SEC | AccountingWEB



PCAOB Report Highlights Deficiencies in Broker-Dealer Audits

Officials from the Public Company Accounting Oversight Board (PCAOB) said on August 19 that deficiencies were found in all sixty of the broker-dealer audits conducted by audit firms that the PCAOB inspected last year – and in 95 percent of the individual audits selected for inspection.

SASB Provides a Remedy for Sustainability Issues Reporting

In an effort to provide public companies with a standardized framework for reporting the ESG issues that affect their industries, the SASB unveiled its first set of provisional sustainability accounting standards.

US GAAP Financial Reporting Taxonomy Green-Lighted by SEC

The US Securities and Exchange Commission (SEC) has adopted the 2013 US GAAP Financial Reporting Taxonomy, which allows companies to use eXtensible Business Reporting Language (XBRL) in reporting financial statements.

LA Jeweler Pleads Guilty in KPMG Insider Trading Case

Los Angeles jewelry store owner Bryan Shaw faces a maximum of five years in prison after he pleaded guilty May 20 for his role in an insider trading case involving a former senior audit partner at KPMG LLP.

New Report on Financial Reporting Fraud Released

A new research report examines auditor involvement in fraudulent financial reporting cases cited in SEC enforcement actions issued from 1998-2010. During the thirteen-year period, there were eighty-seven sanctions against external auditors in SEC fraud investigations involving publicly traded companies.

Former KPMG Partner Scott London Charged with Insider Trading

A former KPMG LLP senior audit partner faces federal criminal and civil charges for his involvement in a web of deceit that included tipping off a friend about upcoming corporate earnings releases and merger announcements.

KPMG Insider Trading Scandal Latest Blow to Accounting Industry's Reputation

The insider trading scandal that has engulfed KPMG LLP, causing it to resign as auditor at two companies and fire a partner, contributes to the negative image the public accounting industry gained due to its role in the run-up to the 2008 financial crisis.

Complying with the Foreign Corrupt Practices Act

The DOJ and SEC recently published a guide that provides insight into the Foreign Corrupt Practices Act and how the agencies carry out their ongoing fight against corruption within companies throughout the world.

KPMG Resigns as Herbalife and Skechers Auditor Over Alleged Insider Trading

KPMG LLP has resigned as auditor at the nutritional products maker Herbalife Ltd. and the footwear retailer Skechers USA Inc. because a senior partner at the accounting firm who was involved with their accounts was being investigated for insider trading.

SEC Says Social Media for Company Announcements Is OK

The SEC says companies may use social media (e.g., Facebook, Twitter) to disclose key information and still be in compliance with Regulation FD, as long as investors know where to look for the information.

New Report Shows Changing Fraud Environment

The latest Kroll "Global Fraud Report" shows the incidence and cost of fraud have decreased over the last year, yet fraud still remains an important issue for all companies around the world. And a DOJ suit against Standard & Poor's highlights the need for oversight of the credit rating industry.

PCAOB Report Says PwC Failed to Remedy Audit Shortcomings

The PCAOB last week released its quality-control criticisms of audits conducted by PricewaterhouseCoopers contained in the board's March 25, 2009, and August 12, 2010, inspection reports.

SEC Approves 2013 PCAOB Budget and Accounting Support Fee

On February 13, 2013, the SEC unanimously approved the 2013 budget of the PCAOB and the related annual accounting support fee as required by the Sarbanes-Oxley Act of 2002.

Credit Rating Agency Performance Needs Improvement

The continued poor performance of the credit rating agencies in providing adequate assurance of the creditworthiness of debt instruments requires stronger action from regulatory bodies.

Not a Good Year for IFRS Adoption in the US

It is no longer clear that the US Securities and Exchange Commission (SEC) will recommend the adoption of International Financial Reporting Standards (IFRS) by US public companies.

US GAAP Financial Reporting Taxonomy Now Available

On December 21, 2012, the Financial Accounting Standards Board (FASB) announced the availability of the 2013 US GAAP Financial Reporting Taxonomy pending final acceptance by the SEC.

Auditing Standard No. 16 and Amendments to Other Standards Approved by SEC

The PCAOB has announced that the SEC approved Auditing Standard No. 16, "Communications with Audit Committees," and amendments to other PCAOB standards.

AICPA Committed to Constructive Dialogue with Regulators

One only has to look at the many complex issues on the agendas of the SEC and PCAOB to get an idea of the challenges CPAs face, AICPA Chairman Caturano said at the AICPA Conference on Current SEC and PCAOB Development.

PCAOB Approves 2013 Budget and Strategic Plan

On November 28, the Public Company Accounting Oversight Board (PCAOB) approved its 2013 fiscal-year budget of approximately $245.6 million and its 2012-2016 Strategic Plan.
Community News

Leadership Transition at the SEC

US Securities and Exchange Commission Chairman Mary Schapiro, who took the agency's helm in 2009, will depart the SEC on December 14. Elisse Walter has been designated the new chairman.


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