SOX 404 (Section 404 of the Sarbanes-Oxley Act of 2002) requires companies to annually review and disclose the effectiveness of their internal controls over financial reporting (ICFR). An adverse ICFR disclosure is filed when ICFR is found to be ineffective … Continue reading
Author Archives: Kayla Coello
Audit Fee Trends of S&P 500
The S&P 500 is one of the most followed equity indices that tracks the largest 500 companies listed on U.S. exchanges. Does this mean they are susceptible to paying higher audit fees overall? There are many factors that affect the general … Continue reading
A Closer Look at Shareholder Votes Against Auditor Ratification – 2022
Among a variety of proposals, shareholder votes on auditor ratification remains a topic year-over-year during proxy season. The auditor ratification vote organized during the annual general meeting provides shareholders an opportunity to express their opinion about the external auditor of … Continue reading
2022 Going Concern Trends in Canada
Over the last decade, more than half of public companies listed on Canadian exchanges received a going concern opinion annually. The number of companies that received a going concern increased by 3.5% during FY2022 to 2,190 companies. This continues the … Continue reading
Who Audits Public Companies – 2023 Edition
This is Audit Analytics’ annual market share analysis of auditor engagements for public companies as of May 14, 2023. Using our Auditor Engagements data, we look at who is currently conducting audits of SEC public registrants, based on periodic reports … Continue reading
Reviewing SEC Accounting and Auditing Enforcement Activities
The Division of Enforcement within the U.S. Securities and Exchange Commission “is responsible for detecting and investigating a wide range of potential violations of the federal securities laws and regulations”. The SECs oversight gives them the authority to respond to … Continue reading
2020 Audit Firm Market Share of ERISA
The Federal Employee Retirement Income Security Act of 1974 (ERISA) requires entities or sponsors that offer post-employment benefit plans to disclose audited financial information to plan beneficiaries. ERISA establishes the minimum standards for employment benefit plans, including pensions, 401(k) accounts, … Continue reading