There have been nearly 500 financial restatements disclosed by roughly 400 companies listed on exchanges in the EEA, UK, and Switzerland since January 1, 2018. Continue reading
Author Archives: Jessica McKeon
Auditor Independence and Audit Evidence Added to PCAOB Agenda
On Tuesday, September 8th, the Public Company Accounting Oversight Board (PCAOB) updated its research and standard-setting agenda, reiterating its ongoing efforts to increase transparency and provide more timely and relevant information to stakeholders. The Board, aiming to modernize its approach … Continue reading
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
IPO Proceeds: 2015-2019
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
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