News & Analysis as of

Audits Securities and Exchange Commission (SEC) Risk Assessment

Dechert LLP

Dechert Cyber Bits - Issue 59

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U.S. Court Axes Most of SEC's SolarWinds Data Breach Suit - The U.S. District Court for the Southern District of New York recently dismissed much of the U.S. Securities and Exchange Commission’s (“SEC”) suit against...more

ArentFox Schiff

Investment Advisers To Be Subject to Strengthened AML Regulations Under FinCEN’s Proposed Rule

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On February 13, the US Department of the Treasury’s (USDT) Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking (NPRM) which, if adopted, would sweep Security and Exchange Commission-Registered...more

Ankura

Common PCAOB Inspection Findings and Actions Firms Can Take to Improve Audit Quality and Reduce the Risk of Regulatory Enforcement...

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In July 2023, the PCAOB published the spotlight, “Staff Update and Preview of 2022 Inspection Observations.” The article summarized the PCAOB's common findings from its 2022 inspection season. Many of the findings observed in...more

Cooley LLP

SEC Chief Accountant warns against narrow focus in risk assessments

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In this Statement, The Importance of a Comprehensive Risk Assessment by Auditors and Management, SEC Chief Accountant Paul Munter cautions auditors and company managements against conducting risk assessments that focus too...more

Seward & Kissel LLP

SEC Settles Charges with Accounting Firm for Quality Control Deficiencies

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Who may be interested: Audit committees, Compliance professionals - Quick Take: The SEC recently settled charges against an accounting firm for alleged systemic quality control failures and violations of audit standards,...more

Cooley LLP

COSO introduces ”internal control over sustainability reporting”

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Under the pressure of institutional investors, environmental groups, employees, consumers and other stakeholders, many companies have sought to demonstrate their bona fides when it comes to ESG through disclosure about their...more

Troutman Pepper

SEC Reiterates Auditor Responsibilities in Risk Assessment

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Independent auditors have been placed on notice to tighten internal fraud investigations following an October 11 statement by the U.S. Securities and Exchange Commission’s (SEC) chief accountant, which can be found here. This...more

White & Case LLP

Key Considerations for the 2022 Annual Reporting and Proxy Season Part I: Form 10-K Considerations

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This is Part I of a two-part series outlining key considerations from White & Case's Public Company Advisory Group for US public companies during the 2022 annual reporting and proxy season. Part I of this memo describes...more

Foley & Lardner LLP

Reassessing Your Global Compliance Risk Profile

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The unprecedented challenges created by the COVID-19 pandemic and resulting government lockdowns could strain even the most robust compliance programs. Companies have been appropriately focused on business preservation during...more

Miller Canfield

Risks For RIA Firms in a COVID World

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In light of COVID-19, the U.S. Securities and Exchange Commission ("SEC"), recognizing that RIA Firms are facing operational, technological, commercial and other issues, has also outlined "regulatory and compliance questions...more

Thomas Fox - Compliance Evangelist

Assessing compliance internal controls under the COSO 2013 Internal Controls Framework

In the age of Coronavirus, it could well be time to assess your internal controls beyond a gap analysis. Consider what COSO says about assessing compliance internal controls. In its Illustrative Guide, COSO laid out its views...more

Dorsey & Whitney LLP

Did You Remember These Developments for the 2020 SEC Reporting Season?

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Preparations for annual reporting on Form 10-K and the 2020 proxy season have begun in earnest for many companies. We have summarized certain governance and disclosure developments that should be considered in the course of...more

Mayer Brown Free Writings + Perspectives

Year-End Reminders on The Role of Audit Committees

On December 30, 2019, the Chair of the Securities and Exchange Commission, the SEC’s Chief Accountant, and the Director of the SEC’s Division of Corporation Finance issued a joint statement regarding the role of audit...more

Eversheds Sutherland (US) LLP

Recent guidance brings OFAC in line with domestic and global compliance trends

On May 2, 2019, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued guidance titled “A Framework for OFAC Compliance Commitments” (Guidance), providing direction regarding what OFAC considers to...more

Akin Gump Strauss Hauer & Feld LLP

PCAOB Issues 2019 Staff Inspections Outlook For Audit Committees As Part Of Its Outreach

As part of its transparency and outreach initiative to its stakeholders, the Public Company Accounting Oversight Board (“PCAOB” or “Board”) continues to issue staff briefs to better inform the public about how the Board is...more

Foley & Lardner LLP

DOJ Issues New FCPA Policy Offering Incentives to Encourage Disclosure of Foreign Bribery and Corruption Misconduct

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On November 29, 2017, Deputy Attorney General Rod Rosenstein announced that the U.S. Department of Justice (DOJ) was issuing a new enforcement policy covering its enforcement of the Foreign Corrupt Practices Act (FCPA). The...more

Morrison & Foerster LLP

Heightened Supervision of Branch Offices — Tips for the Coming Year

In recent years, the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) have heightened their expectations of what constitutes a “comprehensive” branch self-inspection program. Firms...more

BakerHostetler

Broker-Dealers and Investment Advisers Now Targeted by Both Cyber Intruders and SEC Cybersecurity Examiners

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Cybersecurity has increasingly become a critical issue for all types of businesses, few more so than broker-dealers, investment advisers and others in the financial sector. The cyber threat is much broader than customer data...more

NAVEX

A Prescriptive Guide To Third Party Risk Management

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The recent examples of compliance program credits for Morgan Stanley and Ralph Lauren have demonstrated that, more than ever, an effective compliance program can protect a company from criminal indictment and generate bottom...more

BakerHostetler

Introducing the "Compliance Corner"

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Several governmental agencies, including the Internal Revenue Service (IRS), Department of Labor (DOL), Securities and Exchange Commission (SEC) and Department of Health and Human Services (HHS), have stepped up their audit...more

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