For the vast majority of Russell 3000 companies, the deadline to adopt new revenue recognition accounting guidance is fast approaching. Some issuers, however, have more than another whole year to prepare. ASU 2014-09, “Revenue from Contracts with Customers” (codified as ASC … Continue reading
Monthly Archives: August 2017
Auditor Changes in Canada: 2016
Last year, there were 284 auditor departures (down from 318 in 2015) with the majority of auditor changes attributed to dismissals (85%) and the remaining 15% to resignations. The table below presents wins and losses for the Big Four and top … Continue reading
Predicting Material Weakness
Audit Analytics has released a white paper, Predicting Material Weakness, which discusses how certain company events and disclosures—such as late filings, auditor changes, or CEO / CFO departures—can be used to predict the probability that the company will also have … Continue reading
Indefinitely Reinvested Foreign Earnings Still Climbing
Last week, Audit Analytics published their annual Indefinitely Reinvested Foreign Earnings report which takes a closer look at the balances held overseas by Russell 1000 companies over the last nine years. These earnings, which remain untaxed unless they are repatriated to … Continue reading
Cybersecurity Experts on the Board of Directors
Cyber breaches are still going strong. Each year seems to be dubbed the new “Year of the Breach.” With 60 breaches of publicly traded companies, including one of the largest breaches of all time at Yahoo, 2016 was no different. … Continue reading
Auditor Changes Roundup: Q2 2017
The second quarter of 2017 saw an increase in the number of SEC-client auditor changes among the major global and national firms from last quarter. Overall, there were 58 new engagements this quarter, compared to 48 in Q1. Deloitte was … Continue reading
Is the SEC Captured? Evidence from Comment Letter Reviews
In this post, we look at a recent academic paper titled “Is the SEC Captured? Evidence from Comment-Letter Reviews”. Using Audit Analytics’ SEC Comment Letter database, the authors, Jonas Heese, Mozaffar Khan, and Karthik Ramanna, research if having political connections (PC) creates a … Continue reading