Worldwide: Audit

The New York Stock Exchange has proposed extending the timeline for newly public companies to establish internal audit functions from one year to five years post-listing.

The SEC has launched a specialized enforcement unit targeting accounting and audit professionals while simultaneously proposing to reduce mandatory reporting frequency from quarterly to semiannual. These seemingly contradictory moves create new compliance tensions for public companies, auditors, and audit committees navigating heightened enforcement scrutiny alongside potentially relaxed disclosure requirements.

The SEC establishes a specialized Financial Reporting and Accounting Unit within its Division of Enforcement to pursue accounting fraud and misconduct cases.

The U.S. Department of Health and Human Services has launched a new initiative using artificial intelligence to analyze years of audit reports from federal healthcare funding recipients across all 50 states. This program, called AERO, aims to identify unaddressed audit deficiencies and combat healthcare fraud by leveraging AI tools like ChatGPT to review extensive audit documentation that would typically go unexamined.

On May 29, 2026, the Illinois General Assembly passed Senate Bill 315 (SB 315), which, when effective, would impose public transparency, critical safety incident reporting...

The Office of the Inspector General (OIG) continues to focus on Medicare Advantage (MA) risk adjustment payments, issuing a report this week detailing its audit of MA risk adjustment payments based on acute stroke diagnosis codes that do not have corroborating hospital records. OIG found that submissions for all 97 sampled enrollees were not supported in the enrollee’s medical records, estimating $462 million in potential net overpayments in 2021.

The SEC has announced the creation of a new enforcement team focused on auditing-related misconduct, signaling heightened scrutiny of auditors and potential SOX violations.

If your company runs SAP, there's a good chance you'll face a license audit in the next few years — and the outcome may cost you far more than you expect.

At its first open meeting under newly appointed Chairman Demetrios (Jim) Logothetis, the Public Company Accounting Oversight Board (the “PCAOB” or the “Board”)...