Tag Archives: SEC
SEC Hosts Alternative Practices Webinar
SHARE: Recently, the webinar entitled, “Independence Considerations for Alternative Practice Structures,” took place on Tuesday, April 30, 2024. In recent years, there has been a significant amount of consolidation of public accounting firms using alternative practice structures. This activity has raised concerns about the impact such acquisitions may have on auditor independence. Shana Wolfson, Associate…
SEC Recommends FASB Improvements
SHARE: In recent news, the Securities and Exchange Commission’s Investor Advisory Committee released a set of recommendations to improve operations of the Financial Accounting Standards Board (FASB) so that it may better serve investor needs. According to the Committee, investors have been concerned that accounting standard-setting has not kept pace with today’s sources of value…
Fifth Circuit Rules the SEC’s Use of In-House Administrative Judges Violates Seventh Amendment
A recent decision by the Fifth Circuit Court of Appeals, which covers Louisiana, Mississippi, and Texas, has determined that the Securities and Exchange Commission’s (SEC) in-house process for handling cases is a violation of the Seventh Amendment to the United States Constitution. The Seventh Amendment guarantees the right to a jury trial in federal civil…
NASBA Responds to SEC and PEEC
SHARE: On NASBA’s behalf, Chair Laurie J. Tish and President and CEO Ken L. Bishop submitted responses to exposure drafts from the Securities and Exchange Commission (SEC) and the AICPA Professional Ethics Executive Committee (PEEC) on February 25. The complete responses can be found on www.nasba.org in the Publications section. The letter to the SEC…
Changes Beyond Auditors’ Control
SHARE: “Auditors have a responsibility to properly challenge management to assess and report the impact of climate change on their business,” the United Kingdom’s Financial Reporting Council CEO Sir Jon Thompson announced as the FRC has called for a major review of how companies and auditors are meeting requirements in this area. The FRC intends…