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....
Protiviti Reports that SOX Compliance Costs Continue to Rise
Consulting firm Protiviti has released the 2022 edition of its annual survey of Sarbanes-Oxley Act (SOX) compliance costs, SOX...
EY Fined $100 Million for Ethics Exam Cheating
The SEC has charged Ernst & Young with violations of SEC and PCAOB rules requiring auditors that practice before the Commission to...
PCAOB Strengthens the Standards for Audits Involving Multiple Auditors
PCAOB has adopted amendments to its auditing standards to strengthen the requirements for planning and supervising audits involving...
SEC Rulemaking is in Hyperdrive: Spring 2022 Regulatory Agenda
On June 22, the Biden Administration released the Spring 2022 Unified Agenda of Regulatory and Deregulatory Actions – essentially a...
Directors and Senior Managers See Both ESG Reporting Challenges and Benefits
Reporting solutions provider Workiva has released the results of a survey of the “challenges, potential opportunities, and the positives”...
SEC Notches Another EPS Enforcement Case
On April 18, the SEC brought an administrative action against Rollins Inc. alleging that the pest control company reduced certain...
Cornerstone: Accounting Class Actions Fell Sharply Last Year
Cornerstone Research has issued its annual report on accounting class action litigation, Accounting Class Action Filings and...