PCAOB Reports 2021 Target Team Observations
Since 2019, the Public Company Accounting Oversight Board’s annual inspections program has included a “target team.” The target team...
PCAOB Updates its Standard-Setting Agenda
In May, the Public Company Accounting Oversight Board released a new standard-setting and research project agenda. See PCAOB Announces...
EY’s Annual Cybersecurity Disclosure Analysis: Most Breaches Go Unreported
The EY Center for Board Matters (EY Center) has released How cyber governance and disclosures are closing the gaps in 2022, its annual...
AA’s 20-Year Review Finds Audit Fees are Rising Again
Audit Analytics (AA) has released Twenty-Year Review of Audit Fee and Non-Audit Fee Trends, its annual analysis of fees paid to external...
PCAOB Chair Has Advice for Audit Committees
On October 7, PCAOB Chair Erica Williams delivered remarks audit committee responsibilities at the University of California-Irvine’s...
SEC Chief Accountant Issues a Reminder on Fraud
Acting SEC Chief Accountant Paul Munter has released a statement emphasizing the auditor’s responsibilities for financial statement fraud....
PCAOB Gives EY a Partial Fail on 2018 Remediation
On October 17, the PCAOB made public a portion of the previously nonpublic section of Ernst & Young’s 2018 inspection report. This...
DOJ Announces Tougher Corporate Enforcement and Self-Policing Policies
On September 15, Criminal Division Assistant Attorney General Lisa Monaco issued a memorandum outlining new Department of Justice...
Deloitte Updates its Audit Committee Guide
Deloitte’s Center for Board Effectiveness has released an updated version of its Audit Committee Guide (Guide). In the press release...
We Have Some Questions for You. The PCAOB Releases a New Audit Committee Resource
The Public Company Accounting Oversight Board has issued a new publication for audit committees. The Board describes Spotlight: Audit...
Audit Committees Should be on the Look-Out for ESG Fraud Risks
Environmental, social, and governance issues appear with increasing frequency on board agendas. Emerging fraud risks to consider: ESG,...
Audit Committee Agenda Advice for the Second Half of 2022
Earlier this year, the Update summarized accounting and consulting firm publications that suggested issues on which audit committees...
Ineffective ICFR is More Common; Staff Shortages May be the Cause
Audit Analytics (AA) has released its annual report on Sarbanes-Oxley Act (SOX) Section 404 reporting, SOX 404 Disclosures: An...
After 20 Years, It May be Time to Update Your SOX Compliance Program
The Sarbanes-Oxley Act (SOX) became law on July 30, 2002 – 20 years ago. For public companies, the most significant aspect of SOX was...
IFAC Reports on the State of ESG Assurance
The International Federation of Accountants (IFAC) and the Association of International Certified Professional Accountants (Association),...
SEC Adopts Pay Versus Performance Disclosure
On August 25, the SEC adopted rules requiring U.S. public companies to disclose information reflecting the relationship between executive...
Where’s the Economy Headed? Ask Your Audit Partner.
The Center for Audit Quality (CAQ) has released the results of a survey of U.S. public company audit partners on a range of topics,...
Acting Chief Accountant Speaks Out on Auditor Independence
Acting SEC Chief Accountant Paul Munter has issued a significant statement on auditor independence. See The Critical Importance of the...
2022 PCAOB Inspections Preview
The PCAOB’s inspection staff has released Spotlight: Staff Overview for Planned 2022 Inspections, its annual discussion of focus areas in...
Fueled by SPACs, Restatements Surge
Audit Analytics (AA) has released its annual report on public company restatements, 2021 Financial Restatements: A Twenty-One-Year Review....