According to a report by New York University's Pollack Center for Law & Business and Cornerstone Research, the SEC filed 55 new actions against public companies
and subsidiaries in the second half of FY 2018, reversing a decline in filings that began in the second half FY 2017 and continued into the first half of FY 2018.
Fujairah registered figures of Dh10 billion for public companies
and Dh1.96 billion for private companies, while the other emirates did not have any public companies
registered at the SCA.
The public company results varied by size, with the 17 public companies
that had revenues greater than $25 billion reporting a 10% rise in their audit fees, while the 13 public companies
with revenues between $5 billion and $14.9 billion saw their fees decline by 9%.
will eventually be required to adopt.
These include: tax changes in 2008, XBRL, best practices for small public companies
and understanding the risks and benefits of going private.
While the small public company audit market is much less concentrated, the four largest accounting firms continue to audit almost all large public companies
. According to GAO's survey, 82 percent of large public companies--the Fortune 1000--saw their choice of auditor as limited to three or fewer firms, and about 60 percent viewed competition in their audit market as insufficient.
In July 11, 2006, COSO released their Internal Control over Financial Reporting--Guidance for Small Public Companies
. The COSO implementation tool covers the unique needs of small companies' financial reporting requirements and is therefore focused on achieving understandable and efficient SOX compliance.
The guidance, released at a July 11 Web cast, is intended to assist smaller public companies
to implement more effective internal control systems and ultimately to result in more proficient compliance with the Section 404 internal control reporting requirements of the Sarbanes-Oxley Act.
Fourth, significant damages are always a potential in class action securities cases, and such potential damages have only been increased by the volume of investments pouring into mutual funds and the resulting market capitalization of most public companies
. The magnitude of the potential exposures could increase the willingness of directors and officers to contribute.
In 2002 the Sarbanes-Oxley Act was passed, and it included provisions for increased audit documentation guidance for audits of public companies
. Several state boards of accountancy adopted or proposed documentation regulations for all audits within their jurisdictions.
Charles Wilson: Four major public companies
are currently dominating the accounting field.
The SEC is extending the deadline for small public companies
to comply with Sarbanes-Oxley (SOX) Section 404 internal control rules until July 2007.