Day 5 of One Month to Better Investigations and Reporting-the Board’s Investigation Protocol
Despite the future of the Public Company Accounting Oversight Board coming under threat, the PCAOB continues to release guidance, implement rules, conduct inspections and pursue enforcement actions....more
Welcome to the latest edition of Fenwick’s Securities Law Update....more
The Public Company Accounting Oversight Board (PCAOB) has had one of its busiest years in recent memory, including with respect to standard setting, inspections and enforcement. Below is a summary of notable developments that...more
Continuing his recent efforts at clarifying the views of the Office of the Chief Accountant (“OCA”) on various topics, in an October 11, 2022 statement Acting Chief Accountant Paul Munter emphasized the SEC’s focus on auditor...more
SEC adopts final pay-versus-performance rules In August 2022, the US Securities and Exchange Commission announced its adoption of final rules requiring public companies to disclose information regarding the relationship...more
The PCAOB recently released a new Audit Committee Resource, which sets forth questions that audit committee members may want to consider incorporating into their ongoing engagement with auditors. The categories of questions...more
The PCAOB recently published its “Spotlight: 2021 Conversations with Audit Committee Chairs” which presents high-level observations and key takeaways from conversations between the PCAOB and 240 audit committee chairs at U.S....more
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
With 2021 now upon us, companies, auditors and audit committees are gearing up for another annual reporting season, coming off of one of the more turbulent years in recent history, which included a significant number of...more
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
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
In support of its commitment to increased transparency, the Public Company Accounting Oversight Board recently released Conversations with Audit Committee Chairs: What We Heard & FAQs (the “Summary”), a summary of...more
On July 11, 2019, the Public Company Accounting Oversight Board (PCAOB) issued two companion pieces providing “insights” into the PCAOB’s requirements for the presentation of critical audit matters (CAMs) in the auditor’s...more
Earlier this month, the Public Company Accounting Oversight Board released additional resources regarding its new Critical Audit Matters (CAMs) disclosure requirement, with the latest resources targeted to audit committees...more
The Public Company Accounting Oversight Board’s Division of Registration and Inspections has recently released a Staff Preview of 2018 Inspection Observations (Preview), based on the PCAOB staff’s inspection of over 160 audit...more
Always a fertile source of regulatory perspective, this year’s Baruch College Financial Reporting Conference featured a future-oriented theme in remarks by Chief Accountant of the Securities and Exchange Commission Wesley...more
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
The PCAOB recently released its 2019 Staff Inspections Outlook for Audit Committees. During its 2019 inspections, the PCAOB has said that its inspections will focus on among other things...more
The Public Company Accounting Oversight Board (PCAOB) recently noted that it will provide an opportunity for audit committee chairs of certain companies whose audits are subject to inspection to “engage in a dialogue with the...more
Last week, the Public Company Accounting Oversight Board published new staff guidance to support implementation of the impending critical audit matters (CAMs) disclosure requirements, which first become effective later this...more
The PCAOB recently noted that during 2019 it will provide an opportunity for audit committee chairs of certain companies whose audits are subject to inspection to “engage in a dialogue with the inspections staff.” ...more
On March 14, 2019, the Public Company Accounting Oversight Board issued its 2019 Staff Inspections Outlook for Audit Committees (the “Committee Outlook”), which offers a concise outline of what audit committees should expect...more
In a published document, the PCAOB noted its new strategic plan anticipated enhanced external engagement and more proactive communication with its stakeholders, including audit committees, to inform them about its core...more
In December 2015, the Public Company Accounting Oversight Board (PCAOB) adopted a rule requiring audit firms to file information on Form AP for each public company audit report. The disclosures include the name of the...more
The following are some important reminders and updates for the 2017 proxy season. Say-When-on-Pay - Required Vote in 2017 - The Securities and Exchange Commission (SEC) requires companies to conduct a...more