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ARTICLE · 03 NOVEMBER 2014

Compensation Committees – Get Prepared For Auditor Visits

McGuireWoods LLP
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The SEC’s approval of the new PCAOB auditing standards for risk related to material misstatements creates a bridge between compensation committees and the company’s auditors.

United StatesCorporate/Commercial Law
Steven Kittrell
Steven Kittrell

The SEC's approval of the new PCAOB auditing standards for risk related to material misstatements creates a bridge between compensation committees and the company's auditors.  Chairs of compensation committee should expect to see auditors crossing that bridge with lots of questions, beginning next year.

In the newly revised PCAOB Auditing Standard No. 12 on Identifying and Assessing Risks of Material Misstatement, there is increased focus on financial relationships and transactions with executive officers.  In addition to reading employment contracts and proxy disclosures, the auditor is facing several new requirements related to executive officer compensation that will impact compensation committees, including:

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