Audit Analytics recently released a new report, Monitoring the Audit Market in Europe. Using our extensive databases, our analysts compiled this timely report which examines the impacts of the European Commission’s 2014 Audit Directive and Audit Regulation. These two pieces … Continue reading
Author Archives: Derryck Coleman
Post-Wirecard, Germany Seeks to Tighten Audit Rules
According to the Financial Times, Germany has responded to the Wirecard scandal by proposing a slew of audit regulations aimed at bolstering auditor independence. The proposal includes reducing the maximum auditor tenure from 20 years to 10 years and limiting … Continue reading
Reporting Error Corrections in the UK, EU, US, and Canada
Financial reporting and the subsequent correction of errors (or restatement) in financial statements differs from one jurisdiction to another. These differences are due to reporting mechanisms, local customs, and, of course, laws. Some of the key differences between various jurisdictions … Continue reading
SEC Comment Letters: A Nine Year Trend
A review of SEC comment letters on forms 10-K, 10-Q, and 8-K shows that the trend of comment letters has continued to decline. Between 2018 and 2019, the number of comment letters fell by roughly 30%; similarly, between 2017 and 2018, there … 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
SEC Eyes Impairment Testing in Comment Letter Amid Pandemic
Last week, the Securities and Exchange Commission (SEC) released a comment letter to Carlisle Companies Incorporated [CSL] – a global diversified manufacturing company – asking the Company to expand on its disclosure regarding impairment testing in Q1 2020. Carlisle’s annual … Continue reading
An Update on CAMs
Critical audit matters (CAMs), as required by AS 3101, took effect for audits of large accelerated filers with fiscal years ending on or after June 30, 2019. The majority of large accelerated filers have fiscal years ending on December 31, … Continue reading