Searching Content indexed under Audit by Morgan Lewis ordered by Published Date Descending.
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Turning Tides: Proposals To Limit The Outsourcing Of Tax Audits
Newly proposed legislation and regulatory amendments both seek to restrict the participation of private law firms in US taxpayer audits, which would severely limit the Internal Revenue Service's...
United States
5 Apr 2018
Gift Card Alert: Third Circuit Confirms States Can Audit Gift Card Subsidiaries, But Emphasizes Limits
Many retailers with gift card programs have faced or may someday face a lengthy and onerous unclaimed property audit by a state government, even if the gift card balances are not escheatable to that state.
United States
31 Jan 2018
Increasing Focus On Expansion Of Audit Committee’s Report
Recommendations that audit committees provide more robust discussions in their reports that are included by public companies in their proxy statements are getting more attention.
United States
12 May 2014
Public Meeting Does Not Clarify Direction Of PCAOB’s Proposal To Expand The Auditor’s Report
Most commenters at the PCAOB’s April 2–3 public meeting on the Auditor’s Reporting Model proposal expressed support for additional reporting by auditors.
United States
28 Apr 2014
PCAOB Board Member Addresses Audit Deficiencies Identified In Inspections
Jay D. Hanson, a member of the PCAOB board, said that he believes the PCAOB should clarify descriptions of inspection deficiencies.
United States
3 Apr 2014
Audit Committee Member Charged With Fraud For Disregarding Red Flags
A recent SEC action is a warning to audit committees to take action in response to recommendations relating to evidence of potential accounting fraud.
United States
3 Apr 2014
SEC Officials Discuss Audit Committees
Paul Beswick, the SEC’s Chief Accountant, discussed the role of audit committees at the recent SEC Speaks program titled "Audit Committees: Back to Basics."
United States
13 Mar 2014
SEC Adopts PCAOB Standards For Broker-Dealer Audits
The 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 Union
1 Mar 2014
Important Developments At The PCAOB
The SEC recently issued an order approving the PCAOB’s budget for 2014 and expressing support for the PCAOB’s near-term priority projects as articulated in the PCAOB’s five-year strategic plan.
United States
20 Feb 2014
SEC Official Discusses Financial Reporting And Audit Task Force
Margaret McGuire, Vice Chair of the SEC’s Financial Reporting and Audit Task Force, recently offered insight into the purpose and goals of the Task Force. Speaking at a D.C. Bar event on February 11, McGuire indicated that the Task Force was established in an effort to ensure that the SEC is doing everything it can to detect and investigate financial fraud issues as early as possible.
United States
12 Feb 2014
Tax And Other Permissible Non-Audit Services May Affect Auditor Independence
In a recent Section 21(a) Report, the SEC explained that—although tax services and other non-audit services provided by an auditor may be permissible—the way they are provided may adversely affect the auditor’s independence.
United States
31 Jan 2014
New Guidance Issued On Conflict Minerals Audits
The American Institute of CPAs recently issued additional guidance for CPAs who perform the independent private sector audit required by the SEC when a company issues a conflict minerals report.
United States
27 Jan 2014
Companies Should Participate In Expected PCAOB Public Meeting On Auditor’s Reporting Model
The PCAOB has announced it will schedule a public meeting in the first half of 2014 to discuss its proposal to expand auditors’ reports.
United States
22 Jan 2014
SEC Proposes Dodd-Frank Conforming Amendments for Broker-Dealer Audits
The SEC recently requested public comment on the PCAOB’s amendments to (a) conform the board’s rules and forms to the Dodd-Frank Act provisions that authorize the board to oversee the audits and auditors of brokers and dealers that are registered with the SEC and (b) make certain updates and clarifications to the PCAOB’s rules and forms.
United States
22 Jan 2014
The Increased Focus On Audit Committees
Regulators and others have been increasing their focus on audit committee performance, noting the importance of the committees to the credibility of financial statements.
United States
22 Jan 2014
EU Agreement On Auditor Rotation May Affect U.S. Companies
The European Parliament and the EU member states recently reached a preliminary agreement on auditor reform. The agreement includes a provision mandating auditor rotation every 10 years for listed companies, banks, and insurance companies, with extensions for 10 years, if the engagement is put out for public bid, and 14 years, if the audit is conducted by multiple firms.
United States
22 Jan 2014
PCAOB Proposal To Require The Naming Of The Engagement Partner And Certain Other Accounting Firms And Persons In Auditor’s Report Would Adversely Affect Capital Raising
Companies’ capital raising activities and equity-based employee benefit plans would be adversely affected if the PCAOB adopts its reproposed amendments to require disclosure in the auditor’s report of (1) the name of the engagement partner on the most recent period’s audit, ...
United States
22 Jan 2014
HIPAA Privacy and Security Audit Program Begins This Month
HIPAA-covered entities, including employer health plan sponsors, should watch the mail for a letter from the Office for Civil Rights (OCR).
United States
22 Nov 2011
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