Columbia Law School
Sky Blog
In a recent statement,[1] Acting Chief Accountant Paul Munter highlighted a number of important financial reporting considerations for SPACs.[2] Among other things, that statement highlighted challenges associated with the accounting for complex financial instruments that may be common
Paul Munter
SEC Chief Accountant on Fostering a Healthy “Tone at the Top” at Audit Firms
Audit firms are private businesses with the same legitimate interest in making a profit that all private businesses have.[1] But audit firms have also been entrusted to be essential gatekeepers in maintaining the integrity of our capital markets. The …
SEC Chief Accountant Discusses Auditors’ Responsibility for Fraud Detection
Fraud causes significant losses to investors each year.[1] Frauds that affect issuers and their investors may involve asset misappropriation, financial reporting misconduct, or, more generally, corruption. The Association of Certified Fraud Examiners (“ACFE”) estimates that organizations lose 5% …
SEC Accounting Chief Warns Chinese Companies About Risks of Changing Auditors
SEC’s Accounting Chief on Financial Reporting and the Priorities of His Office
The events of the past year bring to mind the old saying that “change is the only constant in life.”[1] Our capital markets continue to evolve and adapt in response to changes in the economic environment, investors’ needs for
SEC Speaks on Accounting and Reporting Considerations for SPAC Warrants
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SEC’s Acting Chief Accountant Discusses Reporting and Auditing Issues for Companies Merging with SPACs
In recent years, we have seen significant market developments and innovation in our capital markets, with a variety of structures being utilized to raise capital and facilitate taking private companies public.[1]
The U.S. capital markets are often described as