As 2020 comes to a close, it’s fair to say we’re all looking forward to the New Year; 2020 brought a year of uncertainty, filled with unprecedented events surrounding the Coronavirus pandemic that shook the world. However, despite the challenges, … Continue reading
Category Archives: Accounting + Oversight
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
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
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
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
Critical Audit Matters in Audit Committee Disclosures
As the implementation of the new disclosure requirement for critical audit matters (CAMs) continues, Audit Analytics is examining S&P 1500 companies that have disclosed the audit committee’s role in CAMs. CAMs are matters which arise during the audit that are … Continue reading