One of the more fascinating stories of the year is Google’s decision to forego traditional distribution methods for its IPO and utilize a Dutch Auction process instead. Learn more about Dutch Auctions from my interview with Maria Gabriela Bianchini on Google’s Dutch Auction.
PCAOB Adopts Document Retention and Non-US Review Standards
At yesterday’s meeting, the PCAOB adopted Auditing Standard No. 3 that require auditors to retain their records for seven years – and in sufficient detail so that an experienced auditor with no previous connection to the engagement could read them and understand clearly what work had been performed, who performed the work and why the auditor reached its conclusions.
In addition, the PCAOB adopted rules that call for the PCAOB to take into account the rigor and independence of non-US oversight groups when deciding how to review the work of non-US accountants who have audit clients with stock trading in U.S. markets. To date, 103 foreign audit firms in 42 countries have registered with the PCAOB, with nearly 250 more in the pipeline.
Executive Compensation Trends
You will soon be getting an earful from us on executive compensation in the next issue of The Corporate Counsel. But if you can’t wait, I suggest you check out this IOMA webinar being held next Tuesday featuring Dick Wagner, an experienced compensation consultant who isn’t afraid to speak his mind.
Dick just joined an executive compensation task force that I have been helping set up in connection with our October 20th major compensation conference. More about that later…