Compared to Canada and Europe, in the U.S. the Cost of an Audit is High and Going Up
On April 25, the International Federation of Accountants (IFAC) published Audit Fees Survey 2022: Understanding Audit and Non-Audit...
PCAOB Wants to Hear How its Estimates and Specialists Standards are Working
The Public Company Accounting Oversight Board has issued a Request for Comment on the impact of its new standards for auditing...
SEC is Serious About ESG Disclosure Enforcement
In 2021, the SEC announced the formation of a task force in the Division of Enforcement “to proactively identify ESG-related misconduct.”...
SEC and PCAOB Provide Guidance on the Ukraine War’s Disclosure and Auditing Impact
The staff of the SEC’s Division of Corporation Finance has issued Sample Letter to Companies Regarding Disclosures Pertaining to Russia’s...
Cybersecurity Breach Disclosure is Surging
On April 12, Audit Analytics (AA) released Trends in Cybersecurity Breaches (available here for download), AA’s annual report on public...
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...