Now in its eighth year of publication, the Audit Committee Transparency Barometer, released by the Center for Audit Quality (CAQ) on November 10, 2021, continues to provide investors with unique insight into the disclosures made by audit committees in proxy statements each … Continue reading
Category Archives: Regulators & Public Policy
SEC Enforcement Highlights Late Filing Disclosure Risks
On April 29, the SEC’s Enforcement Division announced charges against eight companies for failure to disclose complete information in Form NT (non-timely). The companies delayed issuing financial statements due, at least in part, to errors in previously issued financial statements, … Continue reading
Accountancy Europe Makes Recommendations to Strengthen Going Concern Reporting
In the past few years, the EU has been hit with several high-profile corporate failures and collapses: Carillion, Thomas Cook, Patisserie Valerie. Corporate failure affects not only the related shareholders, but also the confidence the public has in the sustainability … Continue reading
How the SEC’s Focus on Climate Change Might Affect Comment Letters
On Wednesday, Acting SEC Chair Allison Herren Lee directed the Division of Corporation Finance to begin focusing on climate-related disclosures. This is the first action the SEC has taken to address climate-related disclosure since the Commission’s 2010 Interpretive Guidance. The … Continue reading
Serving Their Purpose? Insights on Critical + Key Audit Matters
Audit Analytics’ recently released report – Serving Their Purpose? Insights on Critical and Key Audit Matters – provides a comprehensive look at the U.S. and international audit matter standards and the disclosure diversity among audit matters based on the different … Continue reading
UK Regulators Address Challenges of Corporate Reporting Amid the Pandemic
Earlier this week, the Financial Conduct Authority (FCA) and the Financial Reporting Council (FRC) reminded companies in the UK that the permission to delay publication of financial reports is still in effect. The initial joint statement was issued in the early days of the lockdown in the UK on 26 March … Continue reading
ExxonMobil, Impairments, and the SEC
On November 24, 2020, ExxonMobil Corporation [NYSE: XOM] issued a press release indicating that the company no longer plans to develop portions of its dry gas portfolio, resulting in after-tax impairments of $17-20 billion. Like its competitors, a portion of … Continue reading