PCAOB Isn’t Happy with EQR and Has Questions for Audit Committees to Ask
The Public Company Accounting Oversight Board has issued a staff report on engagement quality reviews (EQRs). An EQR is an evaluation by...
CAQ Reports on Ten Years of Increasing Audit Committee Transparency
On November 30, the Center for Audit Quality (CAQ) and research firm Ideagen Audit Analytics (AA) released 2023 Audit Committee...
After a SPAC-Driven Surge, Restatements Are Returning to “Normal”
Ideagen Audit Analytics (AA) has released its annual report on public company restatements, Financial Restatements: A 20-Year Review...
SEC Enforcement Targets Individuals but Rewards Company Cooperation
In fiscal year 2023, Securities and Exchange Commission enforcement actions against public companies and their subsidiaries rose 34...
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...