenure in May 2017 provide an indication of SEC priorities, including encouraging initial public offerings (IPOs)...more

Financial Services Weekly News - January 2018 #3

by Goodwin on

Editor's Note - “Humility and Prudence” at the CFPB. In a memo to employees of the Consumer Financial Protection Bureau (CFPB) later turned into a Wall Street Journal op-ed, Acting CFPB Director Mick Mulvaney articulated his...more

I Fought the Law (and the law won) – The KPMG Indictments

by Thomas Fox on

I thought about that song when I read about the absolutely stunning indictment of five former partners or employees of KPMG and one former employee at the Public Company Oversight Accounting Board (PCAOB). ...more

Blog: SEC Files Charges Against Former PCAOB Staff And Former KPMG Partners—Collateral Impact?

by Cooley LLP on

On January 22, 2018, the SEC filed charges against six CPAs, including former staffers at the PCAOB and former partners of KPMG, arising out of “their participation in a scheme to misappropriate and use confidential...more

New PCAOB Audit Standard for Audit Reports

by Goodwin on

The Public Company Accounting Oversight Board (PCAOB) recently published interpretive guidance on audit reporting standard AS 3101, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an...more

SEC, USAO Charge Six With Misappropriating PCAOB Data

by Dorsey & Whitney LLP on

The SEC and the U.S. Attorney’s Office for the Southern District of New York took the unusual step of charging six accounts from KPMG and/or the PCAOB with misappropriating and using confidential information from the Public...more

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