SEC

Leaders of the Securities and Exchange Commission and the Public Company Accounting Oversight Board issued a joint statement Wednesday about the impact of the coronavirus on audit firms trying to operate in China.

The White House’s latest budget blueprint proposes consolidating the functions and responsibilities of the Public Company Accounting Oversight Board into the Securities and Exchange Commission starting in 2022.

A slow quarter for the biggest firms saw lots of small gains for smaller auditors.

The Securities and Exchange Commission voted to propose amendments to the financial disclosure requirements in Regulation S-K and streamline the Management's Discussion and Analysis disclosures.

A bill stuck in Congress might help improve audit oversight.

All eyes will be on the large SEC registrants in January as they become the first financial institutions to adopt the current expected credit loss model, or CECL.

The Securities and Exchange Commission is proposing a set of amendments to the auditor independence rules that have been in place since the early 2000s, allowing firms more leeway in determining conflicts of interest and shortening the lookback period for clients planning to go public.

All three are pending final acceptance by the SEC, which is expected to finalize them early next year.

Five new trustees have also been named to the Financial Accounting Foundation.

SEC charges revolved around how the insurer decided if clients were dead.