SEC Charges Audit Committee Chair with Fraud
The SEC seldom charges audit committee members in cases alleging company accounting or disclosure violations. However, SEC v. Joshua A....
PCAOB Spotlight on Independence Deficiencies Includes Advice for Audit Committees
The staff of the Public Company Accounting Oversight Board has issued Spotlight: Inspection Observations Related to Auditor Independence...
PCAOB Files More Audit Committee Communications Cases
On September 24, the Public Company Accounting Oversight Board announced settled disciplinary proceedings against four audit firms for...
CAQ Finds that 92 Percent of Institutional Investors Rely on CAMs
A survey of 100 institutional investors conducted by KRC Research for the Center for Audit Quality finds that 92 percent of respondents...
2023 PCAOB Target Team Report: Crypto, Multi-Location Audits, and Significant Transactions
The Public Company Accounting Oversight Board has released Spotlight: Observations From the Target Team’s 2023 Inspections . The Board’s...
What Backlash? ESG Reporting Continues to Grow
Over the past ten years, U.S. public company sustainability, or environmental, social, and governance (ESG), reporting has moved from a...
CAQ Surveys Audit Committee Members and Investors on Engagement Performance Metrics
In April, the Public Company Accounting Oversight Board issued for comment two proposals that would significantly expand the disclosures...
Its Enforcement Task Force is Gone, but the SEC is Still Bringing ESG Cases
In 2021, the SEC announced the formation of a task force in the Division of Enforcement “to proactively identify ESG-related misconduct.”...
PCAOB Staff Explains the 2023 Inspection Results
The Public Company Accounting Oversight Board has released Spotlight: Staff Update on 2023 Inspection Activities ( 2023 Inspections...
A Shift in the Winds: Court Rejects SEC’s Use of Internal Control Authority to Police Cybersecurity
On July 18, the Securities and Exchange Commission’s efforts to use the internal accounting control requirement in the Securities...
CAQ Releases a Resource for Audit Committees on Generative AI Oversight
The Center for Audit Quality (CAQ) has published Audit Committee Oversight in the Age of Generative AI , a resource for audit committee...
PCAOB Shines a Spotlight on Generative AI in Auditing and Financial Reporting
The Public Company Accounting Oversight Board’s staff has conducted “limited outreach” to audit firms and public companies to understand...
PCAOB Discloses a Criticism of Deloitte’s Internal Independence Reporting – Again
On July 23, the PCAOB made public a portion of the previously nonpublic section of Deloitte & Touche’s 2020 inspection report . This...
Is AI One of Your Risks?
The Rise of Generative AI In SEC Filings , a report issued by Arize AI, a software provider, finds that in 2024 almost two-thirds (323...
Shoot the Wounded! SEC Charges that Inadequate Cybersecurity is an Internal Accounting Control Violation
On June 18, the Securities and Exchange Commission charged R.R. Donnelley & Sons Co. (RRD), a global provider of business communication...
In 2023 PCAOB Conversations with Audit Committee Chairs, the Economic and Audit Environments Were Top of Mind
Each year, the Public Company Accounting Oversight Board’s Division of Registration and Inspections staff invites audit committee chairs...
Two Studies Find that Restatements Rates Remain Low, Although Big R Restatements Have Begun to Increase
During June, Ideagen Audit Analytics (IAA) and the Center of Audit Quality (CAQ) each released studies of public company financial...
CAQ’s Annual Analysis Finds that More Companies are Using Their Auditor for ESG Assurance
The Center for Audit Quality (CAQ) has posted on its website S&P 500 ESG Reporting and Assurance Analysis, the annual update of its study...
PCAOB Discloses Three 2019 Criticisms of EY’s Quality Control
On July 11, the Public Company Accounting Oversight Board released portions of the previously nonpublic section of Ernst & Young’s 2019...