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Society of Corporate Compliance and Ethics...

[Virtual Event] Compliance Auditing & Monitoring Conference - September 17th, 8:00 am - 5:00 pm CT

For a compliance program to be successful, it's essential to monitor performance on an ongoing basis, and periodically stop and audit your efforts. Join us on September 17, 2024 for the Compliance Auditing and Monitoring...more

WilmerHale

PCAOB Releases Summary of 2023 Conversations with Audit Committee Chairs

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One of the stated goals of the Public Company Accounting Oversight Board (PCAOB) is to preserve external audit quality. To further this priority, the PCAOB regularly invites public company audit committee chairs to have...more

Cooley LLP

SEC Chief Accountant issues statement on tone at the top

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In this statement, SEC Chief Accountant Paul Munter discusses the importance of setting the tone at the top. According to Munter, “academic research has ‘long stressed the crucial role that tone at the top, set by...more

Kohn, Kohn & Colapinto LLP

Whistleblower Awards for Auditors are Key to Meeting OECD Guidelines

According to the Institute of Internal Auditors “Politics of Internal Auditing” (2015), 55% of chief audit executives were directed to commit important findings from their audit reports. 49% of chief audit executives were...more

International Lawyers Network

Establishing a Business Entity in Hungary (Updated)

Since 1990, the Hungarian economy is based on the principles of market economy and considers the freedom of economic competition as a priority. On such basis, the regulation of business associations went through significant...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

Society of Corporate Compliance and Ethics...

[Virtual Event] Compliance Auditing & Monitoring Conference - September 6th, 9:00 am - 5:00 pm CT

Is your organization’s compliance program set up for long-term success? For a compliance program to be successful, it's essential to monitor performance on an ongoing basis, and periodically stop and audit your efforts....more

Akin Gump Strauss Hauer & Feld LLP

“When you are a hammer, the world is a nail” – SEC and PCAOB Senior Staff Signal Increased SEC and PCAOB Gatekeeper Enforcement

Key Points - SEC Enforcement and PCAOB Enforcement both are pursuing more significant sanctions against auditors, particularly with respect to civil money penalties. Expect 2023 enforcement against auditors to focus...more

International Lawyers Network

Establishing a Business Entity in Hungary (Updated)

Since 1990, the Hungarian economy is based on the principles of market economy and considers the freedom of economic competition as a priority. On such basis, the regulation of business associations went through significant...more

Nelson Mullins Riley & Scarborough LLP

U.S. and China Announce Agreement to Inspect Chinese and Hong Kong Audit Firms

The Public Company Accounting Oversight Board (“PCAOB”) recently announced that it has reached an agreement with Chinese authorities that would allow American regulators to inspect audit firms located in mainland China and...more

Cooley LLP

SEC approves new PCAOB requirements for lead auditor’s use of other auditors

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At the end of last week, the SEC approved the PCAOB’s updated standards for audits that involve multiple auditing firms. SEC Chair Gary Gensler said that the amended standards “will strengthen the requirements for lead...more

Society of Corporate Compliance and Ethics...

[Virtual Event] Compliance Auditing & Monitoring Conference - September 20th, 8:55 am - 3:30 pm CDT

Is your organization’s compliance auditing and monitoring program effective? For a compliance program to be effective, it's essential to monitor performance on an ongoing basis, and periodically stop and audit your...more

Barnea Jaffa Lande & Co.

New Statement on Required Disclosure Appointment of an Auditor

On March 30, 2022, the Israel Securities Authority (ISA) published a new staff position statement: “Disclosure Required When Convening a General Meeting of Shareholders Whose Agenda Includes the Appointment of an Auditor.”...more

Cooley LLP

More SPAC restatements on the way?

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It’s been weeks since the SEC last took SPACs to task! According to Bloomberg, the SEC is now requiring many SPACs to “Big R” restate their financial statements because they tripped over the classification of certain shares...more

Stinson - Corporate & Securities Law Blog

PCAOB Releases 2021 Audit Committee Resource

The PCAOB has released a publication captioned “Audit Committee Resource: 2021 Inspections Outlook.”  The purpose of the three-page publication is to assist audit committees in engaging in informed dialogue with their...more

Cooley LLP

Blog: What issues should be on the 2021 audit committee agenda?

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In this new Bulletin, consultant Protiviti identifies key issues for the 2021 audit committee agenda and—no surprise—at least half reflect the impact of COVID-19. The agenda includes four topics related to enterprise,...more

WilmerHale

PCAOB Shares Insights on Its Conversations With Audit Committee Chairs

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Last week, the Public Company Accounting Oversight Board shared additional insights regarding its latest conversations with audit committee chairs – Conversations with Audit Committee Chairs: COVID-19 and the Audit (the...more

Cooley LLP

Blog: Audit committee chairs identify effective practices for audit quality improvement

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In December, the PCAOB posted a report on the results of its 2019 conversations with almost 400 audit committee chairs, focused on audit committee perspectives on audit quality assessment and improvement, auditor...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

WilmerHale

Sixth-Annual CAQ Audit Committee Transparency Barometer Shows Mixed Trends in Voluntary, Enhanced Audit Committee Disclosures

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Earlier this month, the Center for Audit Quality (CAQ) and Audit Analytics released their sixth-annual Audit Committee Transparency Barometer report.  Similar to prior years, the groups acknowledge “progress on the...more

Cooley LLP

Blog: Does appointment of a former partner of the client’s audit firm to the client’s audit committee impair audit quality?

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Studies of former partners of audit firms that have assumed management positions at audit clients have raised concerns, at least pre-SOX, about potentially lower audit quality, perhaps reflecting hesitation by the audit firm...more

Blank Rome LLP

Enhanced Corporate Governance Requires Proactive Strategy

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Good corporate governance requires that boards and senior management of all organizations (including public, private and not-for-profit organizations) be kept fully informed of all material enterprise risks. Unfortunately,...more

WilmerHale

CAQ Expands Library of Resources for Audit Committees

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Earlier this month, the Center for Audit Quality (CAQ) further expanded its resource library for audit committees by refreshing its External Auditor Assessment Tool. Consistent with the prior version, which was updated in...more

Cooley LLP

Blog: Help is here for audit committees—CAQ offers updated auditor assessment tool

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To fulfill their oversight responsibilities, audit committees typically evaluate the outside auditor at least annually to determine, in part, whether the auditor should be engaged for the subsequent fiscal year. The Center...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

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