The requirement to disclose tenure became effective for audits of fiscal years ending on or after December 15, 2017. PCAOB Auditing Standard 3101 – The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses and Unqualified Opinion … Continue reading
Category Archives: Auditor Tenure
Implementation of AS 3101
In our recent post, Reasons for an Amended 10-K: 2018, we noted an increase in the number of 10-K/As that were filed citing an auditor’s report as the reason. One possible explanation is the implementation of PCAOB Auditing Standard 3101 … Continue reading
Auditor Tenure among Nordic Indices
In this post, we look at the longest auditor tenures of the companies in the top Nordic indices. This includes a review of 136 companies, with only one having a joint audit. As shown in the graph below, eight of … Continue reading
2018 Audit Committee Transparency Barometer
Last week, the Center for Audit Quality released its fifth annual Audit Committee Transparency Barometer. Compiled and published with Audit Analytics, the Barometer provides a year-over-year comparison in key audit committee disclosure areas and assesses the extent of audit committee … Continue reading
Audit Firm Tenure for Companies with Revenue Between $10M and $150M
This is the second part of a two-part post exploring market share of audit firms for companies with revenues $10 million to $150 million. Get caught up on part one here. To gain insight on the length of auditor engagements, … Continue reading
Data Shows Little Variance in Auditor Tenure for Russell 1000
In this post, we provide an update to our previous article about auditor tenure and auditor rotation among the Russell 1000. Unsurprisingly, absent mandatory auditor rotation, there was little variance in tenure statistics between 2016 and 2017. Around 18 Russell 1000 … Continue reading
After 100 Years, General Motors Switches Auditor
General Motors (NYSE: GM) announced last week in an Item 4.01 8-K that, after their 2017 annual report is filed, the company would be engaging Ernst & Young as its new independent auditor. Following review of proposals from the independent registered public … Continue reading