June 24, 2018

SEC

SEC Chief Accountant Wesley Bricker Had Nice Things to Say About Management Accountants

Not that he would really say anything bad about management accountants since he was at the Institute of Management Accountants’ annual conference, but Securities and Exchange Commission Chief Accountant Wesley Bricker threw some bouquets their way during a speech on June 19. From Accounting Today: “As management accountants, your work is vital to the financial […]

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Foreign Affiliates of Big Audit Firms Screwed Up Some Stuff

The Securities and Exchange Commission fined foreign affiliates of BDO, Deloitte, and KPMG for skirting oversight of the PCAOB. Here’s the skinny: According to the SEC’s orders, the Zimbabwe affiliates of Deloitte & Touche and KPMG improperly audited the majority of assets and revenues of a publicly traded company without registering with the PCAOB. The […]

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Former KPMG Employees Learn That Using Confidential PCAOB Inspection Info Has Its Drawbacks

Six former employees of KPMG have been arrested and charged “with conspiring to defraud securities regulators and misuse of confidential auditing information.” These charges stem from the leak of confidential PCAOB inspection information that we learned about last year. The Securities and Exchange Commission also filed civil charges in a parallel action. The 54-page indictment lists […]

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We Might Have New PCAOB Member Nominees Soon, Someday, Maybe

Just keeping it warm. Dave Michaels reports at The Wall Street Journal that SEC Chairman Jay Clayton’s preferred choice to lead the PCAOB is rumored to be the same person everyone thought it would be: SEC Chairman Jay Clayton wants William Duhnke to become the PCAOB’s next chairman, according to one of the people familiar […]

securities and exchange commission

SEC Division of Economic and Risk Analysis Also Offers Respectable Twitter Chops

A few weeks back, we shared some of the witty banter from the SEC Fort Worth Twitter account. But then, late last week, we were referred to the SEC Division of Economic and Risk Analysis’s account, and it turns out, they’re holding their own. The account was created back in March but they seem to […]

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As I Live and Breathe, the SEC’s Fort Worth Office Has a Great Twitter Account

Okay, if you hate puns, or word play in general, mixed in with your securities enforcement and oversight info then you won’t think it’s great, but then that would make you a hater of great things. Here’s today. We asked our accountants to move a heavy box out of the way, but they couldn’t budget. […]

The Trump Administration Will Drain the PCAOB Swamp

The election of Donald Trump is likely to transform the Public Company Accounting Oversight Board (PCAOB). While the PCAOB is technically a non-partisan private regulator, it will not likely escape Trump’s commitment to drain the swamp. Jim Doty’s term as PCAOB chairman expired in October of 2015. The PCAOB chairman is nominated by the SEC […]

Partner Names: Coming to an Audit Near You in 2017

After nearly seven years since the first concept release, the SEC approved the PCAOB's rules for disclosing the names of audit engagement partners and other participating firms. You can read the entire SEC order if you find the securities regulation apparatus fascinating. Personally, I think it's interesting that another round of comments is allowed prior […]

SEC in No Rush to Make a Decision on PCAOB Chair

SEC Chair Mary Jo White said that she'll wait until two new commissioners are appointed before deciding on whether James Doty will remain the head of the PCAOB. Currently, the SEC only has three commissioners after Dan Gallagher and Luis Aguilar both left last year. But how long do we have to wait?! That all […]

At Least One SEC Commissioner Has a Sense of Humor

Michael Piwowar made a funny: Imagine a world where GAAP or other reporting standards did not exist – where management could develop its own numbers based on its own poorly-defined criteria.  Management might be tempted to create numbers that provide the illusion of performance but in reality are largely irrelevant to measuring the actual performance […]