- The SEC said it will give broker-dealers additional time to comply with the third phase of its reporting rules for large traders. The securities industry wants the third phase of the reporting rules eliminated because they overlap with other reporting requirements.
- A working group of the PCAOB’s Investor Advisory Group (IAG) urged the PCAOB to update a standard related to an auditor’s consideration of a client’s illegal acts. The current standard has remained largely unchanged since it was issued in 1988, but the advisory panel said the world has changed since then.
- The SEC’s enforcement arm has yet to bring a case against a public company over cybersecurity disclosures, but that may change, according to Enforcement Division Co-Director Stephanie Avakian. In remarks in Washington, Avakian laid out the vision for the division’s new unit aimed at countering growing cyber threats.
- A working group of the PCAOB’s Investor Advisory Group recommended that the board to resume development of a formal set of audit quality indicators. Investors believe the indicators could be a useful tool when evaluating the quality of the work audit firms perform and the financial statements their clients produce.