SEC

A&A

Has SOX Been Successful?

Sometimes overlooked in the debate about SOX are the contributions it has made in generating a greater focus on improved corporate governance and stronger ethics and compliance programs. Needed improvement in audit quality is a continuing concern.
A&A

PCAOB Issues Interim Inspection Program Report

The PCAOB released its report on the interim inspection program for auditors of brokers and dealers. It gives an overview of the new program and audit deficiencies identified in the initial group of inspected audits of brokers and dealers.
A&A

A Disturbing Thirty Days

Within a single thirty-day period beginning on June 12, 2012, a number of fraud and ethics-related items made news throughout the business world.
A&A

FASB and IASB Not Ready to Agree on Impairment

The FASB, the US accounting body, announced in a joint meeting with the IASB on July 17 that it had not voted to release a joint Exposure Draft on accounting for loan losses.
A&A

Paul Beswick Named SEC Acting Chief Accountant

SEC Chairperson, Mary Schapiro, has named Paul Beswick acting chief accountant. As such, he is the commission's new principal spokesperson in the debate over whether the United States should switch to IFRS.
A&A

COSO Framework Holding Strong - Getting a Polish

J. Stephen McNally, CPA, provides an overview of COSO and his perspective on how it has been leveraged by such companies as Campbell Soup. In addition, he offers insight into COSO's recent ICIF Refresh Project.
A&A

GAO Find Weaknesses in SEC Information Systems Security Program

In a letter dated April 12 to SEC Chairwoman Mary Schapiro, James Dalkin, GAO director of financial management and assurance, and Gregory Wilshusen, GAO director of information security issues, stated that "improvements were needed in the SEC's internal controls and accounting procedures."
A&A

Credit Rating Should Be Improved, Not Discarded

Regulatory downgrading of the role of credit raters is misguided. Development of ethical and professional standards would make information needed by investors more useful and reliable. The culpability of credit rating agencies in contributing to the financial crisis has been debated, but without conclusive agreement.
A&A

Calcbench Named the Grand Prize Winner of the XBRL Challenge

Calcbench, an open source application that consumes corporate XBRL data and performs comparative analytics, was named the winner of the XBRL Challenge at the XBRL and Financial Analysis Technology Conference on February 29. The contest is for developers of applications that leverage XBRL-formatted data in the SEC EDGAR database.
A&A

Study Shows Benefits of Shareholder Involvement in Auditor Selection

In December 2011, the SEC gave GE, Alcoa, and others leave to exclude from their 2012 annual meetings the proposals of shareholders calling for rotation of the companies' external auditors. This was counter to a decades-old rule excluding from proxy materials proposals that will affect firms' "ordinary business."
A&A

E&Y to Pay $2 Million to Settle Audit Failure Charges

On February 8, the PCAOB announced a settled disciplinary order censuring E&Y LLP. It imposed a $2 million civil money penalty against the firm, which is PCAOB's largest civil money penalty to date. The PCAOB also sanctioned four of E&Y's current or former partners for violating PCAOB rules and standards.
A&A

Governments and Private Companies Exploring Benefits of XBRL

Congress is beginning to mandate the use of XBRL to track spending and improve transparency in government reports. Bills that contain language calling for the implementation of data standards, such as XBRL, have not yet passed into law, but the requirement could become part of the final payroll tax cut bill.

IASB Chairman Expects SEC to Approve IFRS

Speaking at a seminar in Moscow on IFRS, Hans Hoogervorst, Chairman of the IASB, said that he expected the IASB and the FASB to make progress on their remaining convergence projects in the coming year. Hoogervorst also predicted that the SEC would eventually approve IFRS for US companies.
A&A

Review of the PCAOB's Enforcement and Investigations Program

In his January 2012 letter to Mary Schapiro, chairman, SEC, James Doty, Chairman, PCAOB, stated, "I am pleased to transmit to you a summary of the PCAOB's most recent performance review, Review of the Public Company Accounting Oversight Board's Enforcement and Investigations Program."
A&A

SEC Seeking Public Comment on Dodd-Frank Financial Literacy Study

The Securities and Exchange Commission is requesting public comments on financial literacy and investor disclosure issues that it is studying as part of a review mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
A&A

IFRS Update: SEC Decision Still Months Away

James Kroeker, the SEC chief accountant, said last week that the SEC staff will need "at least a few more months" to complete its work on a report to the commission that will show the impact of adopting IFRS on US companies and capital markets. The SEC will study the staff report before making a decision.
A&A

IFRS Roundtable: Small public companies and regulators concerned about cost of adopting IFRS

Executives from small public companies and auditors representing regional firms participated in the second panel during the SEC's recent roundtable in Washington that explored the benefits and challenges of adopting International Financial Reporting Standards (IFRS).
A&A

IFRS Roundtable on adoption of IFRS: Investor viewpoint

The Securities and Exchange Commission (SEC), which is responsible for accounting standards in the U.S. and for the protection of investors, has said it will decide by the end of this year whether to adopt International Financial Reporting Standards (IFRS) for U.S. public companies.
A&A

Slippage in IFRS adoption timeline and hints of change add to uncertainty for U.S. companies

The FASB and the IASB late last month announced a delay for completion of the remaining priority convergence projects from June 2011 until late 2011.
A&A

SEC announces IFRS roundtable

The Securities and Exchange Commission has announced that it will sponsor a roundtable in July to discuss benefits or challenges in potentially incorporating International Financial Reporting Standards (IFRS) into the financial reporting system for U.S. issuers.

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