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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jaclyn Jaeger2019-03-20T15:45:00
Changing audit firms is a massive undertaking that requires careful consideration—but learning from the experiences of other audit committees that have gone through the process can simplify what’s often a difficult decision.
An analysis of public company regulatory filings shows the factors behind why companies change external auditors and the circumstances under which proxy advisory firms are more likely to demand it.
Not surprisingly, a hike in audit fees is among the more mundane reasons for why companies decide to change audit firms. D.R. Horton and McDermott International are recent examples of companies whose audit committees decided to change audit firms following “a competitive request for proposal process,” according to their respective regulatory filings. PwC, which has served as D.R. Horton’s auditor since 2008, and Deloitte, which has been McDermott’s auditor since 2006, were each replaced by EY.
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News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
2019-05-22T19:51:00Z By Tammy Whitehouse
While the rancor appears to have softened a bit, General Electric shareholders are still signaling to the audit committee that they want a new auditor.
2024-07-02T20:35:00Z By Adrianne Appel
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
2024-07-02T13:50:00Z By Aaron Nicodemus
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
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after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
2024-06-03T17:35:00Z By Kyle Brasseur
Software company Autodesk said it won’t restate several years of financial statements following an audit committee investigation into potential accounting misconduct.
2024-05-24T16:27:00Z By Jeff Dale
Los Angeles-based bank holding company Broadway Financial Corp. disclosed in a public filing weaknesses discovered in its internal control over financial reporting because of training shortfalls.
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