A month after their scheduled release date, the Securities and Exchange Commission ("SEC") voted 3-2 to adopt final rules implementing the hotly-debated whistleblower provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act").
On November 3, 2010, the Securities and Exchange Commission ("SEC") proposed widely anticipated rules that would implement the whistleblower provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank").
In an important decision last week, the New York Court of Appeals reaffirmed limits on the ability of corporations and those who sue on their behalf (such as bankruptcy trustees and derivative plaintiffs) to bring claims against professional advisors, including auditors and law firms, for allegedly assisting or failing to detect wrongdoing by the corporation's own management.
The Public Company Accounting Oversight Board ("PCAOB") has proposed a new standard designed to strengthen requirements for audit confirmations - that is, direct auditor communication with third parties about particular items affecting the audit client's financial statements.
The U.S. Securities and Exchange Commission (“SEC”) recently approved a new standard proposed by the Public Company Accounting Oversight Board (the “PCAOB”) for concurring or engagement quality review (“EQR”) of financial information in audits and interim financial reviews for public companies.
As attention focuses on this week’s oral argument at the Supreme Court concerning the constitutionality of the Public Company Accounting Oversight Board ("PCAOB" or the "Board"), the PCAOB recently approved a five-year strategic plan and a 2010 budget (subject to approval by the SEC).