CPE Session 17: Sunday, August 7, 8:00 AM – 12:00 PM
Securities and Exchange Commission (SEC) Update
Description/Objectives:
The objective of the SEC Update is to provide a review of important events affecting the Securities and Exchange Commission (SEC) during the past year. In keeping with the theme of this year’s AAA Convention, speakers will emphasize the Sarbanes-Oxley Act’s consequences for the Commission’s dealings with its constituents. In addition speakers will discuss how the adoption of International Financial Reporting Standards by many foreign registrants during 2005 has impacted their filings with the Commission. Finally, some of the implications of the proposed inclusion of eXtensible Business Reporting Language (“XBRL”) tagged data in SEC filings will be discussed. The SEC Update Workshop provides a way to exchange ideas with members of the SEC staff and to gain an up-to-date knowledge of the effect of the past year’s events on this important government agency.
In keeping with this year's AAA Annual Meeting theme, the SEC Update Panel gives first-hand insights that provide a great way for those attending to gain a “three year retrospective” of the Sarbanes-Oxley Act.
SEC Update Panel Members and Possible Topics to be discussed:
Susan Markel, U.S. Securities and Exchange Commission, Chief Accountant—Division of Enforcement
- Ms. Markel serves as a senior official in the Division of Enforcement and advises the Division on investigations involving accounting and auditing matters.
- She has worked on a number of the Commission's important accounting investigations, including the investigations of Cendant, WorldCom and Xerox, as well as matters relating to auditor independence.
- Her comments will focus on recent activities of the Division of Enforcement
Andrew D. Bailey, Jr., U.S. Securities and Exchange Commission, Deputy Chief Accountant
Auditing Topics to be discussed include:
- PCAOB Standards and SEC oversight Update
- PCAOB Auditing Standard No. 2 (404/AS2 Internal Control over Financial Statements)
- Summary of Experience with 404/AS 2 in the current reporting season including examples of the Number and types of Material Weaknesses
- Review of pending Auditing Standards on Independence and Tax, Elimination of a Material Weakness
li>Comments on Auditor Independence including International Firm-Wide Quality and Independence Platforms
Scott Taub, U.S. Securities and Exchange Commission, Deputy Chief Accountant
Topics to be discussed include:
- Benefits of New Technology – XBRL
- International Convergence
- Study and Report on Off-Balance Sheet Arrangements
- Objectives-Oriented Standards
- Stock Option Accounting
- Lease Accounting Issues
David Sherman, U.S. Securities and Exchange Commission, Division of Corporation Finance, Academic Accounting Fellow (2004-2005)
Topics to be discussed include:
- Update on activities in the Division of Corporation Finance
- Examples of issues on which Academic Accounting Fellows work, such as cash flow matters, leases, valuations, materiality issues, and divergence from GAAP.
- Comment letters and recent public access - impact of new securities laws.
- International issues - IFRS, transactions
- Suggested research topics
Sponsor:
SEC Liaison Committee
* Denotes special requirements or prerequisite
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