Tate’s Excellent Audit Committee Guide – Updated October 2015 – 172 pages – Enjoy, Use, and Pass It Along


Click on the following link for the 172 page, October 2015, updated Tate’s Excellent Audit Committee Guide – enjoy, use and pass to others who would find it useful – updated regularly – https://auditcommitteeupdate.files.wordpress.com/2015/10/tates-excellent-audit-committee-guide-10242015.pdf

Dave Tate


Managing Risk: Panel Finds Lawyers are Essential at the Board Level

Sourced through Scoop.it from: www.linkedin.com

Dave Tate, Esq. comment. Interesting discussion, but too broad. A lawyer with a background that the board needs, would be helpful, but you also wouldn’t argument, for example, that everyone who has been a CEO would make a good board member, or that anyone who is or has been a CPA would be a good choice for the audit committee.  

Derivatives rule proposal: More work for overburdened fund directors – 12/14/2015

The Securities and Exchange Commission’s proposals to modernize its regulation of fund use of derivatives and leverage again increase the scope and complex

Sourced through Scoop.it from: fundboardviews.com

Dave Tate, Esq. comments. Very complicated stuff for directors and independent directors, to be sure.

AICPA Proposes New Compilation Standards

The American Institute of CPAs Accounting and Review Services Committee has issued three proposed Statements on Standards for Accounting and Review Services, or SSARS, related to prospective and pro forma financial information.

Sourced through Scoop.it from: www.accountingtoday.com

Dave Tate, Esq. comments. I don’t get this. SSARS 21 is just now being implemented. Now more changes? This doesn’t look good for the auditing profession.

PCAOB Adopts Rules Requiring Disclosure of the Engagement Partner and Other Accounting Firms Participating in an Audit

Sourced through Scoop.it from: pcaobus.org

Dave Tate, Esq. comments. Time will tell, but I don’t believe this requirement will be a big deal. Other increased disclosures, such as relating to evaluation of internal controls and governance, would be more important.  

6 Steps Corporate Counsel Must Take to Protect Themselves During Government Investigations | Corporate Counsel

Click on the following link for the discussion: m.corpcounsel.com

Dave Tate, Esq. comments. A good reminder and discussion. Act diligently and speak up. Merriam-Webster definition of the term “speak up”: to speak loudly and distinctly; to express an opinion freely.

Is the SEC Zeroing In On Directors? | NACD Directorship Magazine

Heightened scrutiny of directors by the SEC will remain an enforcement priority. Protect your business from risk with these suggestions.

Click on the following link for the discussion: www.nacdonline.org

Dave Tate, Esq. comments. Directors and audit committee members, know satisfy your duties and the business judgment rule, have and acquire sufficient knowledge, diligently spot and treat red flags, make use of internal audit and the external auditor, use legal counsel and consultants, interact and communicate with the executive officers, know and understand internal controls (COSO 2013), fraud, auditing, accounting, the FCPA, and compliance topics and issues.