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Aug 24, 2021

Who Will Watch the Watchmen? Audit Shortcomings

For The Wall Street Journal for Saturday/Sunday, August 14-15, 2021, a pair of reporters wrote: “Oversight is Weak of Private-Firm Auditing.” The article contrasts the degree of oversight of auditors of private companies with that of auditors of public companies. Since the passage of the Sarbanes-Oxley legislation in 2002, public company auditors are subject to review and discipline by the Public Company Accounting Oversight Board (“PCAOB”), a governmental body in turn supervised by the U.S.» Read More

Sep 10, 2020

When the Tank Is Empty: Auditing in the Time of COVID-19

The COVID-19 pandemic resulted in the shutdowns of much of the economic activity in the United States by mid-March 2020. Although there were and remain some variances among the several states, in general, businesses were shut, buildings were almost empty, and factories and warehouses (except for Amazon, according to media reports) were still.» Read More

Sep 08, 2020

SEC Seeks to Increase the Security of the Data on the Consolidated Audit Trail National Market System

In 2005, the Securities and Exchange Commission (“SEC”) established the National Market System (“NMS”), governed by SEC Regulation NMS, “…to modernize and strengthen …[the trading system] for equity securities.” Its aim was to encourage competition both among the several trading markets and among individual orders, SEC Release No.» Read More