January 5, 2011

Dave & Marty on Giving:The Holiday Show

In this podcast, Dave Lynn and Marty Dunn engage in a lively discussion of the latest developments in securities laws, corporate governance, and pop culture. Topics include:

– Dealing with gifts under Rule 144
– Gifts and insider trading concerns
– The Best Debut Album after “Meet the Beatles”

In his “SEC Actions” blog, Tom Gorman writes about “Letters to Santa: What Key Securities Market Players Want.”

SEC Approves PCAOB’s Risk Assessment Rules: Eight New Auditing Standards Created

Right before Christmas, the SEC issued this order approving the PCAOB’s rules regarding auditor’s assessment of – and response to – risk. The PCAOB had proposed these rules back in September and results in eight new auditing standards – Auditing Standards #8-15 – replacing six interim standards. In one fell swoop, the PCAOB has more than doubled the number of its standards. The PCAOB’s new rules are effective for audits of fiscal years beginning on or after December 15, 2010.

SEC Approves the PCOAB’s 2011 Budget and Accounting Support Fee

Over the break, not only did Congress finally approve the SEC’s budget, but the SEC approved the PCAOB’s annual budget and accounting support fee. As Dodd-Frank provides the PCAOB with the authority to oversee auditors of brokers – and allocate its support fee among both brokers and issuers now – this year’s budget and support fee reflect these changes. As noted in this PCAOB press release, the 2011 budget is $204.4 million, which is $21.1 million (or 11.5%) above last year’s budget.

– Broc Romanek