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Health Check on Emerging Growth Companies: PCAOB Reports High Incidence of Material Weaknesses

By Charles Soranno, Managing Director
Financial Reporting Compliance and Internal Audit

A new white paper from the Public Company Accounting Oversight Board (PCAOB) and an April… 720 more words

Internal Audit

PCAOB White Paper Calls Attention to the Risk of Material Weaknesses at Emerging Growth Companies

Last week, the Public Company Accounting Oversight Board (PCAOB) released its semi-annual white paper providing general information about certain characteristics of emerging growth companies (EGCs). The PCAOB’s white paper provides a number of observations regarding EGCs, which we summarize in a just-released… 43 more words

Internal Audit

Case 15.3 Free Enterprise Fund v. Public Company Accounting Oversight Board

Read “Case 15.3 Free Enterprise Fund v. Public Company Accounting Oversight Board” in Ch. 15 of the text.

Write a paper of 700- to 1,050-words in which you answer the following: 80 more words

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The Legacy of the Sarbanes-Oxley Act, 15 Years On

What does Sarbanes-Oxley mean? That’s when two members of U.S. Congress fiddle and half a million accountants in Europe start dancing.”[1]

President Donald Trump pledged during his electoral campaign to repeal some of the reforms that came about after the 2008 financial crisis, including the Dodd-Frank Act of 2010… 2,117 more words

The Dodd-Frank Act

Making Sense of Corporate Governance in U.S. Firms

Corporate governance has become even more important since the collapse of major firms in the 1990s and the global financial crisis of 2007-2008, and the relationship between financial reporting and the capital markets is a big reason why. 1,534 more words

Corporate Governance

Study finds disclosure of “critical audit matters” may reduce legal exposure for auditors

by Cydney Posner

When the PCAOB originally floated the idea of an expanded audit report in 2011, the proposal fueled quite a controversy.  Supporters of the concept contended that the current form of the auditor’s report was just boilerplate that “tells investors little of substance about a company’s true condition,” while audit firms were concerned that one consequence of an expanded auditor’s report could be the possibility of increased auditors’ legal exposure. 1,426 more words

Corporate Governance