An initial public offering, more commonly referred to as an IPO, is the process of offering shares of a private corporation to the public in a new stock issuance, therefore becoming a public company. This process – which requires many … Continue reading
Author Archives: Jessica McKeon
After 111 Years, General Electric Switches Auditor
On June 18th, the Audit Committee of General Electric [GE] – a multinational conglomerate company – selected Deloitte & Touche as its independent auditor for the Company’s fiscal year ending December 31, 2021, ending its 111-year tenure with KPMG. According … Continue reading
Who Audits Smaller Public Companies – 2020
In 2019, there were 2,679 companies that filed as either a Non-Accelerated Filer, Smaller Reporting Company, or both. This population of companies comprised just under half – or 44.8% – of the 5,985 SEC-registered public companies. In a recent post, … Continue reading
A Closer Look at Votes Against Auditor Ratification – 2019
An analysis of shareholder votes filed between January 1, 2017, and December 31, 2019, shows that, on average, roughly 98% of votes were cast in favor of auditor ratification. The remaining 2% is comprised of votes against auditor ratification (about … Continue reading
Who Audits Public Companies- 2020 Edition
Straying from past trends, the number of SEC registrants has increased since last year, climbing from 5,973 in 2019 to 5,985 in 2020 – a 0.20% increase. As mentioned by Accounting Today, the top ten firms by registrant count (EY, … Continue reading
PCAOB Debuts New Inspection Report Format
This morning, the Public Company Accounting Oversight Board (PCAOB) issued the 2018 inspection reports for the six largest U.S. audit firms: Deloitte, EY, KPMG, PwC, BDO, and Grant Thornton. These reports are delivered in a new, redesigned format – marking … 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