G&AI: Nine Out of Ten Russell 1000 Companies Publish a Sustainability Report
The Governance & Accountability Institute (G&AI) has released 2023 Sustainability Reporting in Focus, the twelfth annual edition of its...
Audit Committees Should Pay Attention to the Statement of Cash Flows
SEC Chief Accountant Paul Munter has issued The Statement of Cash Flows: Improving the Quality of Cash Flow Information Provided to...
PCAOB Updates its Agendas and Adds a CAMs Review
On November 1, the PCAOB announced that it had released updated versions of its standard-setting, research, and rulemaking...
FERF: Audit Fees Rose 4.6 Percent in 2022
The Financial Executives Research Foundation (FERF), the research affiliate of Financial Executives International (FEI), has released its...
California Weighs in on Net Zero Disclosure
Two new California laws on climate disclosure have attracted considerable attention because of their potentially far-reaching impact on...
SEC Chief Accountant: When Assessing Risk, Look at the Big Picture
SEC Chief Accountant Paul Munter has issued a statement discussing risk assessment. In The Importance of a Comprehensive Risk Assessment...
No Surprises, Please. 2022 PCAOB Conversations with Audit Committee Chairs
Audit committee chairs are worried about the impact of the “great resignation” on their engagement team and on the financial reporting...
California Outflanks the SEC on Climate Disclosure
California Governor Newsom has signed legislature that will require many U.S. companies to disclose their scope 1, 2, and 3 greenhouse...
E.U. ESG Disclosure Requirements Will Affect Many U.S. Companies
The SEC’s climate-change proposal and the new California climate disclosure laws are not the only ESG disclosure requirements to which...
Ready or Not: KPMG Finds that Few Companies are Prepared for ESG Assurance
KPMG has released Road to Readiness, the inaugural report on the KPMG ESG Assurance Maturity Index. The Maturity Index, measured on a...
Ineffective ICFR Ticked Up for the Second Straight Year in 2022
Ideagen Audit Analytics has released SOX 404 Disclosures: A 19-Year Review, its annual analysis of disclosures under Section 404 of the...
PCAOB Adopts a New Confirmation Standard
On September 28, the Public Company Accounting Oversight Board (PCAOB) adopted a new standard on the auditor’s use of confirmations. See...
Top Technology Risks that Keep Internal Audit Up at Night
Chief audit executives (CAEs) and IT audit leaders see cybersecurity as the top technology risk their companies face over the next year,...
The Average Audit Fee Reached an All-Time High in 2022
In 2022, the average audit fees for an SEC-registered public companies increased 11 percent over 2021 and hit an all-time high of $2.24...
Audit Committee Members Weigh in on NOCLAR Proposal
The PCAOB’s proposal to broaden the scope of the auditor’s responsibilities for audit client noncompliance with laws and regulations...
Material Weaknesses are Increasing and the Accountant Shortage May Be to Blame
PwC reports a “resurgence” of public company material weakness disclosures. In The resurgence of the material weakness, PwC warns that,...
PCAOB Charges Five Firms with Audit Committee Communications Failures
On July 28, the Public Company Accounting Oversight Board announced settled disciplinary orders sanctioning five audit firms for...
Advice for Audit Committee Chairs on Conducting Special Investigations
Audit committee chairs are often tasked with conducting investigations of suspected financial frauds, corrupt payments, or other...
IAASB Issues Proposed Sustainability Auditing Standard
On August 2, the International Auditing and Assurance Standards Board (IAASB) issued Proposed International Standard on Sustainability...