Auditor market share is extremely concentrated in the Netherlands due to the dwindling number of audit firms registered to audit public interest entities (PIEs). In 2018, there were nine audit firms licensed to audit PIEs. However, in the past year, … Continue reading
Monthly Archives: July 2020
2019 Financial Restatements Review
The annual Audit Analytics report on financial restatement trends is now available. This report provides a detailed analysis and comparison of trends in financial restatements over a nineteen-year period. When looking at restatements, we categorize them by two levels: reissuance restatements and revision restatements. Reissuance restatements, sometimes referred … Continue reading
Audit Opinions with Going Concern Modification Referencing COVID-19
As of July 13 2020, there have been 42 audit opinions for SEC-registered public companies that have cited the COVID-19 pandemic as a contributing factor to substantial doubt about a company’s ability to continue as a going concern for the … Continue reading
Q2 2020 IPOs: Auditor Market Share and Stats
Overview There were 62 initial public offerings in U.S. markets between April 1, 2020, and June 30, 2020. Together, these IPOs raised over $18.5 billion for the quarter, an increase of over $8.7 billion from last quarter and a decrease of roughly … Continue reading
Kirby Restatement: A Warning for Goodwill Impairment Testing
On July 10th, Kirby Corporation [NYSE: KEX], a tank barge operator in the US, announced that its financial statements for the quarter ending March 31, 2020 could no longer be relied upon. The basis for Kirby’s financial restatement is the … Continue reading
Trends in SEC Bankruptcy Filings Related to Oil Prices
The sharp decline in oil prices at the beginning of 2020 amidst the COVID-19 pandemic has led to increased speculation about the state of the economy and potential impacts on the financial health of public companies. The collapse of oil … Continue reading
Ties to be Severed Between the Auditing and Consulting Arms of the Big Four in the UK
The Financial Reporting Council (FRC) is now acting on changes recommended by the recent independent reviews of the audit market in the UK. Deloitte, EY, KPMG, and PwC have each been notified on 6 July 2020 that they have four … Continue reading