Posts Tagged ‘audit committee’
SEC Reminds on Auditor Independence
The top accountant at the Securities and Exchange Commission has fired off a statement this week about the importance of audit firm independence and corporate audit committees overseeing that relationship with the external auditor — almost one year to the day after the Trump Administration’s SEC relaxed auditor independence rules. The statement came from Paul…
Read MoreCritical Audit Matters: Are CAMs a Snoozer?
The Public Company Accounting Oversight Board just published three reports on the implementation of critical audit matters, all suggesting that the inclusion of “CAMs” in an audit report simply isn’t that big a deal. The research, published with little fanfare last week, found no strong evidence that CAMs drive up audit fees or delay the…
Read MorePodcast: The Board-CCO Relationship
Chief compliance officers are always looking for ways to maintain a productive relationship with the board, which isn’t easy considering all the issues both sides are trying to manage in a compressed amount of time. So today we have a podcast and column devoted to the subject. The podcast is a conversation I had with…
Read MoreAudit Drama in North Dakota!
Here’s an item sure to pique the interest of audit executives everywhere: the state auditor of North Dakota is in a hissing match with lawmakers there, who just enacted a law requiring him to seek approval from the Legislature’s fiscal review committee before his office conducts performance audits. The state auditor, Josh Gallion, says he…
Read MoreMore on Internal Audit Transformation
Internal audit executives and risk managers have a new report from Protiviti to consider, one that might help you better understand how well your team is — or is not — transforming itself to stay current with next generation of risks swirling around large corporations today. The 2019 Internal Audit Capabilities and Needs Survey polled…
Read MoreYet More PCAOB Inspection Hints
We have fresh intel on how the PCAOB may change its approach to inspecting audit firms, and what those changes might mean for the audit committees and internal audit executives who deal with the firms. All five PCAOB members appeared Monday at the AICPA’s annual public company accounting conference in Washington, and inspections were Issue…
Read MoreAudit Report Choice Looms for SEC
Sit up and pay attention, SOX compliance community. We will soon get our first real glimpse into how much SEC chairman Jay Clayton wants to reshape the corporate audit world. On deck is final approval of the proposed new format for audit reports: a standard the Public Company Accounting Oversight Board hammered out earlier this…
Read MoreKeeping Your Audit Committee Current on Risks
I spent a lot of time these days reading audit committee charters, to see how boards address risk management. I’ll be giving a talk on that subject later this year at the Society of Corporate Compliance & Ethics annual conference, and what better way to prepare than to go straight to the raw material? How…
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