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Bass, Berry & Sims PLC

SEC Settlement against Auditing Firm Serves as Reminder of Important Independence Rules

Bass, Berry & Sims PLC on

On February 29, the Securities and Exchange Commission (the SEC) announced that it settled an administrative proceeding against Lordstown Motors Corps’ former auditor, Clark Schaefer Hackett and Co. (CSH)—the same day that...more

Miller Canfield

SEC Approves PCAOB Rule Governing Determinations Under the Holding Foreign Companies Accountable Act

Miller Canfield on

On November 4, 2021, the U.S. Securities and Exchange Commission (SEC) approved the Public Company Accounting Oversight Board's (PCAOB) Rule 6100, Board Determinations Under the Holding Foreign Companies Accountable Act (Rule...more

Stinson - Corporate & Securities Law Blog

PCAOB Alerts on Deficiencies in Broker-Deal Audits

Stinson - Corporate & Securities Law Blog on

The first five inspections of broker-dealer audit and new attestation engagements subject to PCAOB standards show deficiencies in the auditors’ application of these standards according to the PCAOB. The requirement to...more

Broker-Dealer Compliance + Regulation

SEC and PCAOB Combine Their Focusses on Broker-Dealer Audits and Independence in Settlements with Fifteen Audit Firms

Broker-Dealer Compliance + Regulation on

On December 8, 2014, the Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB) announced settlements with fifteen audit firms for violating independence rules applicable to auditors of...more

Burr & Forman

SEC Sanctions 8 Auditors in “Broken Gate” Enforcement Sweep

Burr & Forman on

The SEC this week issued cease-and-desist orders against eight auditors, fining them $140,000 collectively, for violating auditor independence rules by preparing the very broker-dealer financials they were to audit....more

Eversheds Sutherland (US) LLP

Legal Alert: SEC and PCAOB Address Independence Requirements in Audits Related to Broker-Dealers’ Financial Statements

Eversheds Sutherland (US) LLP on

Confirming that auditor independence continues to be a regulatory priority, the Securities and Exchange Commission (SEC or Commission) and the Public Company Accounting Oversight Board (PCAOB) issued orders on December 8,...more

Brooks Pierce

SEC Sanctions Auditor, Should Make Small Issuers Think Twice

Brooks Pierce on

The SEC brought a settled administrative action against an auditor on October 24th. Often I’ll take a case like this and write something about it to warn other auditors (or investment advisers or broker-dealers, or whomever)...more

Broker-Dealer Compliance + Regulation

PCAOB Again Finds Broker-Dealer Audit Deficiencies. Observation: Experience Is the Best Indicator for Choosing an Audit Firm

Broker-Dealer Compliance + Regulation on

For the third year in a row, the Public Company Accounting Oversight Board (PCAOB) has found shortcomings in the audits of broker-dealers, a trend that could lead to firms spending more to get their books reviewed. The third...more

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