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Securities and Exchange Commission (SEC) PCAOB Audit Committee

Fenwick & West LLP

Securities Law Update - November 2024

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Welcome to the latest edition of Fenwick’s Securities Law Update....more

Cooley LLP

PCAOB Puts NOCLAR Proposal on Hold

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Of course, it’s not just the SEC that will feel the impact of a new administration. Even quasi-regulators like the PCAOB are impacted. Hence, the PCAOB’s recent decision to put its pending rulemaking that would broaden the...more

WilmerHale

PCAOB Releases Summary of 2023 Conversations with Audit Committee Chairs

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One of the stated goals of the Public Company Accounting Oversight Board (PCAOB) is to preserve external audit quality. To further this priority, the PCAOB regularly invites public company audit committee chairs to have...more

Cooley LLP

The PCAOB suggest some questions for audit committee members

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The PCAOB has posted a 2023 audit committee resource that identifies a number of questions that audit committees may want “to consider amongst themselves or in discussions with their independent auditors, particularly given...more

WilmerHale

Recent PCAOB Developments for Audit Committee and Companies

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The Public Company Accounting Oversight Board (PCAOB) has had one of its busiest years in recent memory, including with respect to standard setting, inspections and enforcement. Below is a summary of notable developments that...more

WilmerHale

SEC Acting Chief Accountant Comments on “The Auditor’s Responsibility for Fraud Detection”

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Continuing his recent efforts at clarifying the views of the Office of the Chief Accountant (“OCA”) on various topics, in an October 11, 2022 statement Acting Chief Accountant Paul Munter emphasized the SEC’s focus on auditor...more

Cooley LLP

Public Companies Update – October One-Minute Reads

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SEC adopts final pay-versus-performance rules In August 2022, the US Securities and Exchange Commission announced its adoption of final rules requiring public companies to disclose information regarding the relationship...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

Foley & Lardner LLP

SEC Signals Enhanced Scrutiny of SPAC Transactions

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On March 31, 2021, the SEC’s Division of Corporation Finance and Acting Chief Accountant issued separate public statements concerning Special Purpose Acquisition Companies (“SPACs”). In these recent statements, the SEC is...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

McGuireWoods LLP

SEC Modifies Auditor Independence Standards

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On Oct. 16, 2020, the U.S. Securities and Exchange Commission (SEC) adopted final rules amending the auditor independence requirements of Rule 2-01 of Regulation S-X. The SEC noted that amendments to the auditor...more

WilmerHale

PCAOB Shares Insights on Its Conversations With Audit Committee Chairs

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Last week, the Public Company Accounting Oversight Board shared additional insights regarding its latest conversations with audit committee chairs – Conversations with Audit Committee Chairs: COVID-19 and the Audit (the...more

Morrison & Foerster LLP

Coronavirus (COVID-19): U.S. SEC Staff Statements On Public Company Disclosure And Financial Reporting

As the COVID-19 pandemic and the measures taken to prevent the spread of the disease continue to affect public companies, the staff of the Office of Chief Accountant and the Division of Corporation Finance of the U.S....more

Faegre Drinker Biddle & Reath LLP

Trump Budget Proposes Folding the PCAOB into the SEC by 2022

According to a White House budget issued on February 10, 2020, the White House is considering transferring the authority of the Public Company Accounting Oversight Board (PCAOB or Board) to the SEC by 2022 in order to...more

Foley Hoag LLP - White Collar Law &...

White House’s Proposed Consolidation of PCAOB into SEC Could Reduce Audit Oversight

In its proposed budget for 2021, the White House called for the Public Company Accounting Oversight Board’s (“PCAOB”) “functions and responsibilities” to be consolidated into the SEC. According to the administration, having...more

Kilpatrick

SEC Leadership Statement on Audit Committee Responsibilities

Kilpatrick on

Just before the new year, top leadership of the Securities and Exchange Commission (SEC) provided guidance to public company audit committees as to those areas that they believe need special focus during the upcoming...more

Wilson Sonsini Goodrich & Rosati

SEC Issues Statement on Key Reminders for Audit Committees

On December 30, 2019, Chairman Jay Clayton, Sagar Teotia, the Chief Accountant, and William Hinman, the Director of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (SEC), issued a Statement...more

Mayer Brown Free Writings + Perspectives

Year-End Reminders on The Role of Audit Committees

On December 30, 2019, the Chair of the Securities and Exchange Commission, the SEC’s Chief Accountant, and the Director of the SEC’s Division of Corporation Finance issued a joint statement regarding the role of audit...more

Troutman Pepper Locke

SEC Issues Year-End Guidance for Audit Committees

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On December 30, 2019, the SEC issued a Statement of the Chairman, the Director of the Division of Corporation Finance and the Chief Accountant to remind audit committees, in anticipation of the year-end financial reporting...more

Stinson - Corporate & Securities Law Blog

SEC Statement on Role of Audit Committees and Key Reminders

SEC Chairman Jay Clayton, Sagar Teotia, Chief Accountant and William Hinman, Director, Division of Corporation Finance issued a Statement on Role of Audit Committees in Financial Reporting and Key Reminders Regarding...more

WilmerHale

PCAOB Offers Insights from Conversations with Audit Committee Chairs

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In support of its commitment to increased transparency, the Public Company Accounting Oversight Board recently released Conversations with Audit Committee Chairs: What We Heard & FAQs (the “Summary”), a summary of...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

PCAOB Continues to Expand CAMs Resources

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Earlier this month, the Public Company Accounting Oversight Board released additional resources regarding its new Critical Audit Matters (CAMs) disclosure requirement, with the latest resources targeted to audit committees...more

WilmerHale

PCAOB Offers Guidance on Communications to Audit Committees Related to Independence

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In response to audit firm requests for guidance and a number of deficiencies identified during the Public Company Accounting Oversight Board’s audit firm inspections process, the PCAOB has recently released new Staff Guidance...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

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