Insured depository institutions with total assets above $500 million are required to obtain an audit of their financial statements by an independent auditor to comply with the Federal Deposit Insurance Corporation (FDIC) regulation Part 363 – Annual Independent Audits and … Continue reading
Monthly Archives: December 2021
Financial Restatements in Canada: Fifteen-Year Trends
We continue our review of financial reporting quality this week by looking at trends in financial restatements in Canada. The number of financial restatements in Canada has been relatively consistent over the past five years. There were 144 restatements in … Continue reading
Auditor Market Share of ERISA Benefit Plans
Entities, or sponsors, that offer post-employment benefit plans are required by ERISA (the federal Employee Retirement Income Security Act of 1974) to disclose audited financial information to plan beneficiaries. ERISA establishes the minimum standards for employment benefit plans, including pensions, 401(k) … Continue reading
Transfer Agent Market Share – 2021
A transfer agent is assigned by a corporation with publicly traded securities to track individuals that own their stocks and bonds. Transfer agents have several responsibilities, including managing/maintaining records for investors and making sure these investors receive appropriate payments. Here, … Continue reading
2021 Audit Market Share of Private Funds
Advisers of private funds with at least $150 million in assets under management are required to report with the SEC in Form ADV. Most private funds fall into two groups: hedge funds (27%) and private equity funds (41%). Other smaller … Continue reading
2020 Out of Period Adjustments: A 10-Year Review
Many times, people overlook out of period adjustments. Adjustments are a method of correcting errors in which prior periods are not revised or restated, and the error is corrected in the current period. However, one is only allowed to use … Continue reading
Who Audits Non-Profits
All organizations and entities that receive $750,000 or more in federal funding in a single fiscal period are required to obtain an audit by an independent accountant. This includes an audit of both the institution’s financial statements and the federal award. The provision applies to states, … Continue reading