Audit Committee Brief

A periodic publication that provides audit committee members with recommendations, overviews of corporate governance resources, regulatory and legislative environment outlooks, and technical updates.

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November 2018

  • CAQ releases 2018 audit committee transparency barometer
  • PCAOB enhanced audit committee engagement
  • Cyber threat considerations related to the implementation of internal accounting controls
  • Revenue recognition implementation far from over
  • Some answers to lease transition questions
  • FASB discusses improvements to guidance on credit losses

October 2018

  • The CFO and the Audit Committee: A View From
    Both Sides
  • Investors have much confidence in independent
    audit committees, says survey
  • Risk Oversight and the Role of the Board
  • Using the AICPA’s Cybersecurity Framework to Convey Cyber Preparedness
  • Quarterly Accounting Roundup: Third quarter—2018
  • Study notes half of internal audit processes lack cyber risk assessment
  • SEC comments reflect registrants’ efforts to implement ASC 606
  • SEC clarifies interim stockholders’ equity and effective date requirements

September 2018

  • SEC issues final rule to update and simplify disclosure requirements
  • Readiness for the new leases standards
  • Frequently asked questions about tax reform
  • Quarterly earnings reports at center of debate
  • Updated guidance on the auditor's report
  • FASB amends guidance on cloud computing arrangements
  • FASB amends disclosure of fair-value measurements

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August 2018

  • Center for Audit Quality publishes resource on critical audit matters
  • SEC to host roundtable on the proxy process
  • Research shows that boards can foster an ethical culture
  • Complying with new accounting standards with consistency
  • PCAOB seeks comment on its strategic plan
  • SEC proposes disclosure simplification and relief related to guarantors and collateralizations of securities
  • FASB releases targeted improvements to ASC 842
  • Predictive sensing in a volatile world: The rise of digital intel

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July 2018

  • On the board’s agenda: Audit committee disclosure in proxy statements—2018 trends
  • ASC 606 is here—How do your revenue disclosures stack up?
  • SEC expands eligibility for “smaller reporting company” classification
  • SEC proposes amendments to whistleblower rules
  • FASB simplifies the accounting for share-based payment arrangements with nonemployees
  • Quarterly Accounting Roundup: Second quarter—2018

June 2018

  • A summary of the PCAOB’s Standing Advisory Group June meeting
  • SEC chief accountant discusses financial reporting
  • PCAOB transitions for the future
  • On the Board’s Agenda: Industry 4.0
  • FASB discusses improvements to related-party guidance for variable interest entities

May 2018

  • Cybersecurity risk management oversight: A tool for board members
  • Boards: Understand the rules for ethics and compliance oversight
  • SEC chief accountant addresses financial reporting conference
  • Global report seeks input on good practices for audit committees supporting audit quality
  • What private companies should know about the new revenue recognition standard
  • SEC publishes graphs illustrating financial reporting structure for public issuers

April 2018

  • Deloitte updates its Audit Committee Resource Guide
  • Preparing for the Leases Accounting Standard: A Tool for Audit Committees
  • Talking to leaders, boards and investors about tax reform
  • Corporate culture risk and the board
  • SEC staff updates C&DIs on non-GAAP financial measures
  • A discussion on hedge accounting

March 2018

  • CAQ releases roadmap for audit committees on Non-GAAP measures
  • In the Spirit of Full Cybersecurity Disclosure
  • Justifying judgment when recognizing revenue
  • Tax and accounting highlights: Limitations on excessive employee compensation
  • FASB discusses feedback on proposed targeted improvements to the new leasing standard
  • FASB issues proposed ASU on cloud computing arrangements

February 2018

  • Year in review—2017
  • Observations by early adopters of the new revenue standard
  • Valuation allowance considerations related to tax reform
  • The Auditor of the Future isn’t who you think
  • FASB proposes income tax guidance related to new tax reform law
  • FASB discusses improvements to guidance on leases

January 2018

This issue revisits 2017 developments that should remain points of focus for audit committees in the new year:

  • Tax reform
  • The PCAOB’s new auditor reporting model
  • Adoption of the new GAAP standards
    • Leasing standard, ASU 2016-02
    • Revenue standard, ASC 606
    • Financial instruments – credit losses, ASU 2016-13
  • Risk oversight
  • Increased audit committee disclosure
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