This is part two of our SEC filing review where we take a look back at notable disclosures and outliers from our auditor changes, out-of-period adjustments, changes in accounting estimates, and director and officer change data sets. Auditor Changes 1,007 SEC registrants … Continue reading
Category Archives: Out of Period Adjustments
Non-GAAP Metrics in SAB 99 Materiality Analyses
The pros and cons of non-GAAP metrics have been discussed in more than a few recent articles. Proponents of non-GAAP frequently claim that GAAP contains many ambiguities and loopholes, and that non-GAAP metrics can be more current and relevant. Opponents sometimes … Continue reading
2014 SEC Filing Highlights, Part 2 of 2
This week we present the second installment of our inaugural SEC filing highlights blog, in which we cover some of the unique and unusual events from the past year. In this one we look at Auditor Changes, Out of Period … Continue reading
Walmart Reports Material Weakness
In a 10-Q filed yesterday, September 9th, Walmart disclosed a significant deficiency that rose to the level of material weakness in its SOX Section 302 Disclosure Controls and Procedures assessment. The deficiency related to the company’s application of lease accounting. According to … Continue reading
Genworth Financial: Fewer Adjustments, But Controls Still Ineffective
As we discussed in our previous blog, the remediation of control deficiencies can be a lengthy and costly process. The case of Genworth Financials (NYSE: GNW) is no exception. Its most recent quarterly report, filed on Wednesday, April 29, states that its … Continue reading
Reporting Quality Indicators: Datasets and Their Uses
Audit Analytics was invited to present at a recent meeting of the Financial Accounting Standards Advisory Council (FASAC), on March 17th at the FASB offices in Norwalk, CT. CEO and Founder, Mark Cheffers – along with Olga Usvyatsky, VP of … Continue reading
Genworth Financial Cites Inadequate Controls
Reporting requirements may sometimes seem to be set in stone, but they do in fact change from time to time. Usually, when a regulator changes a requirement, it also imposes a deadline for the implementation of the change. The companies are … Continue reading