- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Maria L. Murphy2022-10-05T14:35:00
Total audit fees increased in fiscal year 2021 as the number of Securities and Exchange Commission (SEC) registrants reached its highest total in six years, according to the latest annual report.
Audit Analytics’s 20th annual review of audit and non-audit fee trends at public companies found total audit fees grew 3.3 percent from 2020, to $18.9 billion. Primarily driving the increase was the larger number of registrants at 7,133, the most since 7,150 were included in 2015.
New accounting standards for revenue, leases, and credit losses have become effective in the past three years, requiring significant changes to registrants’ accounting and financial reporting processes and controls. These changes increase audit complexity and require more audit hours (and higher audit fees).
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2023-08-03T20:15:00Z By Kyle Brasseur
Average audit fees paid to external auditors by Securities and Exchange Commission registrants reached record totals in fiscal year 2022, according to the latest annual study.
2023-03-29T15:00:00Z By Kyle Brasseur
Deloitte was the only Big Four audit firm to net positive in new public company clients in 2022, while Marcum saw the largest overall gains a year removed from losing 110 clients, according to the latest annual study.
2022-06-01T16:29:00Z By Maria L. Murphy
The total number of restatements and individual companies disclosing restatements in 2021 rose to their highest levels since 2006, according to Audit Analytics’ latest annual review.
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Compliance teams should expect more support from their organization’s internal audit functions. That is the clear message from the Institute of Internal Auditors, the global body of national affiliated internal audit institutes, which has just put into action its new Global Internal Audit Standards.
2024-09-16T19:45:00Z By Aaron Nicodemus
Chinese authorities banned PwC’s Chinese unit from performing audits in the country for six months, labeling the subsidiary’s flawed audit work as complicit in the failure of giant property developer Evergrande.
2024-06-12T01:46:00Z By Kyle Brasseur
Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
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