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| Free Webcast: The Enhanced Auditor’s Report is Here: Get the Facts on CAMs and More | ||
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Event Date:: April 01, 2019
Event Time: 1:00 PM - 2:30 PM Eastern CPE Credits: 1.5 Field of Study: Auditing (AU) Level: Intermediate Prerequisite: Must have a basic understanding of financial reporting requirements ** Earn free CPE |
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Description Starting this year, a major change will be reflected in certain auditor’s reports. Effective for audits of large accelerated filers with periods ending on or after June 30, 2019, auditors will be required to communicate critical audit matters (CAMs) in their auditor’s reports. In anticipation of this change, many public company auditing firms have been performing “dry runs” of the CAM requirements. During this “dry run” process, auditors have been practicing the identification and drafting of CAMs, as well as engaging with management and audit committees in advance of the effective date. The Public Company Accounting Oversight Board (PCAOB) has been monitoring the implementation efforts of public company auditing firms and engaging with stakeholders impacted by this new requirement. In this one hour and thirty-minute webcast, hear about the early lessons learned as public company auditors prepare to implement this new requirement. The webcast will discuss how audit committees and investors can prepare for the change. |
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Learning Objectives Obtain an understanding of the definition of a CAM, components of a CAM communication, effective date, and answers to frequently asked questions about the CAM requirements. |
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Moderator
Cindy Fornelli Center for Audit Quality Executive Director Cindy Fornelli is Executive Director of the Center for Audit Quality (CAQ), a position she has held since the CAQ was established in 2007. In 2018, Fornelli was honored for the 10th time by Directorship magazine as one of the 100 most influential people on corporate governance and in the boardroom. Accounting Today has named her one of the 100 most influential people in accounting for 12 consecutive years. Fornelli serves on the Advisory Board of the Ira M. Millstein Center for Global Markets and Corporate Ownership, the Advisory Board of the John L. Weinberg Center for Corporate Governance at the University of Delaware, the Audit & Risk Oversight Committee Advisory Council of the National Association of Corporate Directors (NACD), the Disclosure and Transparency Committee of the International Corporate Governance Network, and the Markets Advisory Council of the Council of Institutional Investors. She previously served on the NACD's 2010 Blue Ribbon Commission on the Audit Committee and 2009 Blue Ribbon Commission on Risk Governance. Panelists Wes Bricker Securities and Exchange Commission Chief Accountant Wes Bricker is the Chief Accountant for the U.S. Securities and Exchange Commission (SEC). In this role, he serves as the principal advisor to the SEC on accounting and auditing matters. He consults with registrants, auditors, and other industry representatives, and is responsible for the oversight of the Financial Accounting Standards Board (FASB) and the PCAOB, among the other duties of the Chief Accountant. Wes joined the SEC from PwC, where he was a partner responsible for clients in the banking, capital markets, financial technology, and investment management sectors. Earlier, he served as a Professional Accounting Fellow in the Office of the Chief Accountant of the SEC. Todd Castagno Morgan Stanley Executive Director Todd is an accounting & tax policy analyst in Morgan Stanley’s Research division. He provides accounting, tax, valuation, and financial modeling consultation services to analysts and investors. He also publishes research on accounting, tax, and valuation topics. Todd helps oversee internal valuation and modeling methodologies and is a member of the Research Stock Selection Committee. Todd serves on the FASB’s Investor Advisory Committee and also co-chairs the Corporate Reporting Users’ Forum, a network of investors and analysts that provides input to key stakeholders and policymakers on accounting and regulatory policy. Todd is a Chartered Financial Analyst and a Certified Public Accountant in the state of New York. He earned graduate and undergraduate degrees from the University of Missouri. |
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David A. Kane Ernst & Young LLP Americas Vice Chair – Professional Practice David A. Kane leads the Americas Professional Practice Group at Ernst & Young LLP (EY). He leads EY’s National Office, including its accounting, auditing, and SEC reporting groups. In addition, he oversees the quality and risk management activities of the firm’s Assurance practice. Mr. Kane has been with the firm for 25 years, during which he has served clients in the financial services and private equity industries and led the firm’s technical thought leadership and industry-related activities. Mr. Kane leads both the Advisory Council and Professional Practice Executive Committee of the CAQ. Mr. Kane was previously a Professional Accounting Fellow in the Office of the Chief Accountant of the SEC. Leslie F. Seidman Moody's, General Electric Independent Director Ms. Seidman is an independent director with over 30 years of experience in the accounting profession. Ms. Seidman serves as a member of the board of directors of Moody’s Corporation and General Electric Company (GE). She is chair of the audit committees of Moody’s Corporation and member of the audit committee of GE. Ms. Seidman is the immediate past Chairman of the FASB, where she also served as a member of the Board from 2003-2013. A recognized expert in accounting, Ms. Seidman was the recipient of the 2015 Distinguished Service Award from the Institute of Management Accountants, for launching the innovative Women’s Accounting Leadership program. She was named CPA of the Year by the American Woman’s Society of CPAs, ranked among the Top 10 Most Influential People in Accounting by Accounting Today, and was named to the NACD Directorship 100 for Governance. Megan Zietsman (invited) PCAOB Office of the Chief Auditor Chief Auditor and Director of Professional Standards Megan Zietsman is the PCAOB's Chief Auditor and Director of Professional Standards. In this role, she leads the PCAOB's efforts to set and interpret standards for the audits of domestic and foreign public companies whose securities trade in the U.S., as well as the audits of broker-dealers that are registered with the SEC. |
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As Chief Auditor, she represents the PCAOB in meetings with the SEC, the FASB, the International Auditing and Assurance Standards Board, and the International Ethics Standards Board for Accountants, among other regulatory and standard-setting organizations. She plays a key role in communicating with investors, auditors, preparers, and audit committees with respect to the matters on the PCAOB's research and standard-setting agendas and the implementation of current standards. Prior to joining the PCAOB, she was a Partner in Deloitte & Touche LLP's professional practice network in the U.S., where she was responsible for audit standard-setting, the implementation of new and revised standards and rules, and all talent-related processes and initiatives. |
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