The Public Company Accounting Oversight Board (“PCAOB”) was established to oversee the audits of public companies in order to protect investors. The PCAOB inspects registered firms on a periodic basis to review samples of firms’ issuer audits and their system of quality control. Recently, the PCAOB implemented revisions to the format of their inspection report in order to make the content more informative and useful to the public.Read More
Are registered funds recording taxable spin-off transactions correctly?Read More
In June 2019, the SEC issued amendments to Rule 2-01 of Regulation S-X (“the Loan Rule”). The amendments now more effectively identify whether independence may be impaired with respect to an audit client when the audit firm or its covered members have a lending relationship with certain shareholders of that audit client.Read More
May 2020 Update: As a result of the COVID-19 pandemic, in May 2020 the Auditing Standards Board issued new guidance providing for a one-year delay to the effective date of SAS No. 134, which will now be effective for audits of financial statements ending on or after December 15, 2021 and also allows for early implementation.
Non-public entities, including private funds and investment advisors, will likely see changes to Auditor’s Reports, or the Opinion, included beginning with December 2020 audited financial statements.