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August 2, 2012

Deal Cube Tournament: The Big Finale

This is the only match of the final round – a winner will be decided! The Black Jack Table vs. the Toolbox (which squeaked out a victory over the Pink Clear Pig). Voting ends at COB next Wednesday. As noted in these rules (and keep sending more pics for the next tourney), please vote for one of the following two cubes below:

Online Surveys & Market Research

Inspection Reports: PCAOB Addresses Audit Committees Directly (A Rarity)

For as long as I can remember (or at least back to this blog in ’05), I have been recommending that companies demand that their independent auditors inform audit committees when the PCAOB is reviewing a company’s file during a PCAOB inspection of the auditor (the PCAOB doesn’t require that auditors share inspection reports with their clients, but also doesn’t prohibit them either – the reports are confidential merely in the hands of the PCAOB and SEC). Yesterday, the PCAOB issued an 26-page informational release that deals with this topic (here is the related press release).

As noted in FEI’s “Financial Reporting Blog,” it is rare for the PCAOB to issue guidance in the form of an “informational release.” And at least equally as rare that the PCAOB issues guidance that pertains to audit committees directly.

In addition to listing 4 questions that audit committees should ask their auditors in its executive summary, the informational release goes on to explain its inspection process in depth and the possible implications for audit committees of those inspections. It is definitely a must-read document and something that should be shared with all directors, not just audit committee members…

Our New “10-K and 10-Q Exhibits Handbook”

Spanking brand new. Posted in our “Form 10-K” Practice Area, this comprehensive “10-K and 10-Q Exhibits Handbook” provides a heap of practical guidance about how to navigate under Item 601 of Regulation S-K. This one is a real gem – 58 pages of practical guidance…

– Broc Romanek