When a company changes its auditor, it’s usually an important event. Even when it happens for routine reasons, a change in auditor presents many issues and challenges. How will the new audit team integrate? Will they turn up anything that … Continue reading
Monthly Archives: January 2015
Auditor Changes Roundup: Q4 2014
Of the Big Four and major National accounting firms, BDO USA had the best quarter in terms of new SEC client wins. Thanks largely to its acquisition of the Texas practice of UHY, BDO gained 20 new clients and had a … Continue reading
Regional Auditor Market Share: Single Audits and ERISA Plans
The Big Four get a lot, if not most, of the attention in the auditing industry. But there are many other firms that, while they may not have nearly the same footprint as the global firms, nevertheless play a major (perhaps underappreciated) … Continue reading
2014 Going Concerns Report: A Fourteen Year Review
With the release of our 2014 Going Concerns Report, we add yet another year of data to what is now a fourteen-year review. The data shows that the number of audit opinions containing modifications related to uncertainty about a company’s … Continue reading
2014 Comment Letters: Industry Breakdown
As mentioned in our previous blog, 2014 SEC Comment Letters: Trends and Issues, the number of SEC comment letters (including both UPLOADs and CORRESPs) regarding 10-Ks and 10-Qs issued during the first six months of 2014 decreased about 25% compared … Continue reading
Missing XBRL and Late Filings
XBRL was originally created to increase the ease of use of financial information, but the jury is still out as to whether XBRL is a useful tool or a burden. One thing is clear: investors have not fully embraced XBRL, in … Continue reading
Preferability Letters: A 15 Year Review
Financial statements are based on certain assumptions – known as accounting principles – that can have a large impact on presentation and comparability. For instance, one company might count inventory using the first-in-first-out (FIFO) method, while another in its industry uses … Continue reading