On Monday, November 4, 2019, the CFA Society of New York hosted What Investors Need to Know About Audits, a forum that focused on the state of today’s audit process, how it has and continues to change over time, and … Continue reading
Category Archives: Internal Controls (ICFR – SOX 404)
Evolution of SOX 404 Disclosures for EGCs
SOX 404 continues to be the target of those seeking to introduce further regulation leniencies. A new bill has been introduced with the aim of reducing regulatory burdens for low-revenue issuers. Currently, companies lose their Emerging Growth Company (EGC) status … Continue reading
ICFR Weakness as a Risk Factor – Similarities in Companies with Ineffective Controls
Note: A version of this article was first available to subscribers of Accounting Quality Insights by Audit Analytics on Bloomberg, Eikon, FactSet, and S&P Global. Recently we reviewed four companies fined by the Securities and Exchange Commission on January 29, 2019, … Continue reading
Reasons for an Amended 10-K: 2018
Form 10-K, an annual report filed by US-based public registrants, is the most comprehensive source of information regarding a company’s financials and its underlying business. These reports are thoroughly scrutinized by investors and other users, which explains why they need … Continue reading
SEC Enforcement Targets Ineffective Controls – Who Else Is at Risk?
The Securities and Exchange Commission recently fined four companies for having ineffective internal controls. In its enforcement press release, the SEC told the four companies, Grupo Simec S.A.B. de C.V. [SIM: NYSE], Lifeway Foods [LWAY: Nasdaq], Digital Turbine [APPS: Nasdaq] … Continue reading
Sixteen Year Review of Audit Fee and Non-Audit Fee Trends
Audit Analytics has released its annual audit fees report, Sixteen Year Review of Audit Fee and Non-Audit Fee Trends, which focuses on the audit and non-audit fees paid and disclosed by accelerated and large accelerated filers over a sixteen-year period. … Continue reading
Adopting the 2013 COSO Framework: Fiscal 2017 Update
On May 14, 2013, COSO released an updated version of its Internal Control – Integrated Framework. The original version, which was released in 1992, was superseded by the 2013 version – effective for fiscal years ended after December 15, 2014. … Continue reading