Regulatory and standard setting developments - December 12, 2012
The regulatory and standard-setting environment continues to be fluid with new regulations and standards emerging from the Securities and Exchange Commission, the Financial Accounting Standards Board, the Public Company Accounting Oversight Board, and others. Companies will want to stay ahead of the changes potentially impacting their businesses and may want to provide feedback to regulators and the FASB. Some changes will likely increase the demands on their people, including their audit committees, and processes, systems, and internal controls.
This issue of Regulatory and Standard-Setting Developments provides a high-level summary of some of the relevant regulations, standards, and guidance that were recently issued or are on the horizon, both in and outside of the U.S., and other information that may be of interest to audit committees, companies, and others. Developments outside the U.S. are important, in part because they may influence the views of U.S. regulators, standard-setters, and other stakeholders.
Recent developments since our September 2012 edition include:
| PCAOB | SEC | FASB | Other |
| Staff Audit Practice Alert No. 10 Maintaining and Applying Professional Skepticism in Audits Report on inspection observations related to deficiencies in the audit of internal control over financial reporting Updates to the timing of various PCAOB projects |
Departure of Chairman Shapiro and other senior staff |
Current status of the priority convergence projects Going concern project First public meeting of the Private Company Council |
Our views on the IAASB's Invitation to Comment Improving the Auditor's Report Recently released tool developed by a group of organizations for audit committees to evaluate their auditors |