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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October 2019

  • Growing tech fluency on the board
  • Sustainability disclosure trends
  • CAQ releases survey results on investor confidence
  • CAM lessons from initial filings
  • Impact of non-audit services on audit quality
  • Fifteen years of Sarbanes-Oxley
  • SEC expands the “test-the-waters” rule to all issuers

September 2019

  • On the boards agenda | Board oversight of corporate compliance: Is it time for a refresh?
  • Results of initial CAMs filings
  • IFAC recommends leading practices for audit committees
  • SEC guidance for proxy voting responsibilities
  • PCAOB’s inspection report for audits of brokers and dealers
  • PCAOB guidance on auditing estimates and working with specialists

August 2019

  • Assessing the impact of LIBOR’s discontinuation
  • Considerations in using non-GAAP accounting
  • AAERs trends and consequences
  • FASB offers implementation relief to smaller companies
  • SEC looks to update Regulation S-K disclosures

July 2019

  • Audit committee disclosure in proxy statements—2019 trends
  • CAM insights for audit committees
  • Helping investors understand CAMs
  • Investors’ role in improving cybersecurity
  • Impacts of lease disclosures under new standards
  • Understanding the effects of the credit impairment model outside of banking

June 2019

  • Critical audit matters and the board
  • Risks of emerging technologies and the auditor’s focus
  • Investigations into ICFR weaknesses is a risk factor for SEC enforcement
  • SEC seeks to balance reporting requirements with protecting investors
  • PCAOB staff guidance for communication with audit committees regarding independence
  • PCAOB staff guidance on CAM implementation

May 2019

  • Audit committee guidance on implementation of critical audit matters
  • SEC’s chief accountant on the importance of the audit committee
  • The impact of cybersecurity on financial reporting and the role of auditors
  • Guide to internal control over financial reporting
  • Helping audit committees prepare for the new credit losses standard
  • Fraud risk management and internal audit
  • SEC proposes improved disclosures of business acquisitions and dispositions
  • SEC proposes to amend accelerated filer and large accelerated filer definitions
  • Observations from the PCAOB’s 2018 inspections

April 2019

  • On the board’s agenda | What to expect from auditor reporting of critical audit matters
  • The Center for Audit Quality updates its External Auditor Assessment Tool
  • A look at innovation in internal audit
  • Board Practices Report: Common threads across boardrooms
  • Lease accounting implementation rates and tips for public and private companies
  • PCAOB issues new reporting guidance on CAMs
  • SEC issues a final rule on some Regulation S-K requirements
  • SEC feedback overview on implementation of ASC 606

March 2019

  • PCAOB publishes 2019 audit committee inspections outlook
  • Survey indicates boards not corroborating risk information enough
  • Study indicates linkage between financial restatements and long-term capital market consequences
  • Crisis resilience and the board—Taking risk oversight to the next level
  • FASB proposes an accounting standards update on share-based payments

February 2019

  • Quarterly accounting roundup: Year in review—2018
  • Six tips for developing CAM disclosures
  • A roadmap to non-GAAP financial measures—2019 edition
  • Leading practices for audit committees is focus of international report
  • SEC seeks input on quarterly reports and earnings releases
  • Audit & Assurance Update—New PCAOB Standard for Accounting Estimates

December 2018

  • Emerging technologies: An oversight tool for audit committees
  • Highlights of the 2018 AICPA conference on current SEC and PCAOB developments
  • 2019 SEC and other regulatory priorities
  • Lessons learned and questions to consider on critical audit matters
  • Overseeing internal audit: The role of the audit committee
  • SEC chair outlines 2019 regulatory priorities
  • PCAOB standing advisory group meeting summary
  • California Consumer Privacy Act: Thought GDPR readiness was tough?

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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

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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

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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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