Audit Analytics has released its annual audit fees report, Sixteen Year Review of Audit Fee and Non-Audit Fee Trends, which focuses on the audit and non-audit fees paid and disclosed by accelerated and large accelerated filers over a sixteen-year period. … Continue reading
Monthly Archives: January 2019
Can Tenure Requirement Provide Insight into Engagement Partner Rotation?
Who audits public companies? This question is continuously of interest to investors, audit firms and academics alike. Firm-level information is, and always has been, available from the audit opinions included in the annual reports. However, until recently, information regarding engagement … Continue reading
An Overview of Accounting and Auditing Enforcement Releases (1999-2018)
The Securities and Exchange Commission (SEC) provides a list of certain enforcement actions related to financial reporting concerning administrative proceedings and civil lawsuits. These Accounting and Auditing Enforcement Releases (AAERs) are reviewed by Audit Analytics and key data points are … Continue reading
Q4 2018 IPOs: Auditor Market Share and Stats
Overview There were 55 initial public offerings in U.S. markets between October 1, 2018, and December 31, 2018. These 55 IPOs raised roughly $9.5 billion, a decrease of over $3 billion from the same period last year and a decrease of $4 billion … Continue reading
Error Corrections: A Look at Adjustment and Restatement Trends
Errors may arise when issuing financial statements and when such an error is identified, a correction must be made. The scope and nature of these corrections dictate a company’s next steps and may provide useful information into financial reporting trends. … Continue reading
Kingsway Financial Services, Inc. [KFS]: Extensive SEC Comment Letter Conversation Identifies Accounting Errors
Kingsway Financial Services, Inc. [KFS] was forced to restate financial statements to correct revenue recognition errors related to adoption of ASC 606 and its effect on warranty subscriptions and commissions The restatement was triggered by a 15-letter comment letter conversation … Continue reading
PayPal: SEC Requests Clarification about TIO Intangibles
In August 2018, the SEC issued comments to PayPal Holdings Inc. [PYPL] requesting clarification about the value of intangible assets recorded during the acquisition of TIO Networks. In July 2017, PayPal acquired Canadian payment-processing company TIO Networks for $238 million. … Continue reading