News & Analysis as of

PCAOB Audit Reports

Baker Botts L.L.P.

In Split Decision, SEC Approves New Audit Quality Control Standard QC 1000

Baker Botts L.L.P. on

On September 9, 2024, three of the SEC’s five Commissioners voted to approve the new PCAOB Quality Control Standard QC 1000 A Firm’s System of Quality Control. The new standard will substantially revise and refine public...more

DLA Piper

SEC Approves PCAOB Rule Amendment That Expands Individual Auditor Enforcement Liability

DLA Piper on

The Securities and Exchange Commission (SEC) approved a proposed amendment to Public Company Accounting Oversight Board (PCAOB) Rule 3502. The amended rule expands enforcement liability for associated persons who...more

Troutman Pepper

PCAOB Proposes Massive Expansion of the Auditor's Role

Troutman Pepper on

On June 3, the Public Company Accounting Oversight Board (PCAOB) proposed sweeping new auditing standards (PCAOB Release No. 2023-003) that would require auditors to consider a company’s noncompliance with laws and...more

Mayer Brown Free Writings + Perspectives

The SEC’s Office of the Chief Accountant (“OCA”) on Audit Quality and Investor Protection Under the Holding Foreign Companies...

On September 6, 2022, the OCA released a statement regarding audit quality and investor protection under the Holding Foreign Companies Accountable Act (“HFCAA”).  The statement reiterates the importance of high quality audits...more

Cooley LLP

Is time running out under the HFCAA?

Cooley LLP on

In December 2020, the Holding Foreign Companies Accountable Act, co-sponsored by Senators John Kennedy, a Republican from Louisiana, and Chris Van Hollen, a Democrat from Maryland, was signed into law. The HFCAA amended SOX...more

Cooley LLP

Blog: SEC removes Duhnke as PCAOB Chair

Cooley LLP on

On Friday, the SEC announced that it had “removed” William D. Duhnke III from the PCAOB and designated Duane M. DesParte to serve as Acting Chair, effective Friday. Duhnke has been serving as Chair since January 2018. The SEC...more

BCLP

Be Aware - SEC Implements Holding Foreign Companies Accountable Act (HFCA) Requirements

BCLP on

The SEC recently announced its adoption of interim final amendments to certain forms, including Form 10-K and Form 20-F, to implement the congressionally mandated document submission and disclosure requirements of the Holding...more

Morrison & Foerster LLP

SEC Issues Amended Disclosure Rules, One Step Closer To Implementing The Holding Foreign Companies Accountable Act

On March 24, 2021, the U.S. Securities and Exchange Commission (“SEC”) issued rule amendments to implement submission and disclosure requirements mandated by the Holding Foreign Companies Accountable Act (“HFCAA” or “Act”)....more

Mayer Brown Free Writings + Perspectives

High Quality Financial Reporting in an Unusual Year

The Association of International Certified Professional Accountants (AICPA) hosted the 2020 AICPA Conference on Current SEC and PCAOB Developments this past week at which a number of SEC accountants participated, either...more

Skadden, Arps, Slate, Meagher & Flom LLP

Holding Foreign Companies Accountable Act Poised To Be Signed Into Law

On December 2, 2020, the U.S. House of Representatives approved the Holding Foreign Companies Accountable Act (Act). The Act is identical to the bill the U.S. Senate passed in May 2020. Most significantly, the Act requires...more

Mayer Brown Free Writings + Perspectives

PCAOB Report on Critical Audit Matters

The Public Company Accounting Oversight Board (PCAOB) recently released an interim analysis report on the initial impact of critical audit matter (CAM) requirements (Auditing Standard No. 3101). Generally, CAM requirements...more

Cooley LLP

Blog: SEC preparing proposals to implement recommendations regarding emerging market listings

Cooley LLP on

For over a decade, the PCAOB has been unable to fulfill its SOX mandate to inspect audit firms in “Non-Cooperating Jurisdictions,” or “NCJs,” including China. To address this issue, in May, the Senate passed the Holding...more

Mayer Brown Free Writings + Perspectives

PCAOB Critical Audit Matters Spotlight

In a recent publication, the Public Company Accounting Oversight Board (“PCAOB”) Staff shares some initial observations regarding Critical Audit Matters (“CAMs”) implementation....more

Mayer Brown Free Writings + Perspectives

Critical Audit Matters

At the recent 2019 AICPA Conference on Current SEC and PCAOB Developments, representatives of the SEC provided updates on a number of emerging issues, including implementation of the critical audit matters (“CAMs”)...more

Stinson - Corporate & Securities Law Blog

PCAOB Reviews a Few Early CAMs

The PCAOB announced it has conducted a limited review of audit reports of large accelerated filers reporting critical audit matters or CAMs....more

Skadden, Arps, Slate, Meagher & Flom LLP

Form 20-F for Fiscal Year 2019: What Foreign Private Issuers Should Keep in Mind

There have been significant recent developments in U.S. Securities and Exchange Commission (SEC) regulation of foreign private issuers, (FPIs) including changes that impact the annual report on Form 20-F for fiscal year 2019....more

Cooley LLP

Blog: How have companies adapted to CAMs?

Cooley LLP on

In this report, Critical Audit Matters: Public company adaptation to enhanced auditor reporting, Intelligize examines data from a survey, conducted by SourceMediaResearch/Accounting Today, of 171 compliance specialists at...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

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

Cooley LLP

Blog: PCAOB offers help for audit committees about CAMs

Cooley LLP on

The PCAOB has just released a new resource for audit committees about critical audit matters, designed to “inform audit committees as they engage with their auditors on the new CAM requirements.” The new auditing standard for...more

Mayer Brown Free Writings + Perspectives

Bipartisan Legislation to Strengthen Disclosure Requirements for Foreign Companies Listed on U.S. Exchanges

Recently, a bipartisan bill was introduced in Congress that would require that U.S. listed foreign companies provide U.S. regulators access to accounting records tied to audit reports....more

Cooley LLP

Blog: Tips on CAMs at PLI panel

Cooley LLP on

An article in the Federal Securities Law Reporter reports on some tips gleaned from a discussion of, what else, “critical audit matters” on a PCAOB panel at PLI’s 34th Midyear SEC Reporting and FASB Forum. The new auditing...more

Cooley LLP

Blog: New PCAOB guidance on auditor communications regarding CAMs

Cooley LLP on

The PCAOB has just published new guidance on auditors’ communication of critical audit matters in the auditor’s report. The guidance includes some new FAQs related to how auditors should describe their principal...more

Stinson - Corporate & Securities Law Blog

PCAOB Provides Guidance on Communications of CAMs

The PCAOB posted to its website a staff guidance document, A Deeper Dive on the Communication of CAMs, developed to support implementation of the new critical audit matter requirements....more

Mayer Brown Free Writings + Perspectives

PCOAB Releases Preview of 2018 Audit Inspection Findings

In May, the Public Company Accounting Oversight Board (“PCAOB”) posted a preview of its staff’s observations made in relation to audits conducted in 2018....more

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