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Called To Account: SEC's Latest Internal Accounting Controls Action Reignites Debate

Holland & Knight

Several years ago, the U.S. Securities and Exchange Commission (SEC) issued an order against a public company that raised more than a few eyebrows.

Drafting And Negotiating Effective Audit Provisions

Outside GC

Drafting an effective audit provision in a legal contract is essential to ensuring both transparency and accountability in business relationships.

PCAOB Comes Down Hard On Auditors

Ankura Consulting Group LLC

Yes, it is not easy. The Public Company Accounting Oversight Board (PCAOB) has come down hard on external audit firms over the quality of audits and increased errors being detected.

December 1 Deadline Nears For Adoption Of Clawback Policies

Venable LLP

Companies that are listed on the Nasdaq Stock Market or the New York Stock Exchange are required to adopt a clawback policy that provides for the recovery from any current or former...

The PCAOB Suggests Some Questions For Audit Committee Members

Cooley LLP

The PCAOB has posted a 2023 audit committee resource that identifies a number of questions that audit committees may want "to consider amongst themselves or in discussions...

Recent PCAOB Developments For Audit Committee And Companies

WilmerHale

The Public Company Accounting Oversight Board (PCAOB) has had one of its busiest years in recent memory, including with respect to standard setting, inspections and enforcement.

Demystifying Post-Closing Statements: Great Deals Are Often Made After The Handshake

AlixPartners

Negotiations over closing statements can have a huge impact on the final purchase price.

Is There An Alternative To Scope 3?

Cooley LLP

As you know, the SEC has proposed a sweeping set of regulations for disclosure on climate (see this PubCo post, this PubCo post and this PubCo post), and we anxiously wait to see what the final rules...

Tenth Circuit Holds Lawsuit Against Accounting Firm Alleging Negligence In Three Successive Audits To Be Based On Interrelated Acts Or Omissions

Wiley Rein

In a win for Wiley's client, the United States Court of Appeals for the Tenth Circuit, applying Oklahoma law, has issued a published opinion holding that a lawsuit alleging negligence...

Current Expected Credit Losses (CECL) – What Is That?!

ORBA

In 2016, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments...

Illinois Office Of The Attorney General Clarifies Revised Reporting Requirements

ORBA

The Illinois Office of the Attorney General has provided additional information on recent amendments to the Solicitation for Charity Act that will be effective January 1, 2024.

A Cautionary Tale Of Flawed Debt Accounting And SEC Fines

Arnold & Porter

The U.S. Securities and Exchange Commission recently announced it had settled cease-and-desist proceedings against Malvern Bancorp Inc. and its former chief financial officer.

Audit Customer Sues Quest Alleging Predatory Audit Tactics

Tactical Law Group LLP

Readers of this blog know that our firm is engaged every day in advising governmental entities and companies of all sizes how to successfully defend against aggressive enterprise...

California Proposes Annual Audits To Assess Sufficiency And Compliance Of Company Cybersecurity

Alston & Bird LLP Belgium

In late August 2023, the California Privacy Protection Agency ("CPPA" or "Agency") released a discussion draft of proposed regulations under California's data privacy law, the California Consumer Privacy Act ("CCPA").

California's Potential Approach To Regulations On Risk Assessments And Cybersecurity Audits Could Be A Game Changer

Squire Patton Boggs LLP

Until late August 2023, California's data protection law, the California Consumer Privacy Act, or "CCPA," only provided for future rulemaking on automated decision-making, including profiling, on risk assessments...

OFCCP Releases Second List Of Audits For 2023

Morrison & Foerster LLP

On September 8, 2023, the Office of Federal Contract Compliance Programs (OFCCP) released a list of 1,000 establishments for supply and service federal contractors selected to receive advance...

Common PCAOB Inspection Findings And Actions Firms Can Take To Improve Audit Quality And Reduce The Risk Of Regulatory Enforcement Actions

Ankura Consulting Group LLC

In July 2023, the PCAOB published the spotlight, "Staff Update and Preview of 2022 Inspection Observations." The article summarized the PCAOB's common findings from its 2022...

Are Springing Penalties A Thing? SEC Charges Plug Power With Accounting, Reporting And Control Failures

Cooley LLP

In this Order, the SEC brought settled charges against Plug Power, Inc., a provider of green hydrogen and hydrogen-fuel-cell solutions, for financial reporting, accounting and controls failures in connection...

SEC Charges Fluor With Improper Accounting And Inadequate Internal Accounting Controls

Cooley LLP

In this Order, the SEC brought settled charges against Fluor Corporation, a global engineering, procurement and construction company listed on the NYSE, in connection

Accounting For Leases And Leasehold Improvements Under Common Control Arrangements

ORBA

In March 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-01, Leases (Topic 842): Common Control Arrangements.

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