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December 2, 2022

Accounting News Roundup: Conflict Minerals Auditing; Sarbanes 304; PCAOB Member Hanson Wants to Nix ‘Audit Failure’ | 03.24.14

AICPA Offers Guidance on Conflict Minerals Reporting [AT]
Anyone with clients that use minerals mined from the Democratic Republic of the Congo has a fun new project to look forward to: "The SEC final rule requires issuers who use conflict minerals in their manufacturing processes and supply chain to disclose whether the minerals came from the DRC or the surrounding areas. Under the rule, if a company determines its conflict minerals originated in those countries, it will have to file a conflict minerals report with the SEC and publish it on its Web site. The reports, which will outline to the SEC all of the due diligence the company performed as it sourced its supply chain, must be independently audited. Under the SEC rules, companies will need to file their first conflict minerals disclosure report on May 31, 2014, for the 2013 calendar year and on May 31 in subsequent years."

The SEC’s AgFeed Complaint: No Restatement Means No Sarbanes-Oxley Clawback [Re:TheAuditors]
Restatements are required for a Sarbanes-Oxley Section 304 clawback to occur. In AgFeed's case, they declared bankruptcy. 

PwC managing partner says Minnesota is a good place for business [MST]
Of course they waited until spring was officially here to run this.

KPMG's Global Hedge Fund Leader Rob Mirsky Relocates to New York to Help Expand the U.S. Firm's Alternative Investments Practice [KPMG]
I find it interesting that a Big 4 firm issues a press release to announce one office poaching from another.

Wall Street’s warning shot to Ryan [The Hill]
Banks aren't being shy about throwing their wait around: "We don’t want even the germ of this idea to take root and sprout and begin to grow," said Camden Fine, chief executive of the Independent Community Bankers of America. “We need to eradicate this right from the start."

Stop using “audit failure” term in PCAOB reports, Hanson says [JofA]
Shots fired! Here's Jay: 
“I don’t believe it is necessary or appropriate for us to deviate from this more commonly understood definition of ‘audit failure’ by using the term to refer to our inspection findings—which are deficiencies in the firm’s work but not necessarily representative of problems in the audit client’s financial statements or internal controls.”

Cocaine-filled condoms sent to the Vatican [AP]
Skiiing in raincoats? "
German customs officials intercepted a shipment of cocaine destined for the Vatican in January, weekly Bild am Sonntag reported Sunday. Officers at Leipzig airport found 340 grams (12 ounces) of the drug packed into 14 condoms inside a shipment of cushions coming from South America, the paper, reported citing a German customs report. It said the package was simply addressed to the Vatican postal office, meaning any of the Catholic mini-state’s 800 residents could have picked it up." 

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