• As White prepares to leave, she renews call for IFRS

    SEC Chair Mary Jo White called U.S. support of IFRS “imperative for the protection of U.S. investors and companies and the strength of our markets.” The statement was issued two weeks before she plans to step down but was intended to pave the way for her successor to resume work on an issue that has proceeded fitfully through the rulemaking process for decades.
  • Investor advocate stresses importance of financial reporting controls

    In an annual report to Congress for fiscal 2016, SEC Investor Advocate Rick Fleming said Congress should not weaken the rules for internal controls over financial reporting. The House of Representatives passed a bill in May 2016 to broaden the exemption from the auditor attestation requirements for internal controls at small public companies, but Fleming said that effective controls promote investor confidence and make U.S. capital markets more attractive to investors.
  • Comment letters push for tighter definition of audit committee financial expert

    Some financial professionals want the SEC to strengthen the definition of the qualifications for an audit committee financial expert as part of the agency’s broader disclosure project. The rule was one of the Sarbanes-Oxley reforms the market regulator adopted after the Enron scandal, but now investors and accountants believe that the rule should accurately reflect the significant responsibilities required of directors who sit on audit committees.
  • Auditing Trends for Insurers in 2017

    As compliance for regulations increase, outside auditors need to widen their expertise. Baker Tilly’s Chris Anderson shares insights on the integration of technology and audit expertise in this A.M. Best article (subscription may be required).