At this year’s annual Accountants’ Liability conference held in Washington, D.C., Audit Analytics’ CEO, Mark Cheffers, together with Robert Kueppers, former Vice Chairman at Deloitte, presented a comprehensive update on liability exposure issues faced by the accounting industry. Topics covered in their presentation included large … Continue reading
Monthly Archives: September 2016
A Big Change in Bank of America’s Accounting Policy
Voluntary changes in accounting principle are usually disclosed in so-called preferability letters, but occasionally a significant change will be disclosed in an 8-K current report. Last Friday, Bank of America did just that, disclosing that they would be changing their method of … Continue reading
Ineffective Disclosure Controls, 2005-2015
Last month, we released a report looking at long-term trends in Internal Control over Financial Reporting (ICFR) SOX 404 disclosures. In this blog, we supplement that analysis with a look at the management-only assessments required by Section 302 of the Sarbanes-Oxley Act (SOX … Continue reading
2015 SEC Filing Highlights, Part 1 of 2
In this post, our second annual “best-of-the-year” review, we’ll look at 2015 filings for some of the highlights of the year: the largest restatement, for example, and the biggest overseas stash. We’ll also look at lengthy comment letter correspondence, give a quick recap of … Continue reading
Disclosure Requirements of Non-GAAP Error Corrections
In a series of posts, we have discussed mounting evidence that, with 90% of U.S. public companies using custom metrics, non-GAAP presentations are becoming a de-facto alternative accounting system. In a May speech, Mark Kronforst, chief accountant of the SEC’s Division … Continue reading
The PCAOB’s Effect on Auditor Market Share
One of the most important aspects of the epochal Sarbanes-Oxley Act (SOX) of 2002 was the institution of the Public Company Accounting Oversight Board (PCAOB), whose purpose, in part, was to oversee the audits of public companies to promote and enforce … Continue reading
SOX 404 Disclosures: A Twelve Year Review
Audit Analytics recently released a new report looking at trends in Sarbanes-Oxley (SOX) Section 404 disclosures, which pertain to Internal Controls over Financial Reporting (ICFR). SOX 404 Disclosures: A Twelve Year Review considers both management’s assessment and the auditor’s attestation. Pursuant to SOX … Continue reading