Tag Archives: Auditor

SEC Proposes to Greatly Expand Exemption from SOX 404 Auditor Attestation Requirement

The SEC has proposed revisions to the definition of an “accelerated filer” that would exempt most companies that have both a public float of common equity of less than $700 million and annual revenues of less than $100 million from … Continue reading

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Liability of auditor for incorrect accounting treatment advice (UK)

The English Court of Appeal found that the plaintiff building society had not proved damages against its auditors who gave them incorrect information about how to treat long-term interest rate swaps on its balance sheet under the IFRS requirements. The … Continue reading

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GPB Capital Holdings’ Auditor Resigns Due To “Perceived Risks”

On November 9, 2018, GPB Capital Holdings, LLC (“GPB”) notified certain broker-dealers who had been selling investments in its various funds that GPB’s auditor, Crowe LLP, elected to resign.  As reported, GPB’s CEO, David Gentile, stated that the resignation purportedly … Continue reading

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Shareholder responsibility over auditor tenure

Following the recent collapse of the United Kingdom’s second largest construction firm, due in part to overvaluation of contracts by its long-time auditors, the debate over auditor tenure has been re-energized.  Concerns about the terms or length of auditor engagements … Continue reading

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Recent Developments in Auditor Tenure and Independence

Last month, over 35% of General Electric Co.’s shareholders voted against ratification of KPMG LLC as GE’s auditor. This high level of opposition (for some context, last year’s votes against KPMG were at a mere 5.7%) comes in the wake … Continue reading

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