{"id":1353,"date":"2018-10-09T10:16:13","date_gmt":"2018-10-09T14:16:13","guid":{"rendered":"https:\/\/seci.wpenginepowered.com\/?p=1353"},"modified":"2018-10-09T10:16:13","modified_gmt":"2018-10-09T14:16:13","slug":"another-reminder-to-watch-the-details-with-enforcement-emphasis","status":"publish","type":"post","link":"https:\/\/seciblog.pli.edu\/index.php\/another-reminder-to-watch-the-details-with-enforcement-emphasis\/","title":{"rendered":"Another Reminder to Watch the Details with Enforcement Emphasis!"},"content":{"rendered":"<p>As we <a href=\"https:\/\/seciblog.pli.edu\/?p=1298\">blogged back in June<\/a>, attention to detail is an important part of successful SEC reporting.\u00a0 Regulation S-X Article 10 is the source of another important SEC reporting detail.\u00a0This part of S-X contains the interim financial statement requirements for Form 10-Q.<\/p>\n<p>(A quick side note \u2013 as we discussed in our <a href=\"https:\/\/seciblog.pli.edu\/?p=1346\">previous post<\/a>this is where the new requirement for information about <strong>changes in shareholders\u2019 equity in Form 10-Q<\/strong>was added by the Disclosure Update and Simplification rule.)<\/p>\n<p>Article 10, as it has been updated by Disclosure Update and Simplification, includes this fairly simple language concerning the auditor\u2019s review of the financial statements in Form 10-Q:<\/p>\n<p style=\"padding-left: 30px;\">(d) Interim review by independent public accountant. <strong><u>Prior to filing<\/u><\/strong>, interim financial statements included in quarterly reports on Form 10-Q (17 CFR 249.308(a)) must be reviewed by an independent public accountant using applicable professional standards and procedures for conducting such reviews, as may be modified or supplemented by the Commission. If, in any filing, the company states that interim financial statements have been reviewed by an independent public accountant, a report of the accountant on the review must be filed with the interim financial statements.<\/p>\n<p>The language we bolded and underlined in this excerpt was in this paragraph before and after the update.\u00a0And it is a fairly simple thing to confirm with your auditor, via email or other vehicle, that they are done with the review before you file.<\/p>\n<p>As you will see in this <a href=\"https:\/\/www.sec.gov\/news\/press-release\/2018-207\">enforcement division press release<\/a>, paying attention to this detail is important.\u00a0 In what is apparently a kind of \u201csweep\u201d action, <strong>five companies paid fines averaging $50,000 each for failing to observe this requirement<\/strong>.\u00a0 It is also interesting to note the SEC and the PCAOB worked together on these actions.<\/p>\n<p>As always, your thoughts and comments are welcome!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As we blogged back in June, attention to detail is an important part of successful SEC reporting.\u00a0 Regulation S-X Article 10 is the source of another important SEC reporting detail.\u00a0This part of S-X contains the interim financial statement requirements for Form 10-Q. (A quick side note \u2013 as we discussed in our previous postthis is &hellip; <a href=\"https:\/\/seciblog.pli.edu\/index.php\/another-reminder-to-watch-the-details-with-enforcement-emphasis\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Another Reminder to Watch the Details with Enforcement Emphasis!<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[143],"tags":[],"coauthors":[154],"class_list":["post-1353","post","type-post","status-publish","format-standard","hentry","category-hot-topic"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/1353","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/comments?post=1353"}],"version-history":[{"count":0,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/1353\/revisions"}],"wp:attachment":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/media?parent=1353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/categories?post=1353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/tags?post=1353"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/coauthors?post=1353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}