Four Large Firms Report on How They See Their 2023 Audit Quality
Each year, the U.S. members of the six large global network accounting firms issue audit quality reports. These reports describe the...
PCAOB Target Team Zeroed in on First-time Audits, Shared Service Centers, and Climate
The Public Company Accounting Oversight Board’s annual inspections program includes a “target team” which examines how auditors handled...
What Should be on the Audit Committee’s 2024 Agenda?
At the beginning of each year, accounting and consulting firms present their views on the issues on which audit committees should focus...
AI: Yet Another Audit Committee Responsibility
As noted in several of the 2024 audit committee agenda papers (see What Should be on the Audit Committee’s 2024 Agenda?), audit...
What Do Clients Want from Auditors? Is it the Same as What Investors Want?
In What Do Audit Clients Want from Their Auditor?, Brant Christensen (Brigham Young University), Matthew Ege and Nathan Sharp (both of...
How to Improve Your Audit: Ask Your Auditor to Hire a PCAOB Alum
Washington is famous for the revolving door – the practice of professionals serving some time in government and then going to work for...
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...