Tag: PCAOB

SEC Chair and staff presentations at AICPA National Conference

by Cydney Posner SEC Chair Mary Jo White and a cast of thousands from the SEC’s Office of the Chief Accountant delivered remarks yesterday before the 2015 AICPA National Conference on Current SEC and PCAOB Developments. Summarized below are some of the key themes of their speeches:

Two tips for audit committees

by Cydney Posner It’s getting to be that time of year when visions of sugarplums may dance in your head — alongside more mundane thoughts and concerns about financial statements, audits, audit committees and year-end reporting that just might disturb your otherwise pleasant holiday season.  With that in mind, this column  in […]

AS 18 creates a new buzz about related-party transactions for the audit of 2015

by Cydney Posner As discussed in this PubCo post, last year the PCAOB adopted Auditing Standard No. 18, Related Parties, addressing related-party transactions, significant unusual transactions and transactions with executive officers. (See the standard , related fact sheet and SEC release.) These types of transactions are considered to pose an increased risk of […]

Big companies voluntarily enhance audit committee disclosures

by Cydney Posner While the SEC and PCAOB ponder what to do with auditor and audit committee reports, an increasing number of large companies have begun to include more audit committee disclosures on a voluntary basis, according to an analysis by the EY Center for Board Matters. The study looked at […]

Study of enhanced audit and audit committee reports in UK shows positive audit impact

by Cydney Posner This study reported in Compliance Week may put some wind in the sails of those seeking to enhance the nature of the disclosures in standard audit reports and audit committee reports in the US.  The study showed that, in the UK, which has already mandated expanded audit reports […]

Does auditor rotation impair professional skepticism?

by Cydney Posner CFO.com is reporting on a study published in a leading accounting journal The Accounting Review (payment required) that reaches the counter-intuitive conclusion that auditor rotation  actually impairs professional skepticism.  Skepticism is “a perspective universally viewed as essential to effective auditing. The primary reason traditionally advanced to require […]

SEC issues concept release regarding potential additional audit committee disclosures

by Cydney Posner The SEC hasn’t issued a concept release since 2011, but that’s changed now with the posting of this concept release regarding possible revisions to audit committee disclosures (foreshadowed in this post). The concept release seeks public comment on possible new reporting requirements focused on the audit committee’s  responsibilities […]