With the hint of deregulation in the D.C. air, some sense the opportunity – or risk, depending on your point of view – that major portions of the landmark Sarbanes-Oxley Act of 2002 (SOX) might be open to some revision. … Continue reading
Monthly Archives: February 2017
Auditor Market Share of the S&P 500
We got a question this morning on Twitter about auditor market share for the S&P 500. While we’ve done plenty of market share analyses before, we hadn’t looked at that particular group of companies. Followers of this blog – and … Continue reading
Data Breaches Have Big Cost for Yahoo in Verizon Deal
Cyber attacks have almost become an expectation of 21st century business. From denials of service and data theft to viruses and ransomware, it seems to be simply a matter of time before a company is assailed. Some experts predict that … Continue reading
No Opinion, No Problem?
Your average audit opinion is a pretty ho-hum affair. Boilerplate language and standard, precise wording doesn’t make for an enthralling read generally. But when you go through many thousands of audit opinions each year, there are bound to be some eye-opening outliers. … Continue reading
Risk of Internal Controls Failures
Companies are required to maintain and assess the effectiveness of Internal Controls over Financial Reporting (ICFR). Accelerated Filers are required to provide an audit report on the effectiveness of ICFR. For Non-Accelerated Filers, only a management assessment is required. The … Continue reading
Could the MDC Partners Enforcement Action have been Predicted?
How likely is a company to be cited for a violation of non-GAAP reporting rules? Is non-GAAP violation a primary offense? That is, can a company face an enforcement action just for that? Let’s take a look at a recent … Continue reading
EBay Reports Material Weakness: Second Control Deficiency in Three Years
Last week on February 6, in its Fiscal 2016 10-K, eBay (EBAY) disclosed a material weakness in its internal controls over financial reporting (“ICFR“). The deficiency related to a failure to properly apply tax accounting and affected the Deferred Tax Asset and Income Tax Benefit … Continue reading