November 16, 2011
Study: Going Concerns Going Down
In this study (posted in our “Going Concerns” Practice Area), Audit Analytics estimates the number of New Going Concerns for fiscal year 2010 (a going concern filed for 2010 when one was not filed for 2009). New Going Concerns most recently peaked in 2007 and has been decreasing in number each year thereafter. As of May 31st, fiscal year 2010 received 584 new going concerns, which results in a estimated amount of 637 total new going concerns for 2010. Therefore, going concerns appear to be trending to the lowest amount in ten years.
Reverse Mergers: SEC Approves New Exchange Listing Requirements
Last week, the SEC approved additional listing requirements for companies that apply to list on the NYSE, Nasdaq or Amex following completion of a reverse merger with a shell company.
Cleaning Up Your Internal Controls Checklists: The New SAS 70 is SSAE 16
As noted in the NASPP Blog, the Standards on Standards for Attestation Engagements No. 16 (SSAE 16) replaced SAS 70 as of June 15th. Although this appears mostly to be just a technical change, a lot of companies have references to SAS 70 in their internal control checklists and subcertifications – and sometimes even their audit committee charters – so some cleanup might be warranted…
– Broc Romanek