There were a staggering 165 initial public offerings in U.S. markets between July 1, 2020 and September 30, 2020. Together, these IPOs raised over $61.5 billion for the quarter – an increase of over $43 billion from last quarter and … Continue reading
Auditor Changes in Canada During First Half of 2020
Throughout the first half of 2020, there were 69 new audit engagements and 104 departures among audit firms in Canada. Of these auditor changes, there were only two accounting firms to post a net gain in new audit engagement clients … Continue reading
2020 Audit Committee Transparency Barometer
Now in its seventh year of publication, the Audit Committee Transparency Barometer, released by the Center for Audit Quality (CAQ), continues to provide investors with unique insight into the disclosures made by audit committees in proxy statements each year since … Continue reading
Canadian Audit Fees Still on the Rise
Similar to the trends we’ve seen among SEC registrants, the number of SEDAR issuers has been declining over the years. In 2019, only 2,350 Canadian issuers reported audit fees – a substantial 34.5% decrease from the 2,963 issuers in 2018. This decline in issuers … Continue reading
SOX 404 Disclosures: A Sixteen Year Review
In 2019, 6.3% of SOX 404 auditor attestations disclosed ineffective internal controls over financial reporting (ICFR) – significantly less than the 38.8% of management assessments that disclosed ineffective ICFR. The consistent level – around 39% – since 2013 indicates that … Continue reading
IAASB Approves New Audit Quality Standards
The quality of audits has come into question from international regulators after a series of high-profile accounting scandals, with the most recent being Wirecard. Last week, the International Auditing and Assurance Standards Board (IAASB) approved a new and revised set … Continue reading
Leveraging the European Restatements Database
Audit Analytics recently released the European Financial Restatements database, filling a void in stakeholders’ ability to easily analyze restatements in context of the overall global market. The database contains 350 restatements from nearly 300 public companies listed on regulated exchanges … Continue reading