Audit Analytics recently released a new report, Financial Restatements: A Twenty-Year Review. This annual report, containing an updated format, takes a closer look at trends in financial restatements, spanning from 2001 to 2020. When looking at restatements, we categorize them … Continue reading
Category Archives: Audit + Compliance
Redeemable Share Restatement is Bad Timing for WeWork
On Wednesday, December 1, WeWork Inc. [WE] announced they discovered a material weakness in their internal controls and would restate their financial statements to reflect the correct classification of redeemable shares. The company’s share price fell by 5.2% in after-hours … Continue reading
Who Audits Benefit Plans
SEC registrants that offer benefit plans are required to file an annual Form 11-K containing an auditor’s report of the benefit plan’s financial statements. Different from post-employment benefit plans covered by ERISA, 11-K annual reports apply to employee stock purchase, … Continue reading
Auditor Changes Roundup: Q3 2021
BF Borgers had the most new SEC audit clients for the second quarter in a row, with a net of eight new engagements in Q3 2021. As mentioned in Accounting Today, it was a strong quarter overall for new engagements. Total new … Continue reading
Major Improvements Seen in ICFR Due to Filer Status Change
In our recent report, SOX 404 Disclosures: A Seventeen-Year Review, we found that the percentage of companies with ineffective management assessments of internal controls over financial reporting (ICFR) were down across all company sizes for fiscal year 2020. The most … Continue reading
SOX 404 Disclosures: A Seventeen-Year Review
Audit Analytics recently released a new report, SOX 404 Disclosures: A Seventeen-Year Review. This annual report, containing an updated format, takes a closer look at trends in internal controls over financial reporting (ICFR) disclosures, spanning from 2004 to 2020. Section … Continue reading
Q3 2021 IPOs: Auditor Market Share and Stats
There were 199 initial public offerings in U.S. markets between July 1, 2021, and September 30, 2021. Together, these IPOs raised over $49.7 billion – a decrease of $36 billion from last quarter. This was a decrease of nearly $12 billion … Continue reading