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Auditing Research with the SEC in Mind

Delve into the SEC's organizational structure, funding, and primary goals influencing academic research for market efficiency and investor protection. Learn how to capture the SEC's attention and contribute valuable insights as an auditor.

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Auditing Research with the SEC in Mind

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  1. Auditing Research with the SEC in Mind Andrew D. Bailey, Jr. Past Academic Accounting Fellow (2000/01) Past Deputy Chief Accounting (2004-2005) U.S. Securities & Exchange Commission AAA Audit Section Doctoral Consortium January 2006

  2. Outline • SEC Organization • Research Funding • The SEC’s goals and Attitudes condition its interest • Investor protection • Market effectiveness and efficiency • Disclosure focus • Academic Research most likely to appeal • Capturing the SEC’s Attention • Summary

  3. Structure of SEC • Divisions • Division of Corporation Finance • Division of Enforcement • Division of Market Regulation • Division of Investment Management

  4. Structure of SEC • Offices • Administrative Law Judges • Administrative and Personnel Management • Chief Accountant • Compliance Inspections and Examinations • Financial Management • Economic Analysis • Equal Opportunity Employment • Executive Director • Filings and Information Services • General Counsel • Information Technology • Inspector General • International Affairs • Investor Education and Assistance • Legislative Affairs • Municipal Securities • Public Affairs, Policy Evaluations and Research • Secretary

  5. OCA and DCF Focus on Financial Reporting and Disclosure • Goal-Investor Protection • Provision of relevant, reliable, complete understandable information to the investor • Assure that investors receive quality information from management (broadly defined) • High Quality Audited Financial Statements

  6. Inputs needed for Quality Information: Researchable Issues • Preparation of Information by Management • Governance roles of management, audit and compensation committees, internal audit, etc. • Accounting Standards Setting and Application • Regulation, Oversight, Sanctions and Enforcement • Education of preparers, audit committees, internal auditors

  7. Inputs needed for Quality Information: Researchable Issues • Audits of Management Information • Auditing Standards Setting and Application • Independence Rules Creation and Enforcement • Audit Process (e.g., risk model, fraud focus) • Oversight, Enforcement, Sanctions • Education of auditors (university and continuing education)

  8. The Carnegie Research Model: Value to the SEC • Discovery Research – Interested, but Opportunistic Use • Integration Research – Interested more Systematic Use, but somewhat Unpredictable • Application – Interested, even more Systematic, but still somewhat Unpredictable • Teaching – General concern and specific concern for Investor Education

  9. Capturing the SEC’s Attention • Academic Accounting Fellows Program as a port-of-entry • Send papers of interest in as official commentary on pending concept releases, rules, etc. • Get to know the staff – How? • Consider evolving PCAOB interactions (Research links, academic fellow program, etc.)

  10. Summary • SEC values research that will help it achieve its investor-related goals • Integration and Application Research, but particularly Integration • Teaching Research and Application with particular emphasis on life-time competence and renewal

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