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Accounting and Audit
CAQ Releases “Fighting Fraud” Video
April 08, 2013
The Center for Audit Quality has released a new video, “Fighting Fraud,” that addresses how companies can minimize the risk of fraud in financial statements. Among other things, this short, light-hearted video emphasizes the audit committee’s critical role in fighting fraud, including ensuring proper… read more
New Audit Standard for Communications Between Auditors and Audit Committees
January 09, 2013
Sullivan & Cromwell has issued a helpful summary of a new auditing standard regarding communications between the audit committee and auditors. They note that while the new standard is directed at auditors, not issuers, audit committees may wish to evaluate the extent to which… read more
New Auditor Evaluation Tool for Audit Committees
October 16, 2012
Seven organizations, including the Forum, interested in corporate governance issues have introduced a new tool to assist audit committees in performing an annual evaluation of the external auditor in order to make an informed recommendation to the Board on whether to retain the auditor.… read more
PCAOB Adopts New Standard on Auditor Communications
August 27, 2012
The Public Company Accounting Oversight Board has adopted a new Auditing Standard No. 16, entitled "Communications with Audit Committees." This auditing standard must be approved by the SEC to become final. The new standard does not require additional audit work to be performed. Instead, the… read more
PCAOB Guide For Audit Committees
August 22, 2012
The Public Company Accounting Oversight Board, or PCAOB, has issued a guide to assist members of audit committees who may be interested in asking about PCAOB regulatory inspections of their auditor. The PCAOB itself is restricted by law in what information it can provide, although… read more