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...
FASB Moves Ahead with Requirement to Disaggregate Expenses
On June 26, the Financial Accounting Standards Board voted to require public companies (and other SEC filers) to disaggregate certain...
The PCAOB Isn’t Slowing Down
At its public meeting on June 12, the Public Company Accounting Oversight Board adopted a previously proposed rule change affecting...
What’s in Store for the Rest of 2024? SEC Reg Flex Agenda Update
On July 8, OMB’s Office of Information and Regulatory Affairs released the federal government’s Spring 2024 Unified Agenda of Regulatory...
Why is Your Audit Fee So High? Perhaps Management is Telling Investors it’s Honest
A research paper published in the Journal of Business Ethics finds that companies that use “trust words,” such as “character,” “ethics,”...
PCAOB Adopts Enhanced Quality Control Standard for Audit Firms
The Public Company Accounting Oversight Board has adopted a new standard, QC 1000, governing the quality control (QC) systems of public...
PCAOB Reworks the Foundations of Auditing
The Public Company Accounting Oversight Board has adopted a new auditing standard, AS 1000, General Responsibilities of the Auditor in...
Deloitte on How the Audit Committee Can Leverage the Disclosure Committee
Disclosure oversight is one of the key responsibilities of audit committees. This responsibility is becoming more challenging because of...
KPMG-U.K. Has Audit Committee Agenda Suggestions
The Harvard Law School Forum on Corporate Governance has published The 2024 Audit Committee agenda and the questions investors should be...
Revised 2022 PCAOB Large Firm Inspection Reports Analysis
A new version of the Update’s summary and analysis of the 2022 Public Company Accounting Standards Board’s inspection reports for the...
PCAOB Updates its Agenda and Sets its Sights on Internal Audit
The staff of the PCAOB has announced updates to the Board’s standard-setting, research, and rulemaking agendas. The Board removed two...
Read Any Good CAMs Lately? The PCAOB’s Investor Advisory Group Wants to Know
The PCAOB’s Investor Advisory Group (IAG) has requested nominations for the most decision-useful critical audit matter (CAM) or key audit...
PwC Explains Audit Committee Responsibilities under the E.U.’s CSRD
The European Union’s Corporate Sustainability Reporting Directive (CSRD) will directly impact many U.S.-based companies. According to...
Sustainability Assurance is the New Expectations Gap
Companies frequently obtain third-party assurance over portions of their sustainability reporting, and sustainability reporting rules...
PCAOB Proposes Engagement Metrics and Audit Firm Operational and Financial Reporting
On April 9, the Public Company Accounting Oversight Board issued for public comment two proposals that would significantly expand the...