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
Category Archives: Out of Period Adjustments
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
Non-GAAP Measures and One-Time Adjustments
This October, PwC released a study on the use of non-GAAP metrics (NGMs) in IPO prospectus filings. According to the study, almost 60% of over 400 companies used at least one NGM. Out of those, at least 65% used EBITDA and/or Adjusted … Continue reading
US Company Tax Issues On The Rise
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Burger King grabbed headlines a while back when it announced it will be joining with the iconic Canadian chain Tim Hortons and moving its headquarters to the north. Burger King has long been a staple in the American tradition of … Continue reading