Month: May 2018

Highlights – CAQ SEC Regulations Committee – 13 March 2018

Go to Source Author: At this meeting, the SEC staff discussed, among other things, financial reporting implications of tax reform legislation, waivers of financial statements required by Rule 3-09 of Regulation S-X, new Accounting Standards, use of most recent year-end financial statements in assessing Regulation S-X, Rule 1-02(w) significance in an IPO, and audit requirements for pre-transaction periods following a reverse merger involving two operating...

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Comment Letter – ASB proposed omnibus statement on auditing standards to minimize certain differences with PCAOB standards

Go to Source Author: In our comment letter, we support the ASB’s efforts to minimize unnecessary differences between its auditing standards and those of the PCAOB for related parties and communications with those charged with governance. Overall, we believe the proposed amendments would clarify the auditor’s responsibilities and enhance audit...

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Highlights – CAQ SEC Regulations Committee – 13 March 2018

Go to Source Author: At this meeting, the SEC staff discussed, among other things, financial reporting implications of tax reform legislation, waivers of financial statements required by Rule 3-09 of Regulation S-X, new Accounting Standards, use of most recent year-end financial statements in assessing Regulation S-X, Rule 1-02(w) significance in an IPO, and audit requirements for pre-transaction periods following a reverse merger involving two operating...

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Comment Letter – ASB proposed auditor reporting standard

Go to Source Author: In our comment letter, we support the efforts by the AICPA’s Auditing Standards Board (ASB) to improve the usefulness of the auditor’s report for audits of non-issuers. We support the proposal to set requirements for auditors engaged to report on key audit matters (KAMs) rather than require the reporting of KAMs. However, we believe it would be preferable for the ASB to align the KAMs requirements with the Public Company Accounting Oversight Board (PCAOB) requirements for reporting on critical audit matters to promote comparability among auditor’s reports issued in the...

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