According to Tatyana Shumsky at the Wall Street Journal, the Securities and Exchange Commission has increased efforts to regulate the use of accounting metrics that do not conform to
Continue Reading SEC Taking a Closer Look at Non-GAAP Financial Reporting
Accounting Standards
NEW STANDARD FOR B-D AUDITS
By Fox Rothschild on
The PCAOB adopted two attestation standards relating to auditors’ examinations and reviews of broker-dealer compliance and examination reports and adopted an auditing standard for the audits of supplemental information that…
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SEC’s New Task Force on Financial Reporting Fraud
By Fox Rothschild on
The Securities and Exchange Commission announced three new enforcement initiatives, including a task force aimed at rooting out potential fraud involving issuer disclosures and audit failures. See http://www.sec.gov/news/press/2013/2013-121.htm.
The SEC…
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PCAOB NOW GIVES CREDIT FOR COOPERATION
By Fox Rothschild on
The PCAOB issued a policy statement regarding its enforcement investigations, in that it will consider extraordinary cooperation, including voluntary and timely self-reporting, remedial or corrective action, and providing substantial assistance…
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Has the Pre-Sox Era Returned?
By Fox Rothschild on
Auditors engaging in non-audit consulting? A major accounting firm pushing for more consulting work? Recently, the SEC’s chief accountant indicated that there were concerns at the SEC regarding auditor independence…
Auditors And Accountants Need To Be Skeptical in Their Reviews
By Fox Rothschild on
In early December, the PCAOB issued a release indicating that accounting and auditing professionals need to be skeptical regarding their work.
The PCAOB is suggesting that professionals in the accounting and…
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Is the U.S. Moving Towards International Accounting Standards. . . Not Really (Again)
By Fox Rothschild on
Although it has been somewhat circumspect, the SEC seems to be stalling on a move towards adopting the international accounting standards of International Financial Reporting Standards (“IFRS”). Such an approach has…
How Do Accountants Look in Prison Stripes? You Do Not Want to Find Out
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Accountants beware – prison lurks.
Recently, a certified public accountant and auditor was sentenced to 54 months in prison for his role in a nearly half-billion dollar investment scam that impacted…
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Non-US Auditors Are Being Scrutinized by SEC
By Fox Rothschild on
The SEC is extremely concerned about foreign auditors.
In particular, the SEC is worried that those who work in certain European countries and in China are not subject to auditor…
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Auditors Are Subject to SEC Action
By Fox Rothschild on
We have repeatedly stated that auditors are significant players in today’s securities industry. No other than the SEC has made this point on numerous occasions. Recently, the SEC brought this