Views on improving the integrity of global capital markets

Sandy Peters, CPA, CFA

50 Posts

Biography

Sandy Peters, CFA, is head of financial reporting policy and serves as spokesperson for CFA Institute to key financial reporting standard setters including the IASB, FASB, and the US Securities and Exchange Commission. She holds the Certified Public Accountant (CPA) designation.

Author's Posts
SPAC Audits: SEC Fines Marcum for Quality Control Deficiencies

PCAOB audit partner transparency data provided a leading indicator of audit quality issues.

The First Republic Takeover: What Happened?

First Republic’s investment of its significant uninsured deposits in jumbo loans left it illiquid in a rising interest rate environment.

CFA Institute Responds to SEC Proposal on Climate-Related Disclosures: 5 Key Takeaways

Five takeaways from CFA Institute response to SEC proposed rule on climate-related disclosures.

Wirecard Scandal Spurs European Commission Consult to Enhance the Quality and Reliability of Corporate Reporting in Europe

The implosion of Germany’s Wirecard has demonstrated that those parties – management, the audit committee and board, auditors, audit regulators, and corporate reporting regulators – investors compensate and rely upon to look after their capital investments failed them on multiple levels in the European Union’s (EU’s) largest economy.

Two Sides of the ESG Debate Are Closer Than They Think

We support the formation of an ISSB because its “first principles” are important to the investment community and would address the full range of sustainability factors (i.e., beyond climate change alone) through which investors assess business performance. Crucially, the ISSB also would establish a global sustainability disclosure baseline, bringing coherence to a fragmented ecosystem in which investors have been forced to be multilingual.

SEC Should Lead in Requiring Climate Disclosures

A transition to a lower-carbon economy will have a significant impact on the global economy, with the US economy being no exception. It is time for the SEC to take the lead.

As the SEC Turns Its Attention to Human Capital, Investors and Accountants Need to Pay Attention

Perhaps most interesting about human capital relative to climate risk is that the financial statements are already supposed to provide some degree of information on human capital, such as compensation expense, but financial statements do not always do this. But now with the SEC involved, things may change.

UK Audit Reform: Audits of Internal Controls Over Financial Reporting

The narrative that management and auditor assessment of internal controls of financial reporting is too expensive is a very common, but undemonstrated, narrative regarding virtually every accounting, disclosure, and audit reform. Investors view the benefits of ICFR audits as exceeding the costs.

UK Audit Reform—Investors Attempt to Assess the Net Effect and Timing of the Proposed Reforms: Has the “Expectations Gap” Been Narrowed?

Our key takeaway from the Consultation is that the UK government’s most significant instrument of reform is an empowered audit regulator, replacing the Financial Reporting Council (FRC) with the new Audit Reporting and Governance Authority (ARGA).

IFRS Foundation Chair Speaks at CFA Institute Symposium on the Creation of Sustainability Standards Board

KEY MESSAGES

At a recent CFA Institute event, I hosted Erkki Liikanen, Chair of the IFRS Trustees, where he spoke about the efforts of the IFRS Foundation to establish a Sustainability Standards Board (the… READ MORE ›

CFA Institute Supports Intent of Sustainability Standard Setters to Work Together

CFA Institute supports the alignment among the leading sustainability and integrated reporting organizations—SASB, GRI, IIRC, CDSB and CDP— in advancing a sustainability standards discussion.

CFO Article on Buffett Garners Comment from Prominent Investor. We Argue Mr. Graham’s View is Minority Among Investment Professionals

Our outreach and investor engagement tells us this accounting – a position we have had for over thirty years – is preferred by investors as it more prominently and transparently displays investment market risks. If an investor does not prefer this accounting, they can easily adjust to remove these unrealized gains or losses – having been fully informed by this more prominent presentation.

Second Quarter 2020 Amid COVID-19: Investor and Audit Committee Considerations

A plethora of non-GAAP and alternative performance measures will arise throughout 2020 to explain the effects of the COVID-19 pandemic. Investors need to critically evaluate the nature of the adjustments, what the resulting measure is meant to communicate, why the new or revised measure is being presented by management, and why the measure is a better or more meaningful measure. This information should be used as a jumping-off point for a conversation with management.



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