SEC Acting Chief Accountant Warns Against Bias in Restatement Materiality Decisions
In Assessing Materiality: Focusing on the Reasonable Investor When Evaluating Errors, a statement issued on March 9, SEC Acting Chief...
SEC Proposes Cyber Risk Management and Attack Disclosure Requirements
On March 9, the SEC issued rule proposals to standardize public company disclosures regarding cybersecurity risk management, strategy,...
The PCAOB Reports on its 2021 Conversations with Audit Committee Chairs
During its 2021 inspections, Public Company Accounting Oversight Board inspection teams spoke with more than 240 audit committee chairs...
Companies are Preparing for Required ESG Disclosure, But Many Have a Lot Left to Do
On March 14, Deloitte released the results of ESG executive survey: Preparing for high-quality disclosures, a survey conducted of 300...
The War in Ukraine Raises Accounting and Disclosure Challenges
The Russian invasion of Ukraine has resulted in massive human suffering and displacement and physical destruction. It has also raised...
New Legislation Requires Cyber Incident Reporting
Shortly after the SEC announced its cyber security disclosure proposal (see SEC Proposes Cyber Attack Disclosure Requirements, in this...
Accounting and Auditing Enforcement was Down in 2021, But May Now be on the Upswing
A Cornerstone Research report, Accounting and Auditing Enforcement Activity—2021 Review and Analysis, finds that Securities and Exchange...
Audit Committee Members Think Audit Quality Held Steady During COVID, But Many See Fraud Risk Rising
The Center for Audit Quality and Deloitte’s Center for Board Effectiveness have published the results of their survey of the oversight...
Audit Fees Declined in 2020, But Don’t Get Used to It
Audit Analytics (AA) has released Nineteen Year Review of Audit Fee and Non-Audit Fee Trends, the 2022 edition of its annual analysis of...
Audit Committees and ESG: The Journey in 2022
In Navigating the ESG journey in 2022 and beyond, a January 2022 item in the “On the audit committee’s agenda” series, Deloitte’s Center...
BlackRock and State Street Tell CEOs and Boards What They Expect from Them in 2022
The CEOs of two major asset managers have issued public letters outlining their expectations for portfolio company managements and boards...
The PCAOB Revives its Advisory Committees
The Public Company Accounting Oversight Board has announced the creation of two new advisory groups — the Investor Advisory Group (IAG)...
KPMG Survey Finds that Fraud, Cyber, and Compliance Threats are High and Companies are Ill-Prepared
KPMG has issued A triple threat across the Americas: 2022 KPMG Fraud Outlook. The report, which is based on survey of 642 senior...
What Should be on the Audit Committee’s 2022 Agenda?
At the beginning of each year, many accounting and consulting firms present their views on the issues that audit committees should focus...
SEC Wants to Hear More About Pay-For-Performance Metrics
On January 27, the Securities and Exchange Commission issued a release reopening public comment on a seven-year-old proposal to require...
Acting Chief Accountant Stresses Auditor Independence and Audit Committee Oversight
On October 26, SEC Acting Chief Accountant Paul Munter issued a statement urging “all gatekeepers in the financial reporting ecosystem...
Slight Increases, Some Stagnation: CAQ and EY Report Cards on Audit Committee Transparency
On November 10, the Center for Audit Quality (CAQ) and research firm Audit Analytics released2021 Audit Committee Transparency Barometer,...
Restatements Decline for the Sixth Straight Year, Notching a New Twenty-Year Low
Audit Analytics (AA) has released its annual report on public company restatements, 2020 Financial Restatements: A Twenty-Year Review. ...
Adverse Management Assessments and Auditor Opinions on ICFR Effectiveness are Down
But Better Controls May Not Be the Reason Audit Analytics (AA) has published SOX 404 Disclosures: A Seventeen-Year Review, its annual...