ArticlePCAOB Seeks Public Input On Strategic PrioritiesThe last of the five new members of the Public Company Accounting Oversight Board was sworn in earlier this month.United StatesAccounting and AuditWilmerHale
ArticleRecommended Reading: Key Audit Matters: Unlocking The Secrets Of The AuditThis week we highlight a report by ACCA on the difference one year makes in auditor reporting standards since the IAASB's changes.United StatesAccounting and AuditAkin
ArticleU.S. Corporate Law News: PCAOB Issues Practice Alert Regarding Audits Of Customer Contract RevenueThe Public Company Accounting Oversight Board (PCAOB) recently issued Staff Audit Practice Alert No. 15. United StatesAccounting and AuditWithers LLP
ArticleVictory? Delaware Suggests An End To Contingency Compensation For Unclaimed Property Contract AuditorsFor years, Delaware has used contract audit firms to enforce their unclaimed property laws and paid them based, at least partially, on the amount recoveredUnited StatesAccounting and AuditMcDermott Will & Emery
ArticlePublic Accounting Firm Settles SEC Charges For Violating Auditor Independence RulesA public accounting firm agreed to settle SEC charges for violating SEC auditor independence rules in over 100 audit reports concerning at least 15 audit clients.United StatesCorporate/Commercial LawHogan Lovells Cadwalader
ArticleSEC Adopts ‘Loan Rule' AmendmentsOn June 18, 2019, the SEC adopted final amendments (the "Amendments") to the auditor independence rules set forth in Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the "Loan Rule")United StatesCorporate/Commercial LawHerbert Smith Freehills Kramer LLP
ArticleSEC Chair Highlights Successful Implementation Of CATSEC Chair Jay Clayton attributed the successful implementation of the Consolidated Audit Trail ("CAT") to specific implementation details and milestones, engagement with stakeholders and focused leadership.United StatesCorporate/Commercial LawHogan Lovells Cadwalader
ArticleFCM Settles CFTC Charges For Providing Insufficient Audit Trail DataA registered futures commission merchant settled CFTC charges for failing to provide sufficient audit trail data, which "substantially delayed" a CFTC Division of Enforcement ("Division")United StatesFinance and BankingHogan Lovells Cadwalader
ArticleFDIC Provides Guidance On Compliance With Annual Independent Audits And Reporting RequirementsThe FDIC said it will consider matters on a case-by-case basis after a review of the facts and circumstances.United StatesFinance and BankingHogan Lovells Cadwalader
ArticleReady Or Not, It's Time For Phase 2 HIPAA AuditsOur colleagues, Dianne Bourque, Jordan Cohen, and Kate Stewart, wrote an excellent post on our sister blog, Health Law and Policy Matters, on the official launch of Phase 2 of the HIPAA Audit Program. United StatesFood, Drugs, Healthcare, Life SciencesMintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
ArticleBREAKING: OFCCP Selects Contractors For 2019 AuditsOn March 25, 2019 OFCCP posted the 2019 CSAL list on its FOIA website, identifying contractors selected for compliance evaluations.United StatesGovernment, Public SectorProskauer Rose LLP
ArticleOFCCP Announces FY2019 AuditsOn March 25, 2019, the Office of Federal Contract Compliance Programs (OFCCP) published the list of contractors that are scheduled to receive Corporate Scheduling Announcement Letters (CSALs).United StatesGovernment, Public SectorMorrison Foerster
PodcastTorres Talks Trade Podcast Episode 5 On U.S. Customs And Border Protection Audits (Podcast)This podcast covers the important topic of U.S. Customs and Border Protection ("CBP") audits, including how CBP selects companies for audits and how importers should prepare for an audit.United StatesInternational LawTorres Trade Law, PLLC
ArticleDo Partnerships Now Need To Reserve For Taxes?The Bipartisan Budget Act of 2015, P.L. 114-74, added new partnership audit rules, which are generally effective for tax years beginning in 2018. United StatesTaxMcDermott Will & Emery
ArticleSEC Adopts PCAOB Standards For Broker-Dealer AuditsThe SEC recently approved the PCAOB’s proposed standards and amendments to establish auditing and attestation standards applicable to audits of brokers and dealers registered with the SEC.European UnionAccounting and AuditMorgan Lewis
ArticleAccountants' Liability Tool KitThere is a myriad of information relevant to Accountants' Liability matters. It can be time consuming and confusing finding the relevant authoritative guidance.United StatesAccounting and AuditFTI Consulting
ArticleAccounting Firm To Pay $150 Million In Connection With Audits Of Failed Mortgage LenderAn accounting firm agreed to pay nearly $150 million to the U.S. government to settle potential liability related to the audits of a failed mortgage lender. United StatesAccounting and AuditHogan Lovells Cadwalader
ArticleBEIS Committee Launches Inquiry On The Future Of AuditOn 12 November 2018, the Department for Business, Energy and Industrial Strategy Committee (the "BEIS Committee") launched an inquiry into the future of audit,United StatesAccounting and AuditA&O Shearman
ArticleBSA Audit ProceduresMost BSA Audits begin with a report from a disgruntled employee or former employee. United StatesAccounting and AuditScott & Scott LLP