All Audit Analytics articles – Page 3
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Blog post
Audit change data shows differences at Big 4 firms
In the churn for new auditors, one Big 4 firm has held steady with its net number of audit clients while three others have seen net losses numbering in the 20s. Tammy Whitehouse has the results of the latest data from Audit Analytics.
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Blog post
Going concerns fall in 2015, but not due to better financials
Going concern filings appear to have tapered off in 2015, but that doesn’t necessarily mean public company balance sheets are getting healthier. More from Tammy Whitehouse.
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Blog post
Companies take action against rising audit costs, FERF study says
Tammy Whitehouse has the results of a new study that shows audit cost increases for public companies are outpacing inflation, but the largest companies are taking measures to keep cost increases in check.
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Blog post
Adopting the 2013 COSO framework: fiscal 2015 update
Data gathered by Protiviti and Audit Analytics from fiscal 2015 annual reports show that the implementation of the COSO framework for audited internal control over financial reporting is almost complete: 96 percent of companies reviewed used the 2013 Framework, in comparison to 82 percent for fiscal 2014. Tammy Whitehouse reports. ...
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Blog post
Largest companies more often miss filing deadlines, new report shows
A recent report from Audit Analytics finds that large accelerated filers, or those with a public float greater than $700 million, are finding it difficult to get their annual reports filed on time. In 2010, says Tammy Whitehouse, only 10 large accelerated filers gave notice to the markets that their ...
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Blog post
Restatements take another turn for the better, Audit Analytics says
The total number of restatements that were serious enough to undermine reliance on prior financials fell to 161, the lowest level since 2006, according to the latest data from Audit Analytics. And the overall number of restatements dropped 12.7 percent in 2015 from the year before. Tammy Whitehouse has more ...
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Article
Feel the Churn: Big 4 Get Squeezed on Audit Engagements
Image: The Big 4 audit firms have lost more audit clients this year than they have gained, and second-tier firms seem to be picking them up. That churn is probably due to a variety of factors, from cost to PCAOB inspection reports to ease of working relationship, but the overall ...
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Blog post
Audit Fee Data Reveals New Departure from Non-Audit Services
According to a recent Audit Analytics study of fees paid in 2014 by 2,300 accelerated filers, 80.3 percent were focused on the integrated financial statement internal control audit; fees for non-audit services dipped to 19.7 percent of the total bill from the audit firm, a drop from 20 percent during ...
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Article
Comment Letter Conversations Get a Bit Easier
Those awkward conversations you have with SEC staff when they comment on your periodic filings? They’re getting easier. The number of comment letter conversations has fallen 50 percent in the last five years, suggesting overall improvement in financial reporting. “Obviously internal controls have gotten better at companies, and that certainly ...
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Article
Parsing the Data on Financial Restatements
Image: The data behind financial restatements tell a fairly positive tale for 2014, with improvements in financial reporting across many variables (unless you’re an accelerated filer, where restatements edged up from the prior year). Inside we have a close look at which companies restated for what reasons, and whether improvement ...
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Blog post
2014 Restatements Show Further Declines
Restatement data for 2014 suggest companies are getting better at financial reporting—producing fewer erroneous reports, with less damaging effects, and correcting mistakes more quickly when they find them, the latest report from Audit Analytics shows. Contrary to all the good news, however, restatements among accelerated filers are not falling. More ...
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Blog post
Final 2013 Going-Concern Filings Expected to Decline
Audit firms’ going-concern warnings dropped again in 2013, for the sixth year in a row, according to a recent study from Audit Analytics. A review of opinions on 2013 financial results (issued throughout the course of 2014) indicates a drop of 5.9 percent from warnings for 2012. More study details ...
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Blog post
Audit Committees Offer Details on Auditor Independence
Image: A Center for Audit Quality study shows a significant majority of all S&P Composite 1,500 companies are talking to investors about auditor independence, but fewer address how the auditor is appointed. “We think it is important to provide a baseline for audit committee disclosures, with the intent of tracking ...
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