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SEC and PCAOB Developments

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1.    PCAOB Announces 2018 Forums on Auditing in the Small Business Environment and on Auditing Broker-Dealers

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Issued: April 10, 2018

Summary: 
The PCAOB announced 2018 Forums on Auditing in the Small Business Environment and Forums for Auditors of Broker-Dealers.  

Discussion topics include an update on standard setting, auditor independence, remediation of quality control criticisms identified during PCAOB inspections, and enforcement matters.  Additionally, PCAOB staff will present case studies on revenue recognition and the recent changes to the auditor’s report, as well as case studies covering areas related to inspection observations.  Also included is a presentation from staff of the Securities and Exchange Commission, as well as a presentation from the staff of FINRA (audits of broker-dealers forum only).

Each forum is going to be available via live streams on the following dates:

  • September 18, 2018 – Forum on Auditing in Small Business Environment

  • September 19, 2018 – Forum for Auditors of Broker-Dealers

Link to the announcement on PCAOB website:
https://pcaobus.org/News/Releases/Pages/PCAOB-2018-Forums-on-Auditing-Small-Business-and-Broker-Dealers.aspx

2.    SEC Adopts Interpretive Guidance on Public Company Cybersecurity Disclosures

Issued: February 21, 2018

Summary: 
The guidance provides the Commission’s views about public companies’ disclosure obligations under the existing laws with respect to matters involving cybersecurity risks and incidents, and is intended to promote clearer and more robust disclosures by companies in this area.  It also addresses the importance of cybersecurity policies and procedures and the application of disclosure controls and procedures, insider trading prohibitions, and Regulation FD and selective disclosure prohibitions in the cybersecurity context.

Of note, cybersecurity is also among examination priorities of the SEC office of Compliance Inspections and Examinations announced by the SEC in early February 2018 (primarily effects broker-dealers and registered investment advisors).

Link to SEC statement guidance on SEC website:
https://www.sec.gov/rules/interp/2018/33-10459.pdf