PLI PLUS 2.0 is now available – click here to test drive the new platform.
Skip to main content

Audit Committees and Financial Reporting 2019: Recent Developments and Current Issues

Speaker(s): Antonio Yanez, Jr., Catherine L. Bromilow, Christine Q. Davine, Elizabeth Paul, James G. Kaiser, James L. Kroeker, Jennifer Haskell, Joan Amble, John F. Olson, Linda H. Ianieri, Linda L. Griggs, Michael J. Gallagher, Michael J. Scanlon, Michael R. Young, Nina Henderson, Sagar S. Teotia
Recorded on: Jun. 4, 2019
PLI Program #: 253503

Antonio Yanez, Jr. is a partner in the Litigation Department and Vice-Chair of the Securities Litigation Practice Group. He concentrates on securities and financial reporting matters, complex commercial litigation, and arbitration.

Tony’s practice includes representation of issuers, accounting firms, private equity firms, and others in securities class actions, SEC proceedings, and other litigation and regulatory matters. He has extensive experience conducting internal and independent investigations of financial reporting, accounting, and related issues. He also has experience in deal-related and commercial arbitration, as well as bankruptcy litigation.

Tony has particular experience in matters with an international dimension, having handled matters in North America, South America, Europe, and Asia. He speaks fluent Spanish.

Tony is ranked among the leading individuals practicing in the area of Litigation: Securities in New York by Chambers USA (2010-2019).

Catherine Bromilow is a partner in PwC’s Governance Insights Center, which strives to strengthen the connection between directors, executive teams and investors by helping them navigate the evolving governance landscape.

With more than 20 years of experience at PwC, Catherine has focused solely on corporate governance.

Catherine has authored and contributed to many PwC governance publications, including the Risk Oversight Series, Going public? What you need to know about corporate governance and Director-shareholder engagement: getting it right. NACD Directorship magazine in 2019 named her for the thirteenth consecutive year as one of the 100 most influential people in corporate governance in the United States.

Catherine is a Certified Public Accountant (licensed in New Jersey) and a Chartered Professional Accountant, CPA, CA (from Canada). She holds a Master of Accounting degree from the University of Waterloo in Canada. While Catherine lives in New Jersey, she frequently travels and has met with board directors in over a dozen other countries, ranging from Brazil to Japan to South Africa.

Christine Davine is the national managing partner for quality, risk and regulatory at Deloitte & Touche LLP.  In this role, she leads Deloitte’s Professional Practice Network, including the auditing, accounting, financial reporting, and risk management functions. Christine is the leader of a team of more than 300 partners and professionals and is responsible for setting Deloitte’s policies and methodology for dealing with complex accounting, financial reporting, auditing, and risk issues, interfacing with regulators and other stakeholders and addressing global Deloitte quality matters. Previously, Christine was the deputy leader of the Professional Practice Network and prior to that she co-led the combined Accounting Consultation, SEC Services, and Standards & Communications groups.  Christine was also previously the national director of SEC Services.

Christine routinely works with clients on the most complex accounting, reporting, and auditing issues and represents clients in interactions with the SEC on various matters. She is a frequent speaker on current and emerging audit, accounting, and financial reporting issues. 

Prior to joining Deloitte in 1999, Christine spent eight years with the SEC in the Division of Corporation Finance. During her last four years with the SEC, she was an associate chief accountant in the division’s Office of the Chief Accountant.

Christine earned a B.S. in Accounting from the University of Virginia and a M.B.A. in Finance from The George Washington University. 

James G. Kaiser was appointed a Board Member of the Public Company Accounting Oversight Board by the Securities and Exchange Commission in December 2017, and sworn in on March 1, 2018.

Board Member Kaiser, a certified public accountant, joined the PCAOB after retiring from PricewaterhouseCoopers after 38 years, including 28 years as an audit partner.  From 2015 until retiring in in early 2018, he was a member of the PwC Global Assurance Executive Leadership Team that developed the firm’s global strategy for the audit and assurance business, including its global digital audit strategy, and led the transformation of PwC’s audit software platform.

Since 2014, he also served as the Global Assurance Methodology & Transformation Leader, where he led the firm's efforts to drive innovation in auditing and was responsible for its adherence to international auditing standards.  From 2011-2015, he served on PwC’s Board of Partners and Principals and the Clients, Governance, Risk, and Accounting Regulation committees.

Earlier, Board Member Kaiser was the lead audit partner for a number of large and complex global companies as well as emerging growth companies. He received a MBA from the Wharton School of the University of Pennsylvania and a B.S. from St. Joseph's University.

James L. Kroeker was appointed a member and vice chairman of the Financial Accounting Standards Board (FASB) on September 1, 2013. In the latter role, he assists the FASB chairman in representing the Board to external stakeholders and in conducting its internal operations, in addition to serving as a voting member of the Board.

Mr. Kroeker joins the FASB from Deloitte, where he served as the Deputy Managing Partner for Professional Practice. Prior to joining Deloitte in January 2013, he served as the Chief Accountant of the Securities and Exchange Commission from January 2009 until his departure in 2012. In this capacity, Jim served as the senior accounting professional for the Commission and the principal advisor to the Commission on all accounting and auditing matters. In his capacity at the SEC, he was responsible for resolution of a wide range of globally significant accounting and auditing issues.

Since joining the Commission in February 2007, Jim played a key role in efforts to improve the transparency and reduce the complexity of financial disclosure. He served as staff director of the SEC's Congressionally-mandated study of fair value accounting standards, and he has led the efforts of the Office of the Chief Accountant to address the economic crisis, including steps to improve off-balance sheet accounting guidelines. Jim also served as the Designated Federal Officer responsible for the staff oversight of the SEC's Advisory Committee on Improvements to Financial Reporting. He also was responsible for the day-to-day operations of the office, including resolution of accounting and auditing practice issues, rulemaking, and oversight of the FASB and PCAOB.

Prior to joining the SEC, Jim was a partner at Deloitte in the firm's Professional Practice Network and was responsible for providing consultation and support regarding the implementation, application, communication and development of accounting standards, including disclosure and reporting matters. Jim was Deloitte & Touche's representative on the AICPA Accounting Standards Executive Committee (AcSEC). He also served as a Practice Fellow at the Financial Accounting Standards Board.

Jim received a Bachelor of Science degree with an emphasis in accounting from the University of Nebraska in May 1992.

Jennifer Haskell is the Deputy Chief Auditor of Deloitte & Touche LLP. In this capacity she leads the Audit & Assurance Services group within Deloitte’s professional practice network. The Audit & Assurance Services group focuses on audit and assurance methodologies, guidance, tools and technologies; standard-setting activities; and engagement team consultations.

In addition, she is the Global Methodology Leader for audit within the Deloitte global organization, including as part of the Global Cen\ter of Excellence for Audit Quality.

Career Overview

Jen joined the Boston audit practice of Deloitte in 1993 and served a variety of clients in the consumer products and financial services industries. Following a 2-year overseas assignment in New Zealand, Jen repatriated and joined the U.S. national office, as part of the National Audit & Assurance Professional Development group, which she led. In 2005, Jen joined the Audit & Assurance Services group, focusing on U.S. and global standard setting activities, as well as cross-border and group audits consultations and matters.   

Education, Professional Affiliations & Certifications

Jen is a member of the American Institute of Certified Public Accountants.  She holds a B.A. in economics and accounting from the College of the Holy Cross. She is a certified public accountant licensed to practice in Massachusetts and Connecticut.  

Jen currently serves on the AICPA’s Assurance Services Executive Committee. From 2011 – 2015 she was a member of the AICPA’s Auditing Standards Board. During that time, she participated on several task forces, including the Audit Issues Task Force and the Attestation Recodification task force. 

John F. Olson is a founding partner of Gibson, Dunn & Crutcher's Washington, D.C. office. Mr. Olson represents business organizations in corporate governance, corporate securities, corporate finance and merger and acquisition matters. He has frequently led legal teams conducting internal investigations for boards of directors and board committees.   

Mr. Olson is recognized as one of the nation's foremost authorities on securities, corporate governance and mergers and acquisitions law. He led the Federal Regulation of Securities and Corporate Governance Committees of the ABA Business Law Section and is a longtime member of and advisor to the Section’s Corporate Laws Committee.  He has been ranked annually as one of the top securities regulation attorneys in the country by Chambers USA, as one of the top lawyers in corporate governance by Who’s Who Legal, and has been named by the International Financial Law Review as a Leading Lawyer in U.S. Mergers & Acquisitions.  In 2013 he was elected to the NACD Directorship Corporate Governance Hall of Fame.  He was the founding Chair of the American College of Governance Counsel.

The author and editor of many books and articles on legal issues, Mr. Olson is a Distinguished Visitor from Practice at Georgetown University Law Center where he teaches organizational governance and securities law courses.

Linda Ianieri currently serves as an independent director of Morgan Stanley Bank, N. A. where she serves as Chair of the Audit Committee and is a member of the Governance, Management Development and Compensation as well as the  Operations and Technology committees. Linda  retired from  PricewaterhouseCoopers LLP in 2017,  where she spent almost 40 years  providing audit and advisory services to both  public and private  financial services clients ( including investment banks, broker/dealers, investment advisers, hedge funds and private equity funds) and she served as  the Firm’s Chief Auditor for Banking and Capital markets clients .  Linda was also elected to  the Firm’s Board of Partners and Principals where she served on several committees and was the Chair of the Board’s Audit and Risk Committee.

Linda L. Griggs’s practice focuses on securities regulation and corporate law matters. In addition, she assists on internal investigations and SEC enforcement and litigation matters that involve financial reporting and accounting matters. She draws on her experience as a former chief counsel to the chief accountant of the US Securities and Exchange Commission (SEC) to advise clients on issues related to financial reporting, accounting, and other disclosure requirements under securities laws and public and private securities offerings. Linda also advises clients on the fiduciary duties of directors and officers, as well as corporate governance matters.

Linda’s three-year term on the Financial Accounting Standards Advisory Council (FASAC) ended on December 31, 2016. FASAC advises the Financial Accounting Standards Board on strategic issues, project priorities, and other matters that affect accounting standards. Previously, she served on the SEC's Advisory Committee on Improvements to Financial Reporting and as a chair of the American Bar Association's Law and Accounting Committee.

In addition to her role as chief counsel to the chief accountant of the SEC, Linda worked as special counsel in the Division of Corporation Finance at the SEC. Prior to that, she served as an attorney in the division's rule-writing office, and as a reviewer of registration statements, proxy statements, and reports filed by companies covered by federal securities laws.

Linda retired as a partner of Morgan Lewis as of September 30, 2016 and practices as a senior counsel of the firm.

Awards and Affiliations

  • Ranked, Securities: Regulation: Advisory, Nationwide, Chambers USA (2013–2018)
  • Recommended, Capital Markets: Debt Offerings, Equity Offerings, The Legal 500 US (2014–2016)
  • Top Woman Lawyer, Best Lawyers (2016–2017)
  • Recognized, Corporate Compliance Law, Washington, DC; Corporate Governance Law, Washington, DC; Securities/Capital Markets Law, Washington, DC; Securities Regulation, Washington, DC, The Best Lawyers in America (2016–2019)
  • Recognized, Who’s Who Legal (2018)
  • Member, Financial Accounting Standards Advisory Council (10/2013 to 12/2016)
  • Member, SEC Advisory Committee on Improvements to Financial Reporting (8/2007–8/2008)
  • Member, American Bar Association, Federal Regulation of Securities Committee and Law and Accounting Committee

Michael J. Scanlon is a partner in the Washington, D.C. office of Gibson, Dunn & Crutcher. He is a member of the firm’s Securities Regulation and Corporate Governance, Securities Enforcement, and Corporate Transactions Practice Groups, and has an extensive practice representing U.S. and foreign public company and audit firm clients on regulatory, corporate governance, and enforcement matters.

Mr. Scanlon advises corporate clients on SEC compliance and disclosure issues, the Sarbanes-Oxley Act of 2002, and corporate governance best practices, with a particular focus on financial reporting matters.  He frequently represents both accounting firms and public company clients on SEC and PCAOB accounting and auditing matters, including financial statement materiality and restatement issues, internal control issues, auditor independence, and other accounting-related disclosure issues.  Mr. Scanlon has represented large accounting firms in enforcement investigations conducted by the SEC, PCAOB, and state accountancy boards.  He also is experienced in conducting internal investigations involving accounting irregularities for management, audit committees, and other Board committees, and represents clients on these matters before the SEC.  Mr. Scanlon also represents several public company boards of directors and audit committees with respect to corporate governance and other compliance matters.

Mr. Scanlon has served as Chair of the ABA’s Law and Accounting Committee, Business Law Section, and as Chair of the DC Bar’s Law and Accounting Committee.  Mr. Scanlon currently serves as one of eight lawyers nationwide on the National Conference of Lawyers and Certified Public Accountants, a joint ABA-AICPA standing task force.  

Mr. Scanlon also is a frequent speaker and author on securities regulatory and enforcement matters and corporate governance matters.  Mr. Scanlon has authored or co-authored more than forty articles on securities regulatory, corporate governance, and enforcement-related matters.

Mr. Scanlon is admitted to practice in the District of Columbia and he is a member of the American Bar Association.  He served as a law clerk to Judge Richard W. Goldberg of the U.S. Court of International Trade from 1997 to 1999. He received his law degree cum laude from the Georgetown University Law Center in 1997, where he was a member of the Tax Lawyer. He received his Bachelor of Arts degree from Middlebury College in 1992.

Nina Henderson is a Director of CNO Financial Group (Bankers Life, Washington National, Colonial Penn insurance companies), (NYSE) Chair Compensation, member Audit, Risk and Investment Committees, Director of Hikma Pharmaceuticals PLC (LSE) Audit, Remuneration and Nomination/Governance Committees, Board Employee Engagement Lead, Director of IWG PLC (formerly Regus) (LSE) global worksite Provider, Chair Remuneration, member Audit and Governance Committees, Board Employee Engagement Lead.

She has served as a Director of AXA Financial Inc. and The Equitable Companies (NYSE) Audit, Investment and Finance/Risk Committees (15 years); Del Monte Foods Company (NYSE) Lead Director and Chair Nominating & Corporate Governance Committee (9 years), sold to KKR; Pactiv Corporation (NYSE), Audit Committee (10 years) sold to Reynolds Holdings; Royal Dutch Shell, PLC (LSE/NYSE) and its predecessor company The Shell Transport and Trading Co. PLC (LSE/NYSE) Audit, Remuneration, Corporate/Social Responsibility Committees (9 years); Hunt Corporation (NYSE) Audit and Compensation Committees (10 years), sold to Berwind and Walter Energy Inc. (NYSE) metallurgical coal for the global steel industry Audit and Health/Safety &  Environmental Committees (3 years), sold to Warrior Met Coal, LLC.

At Bestfoods ($9.4 billion) and its predecessor company CPC International (NYSE), she was one of fourteen (14) corporate officers as President and Corporate Vice President of Bestfoods Grocery $1.3 billion U. S. consumer business (Hellmann’s, Skippy, Mazola, Mueller's, etc.); Corporate Vice President Bestfoods Food Service Global Development $1.7 billion in Europe, Middle East, Asia, Latin America, North America; President and Corporate Vice President and of Bestfoods Specialty Markets Group in Canada, United States, Caribbean, Worldwide Exports food/non-food brands for North American General Market, Hispanics and Asian consumers. Prior to her general management positions, she held numerous executive marketing positions including Vice President Bestfoods Baking (direct store door delivery of fresh baked goods). Bestfoods was acquired by Unilever.

Nina is Vice Chair, Board of Trustees Drexel University, including the Drexel College of Medicine, Chair of the Academic Affairs Committee, and a member of Executive and Finance Committees; a Director of Visiting Nurse Service of New York Finance and Strategic Committees, a Director of the Foreign Policy Association and President of the Kent Land Trust Foundation.

She is a graduate of Drexel University, B.S. with honors. She received the A.J. Paul Drexel Distinguished Alumni Award and is a member of the Drexel 100.

As a global General Manager and Board Director of complex multi-national corporations, her expertise includes operational management of North American and International businesses, strategy development and execution, brand marketing, mergers/acquisitions/joint ventures and corporate governance. Industry experience spans consumer products (food and non-foods), energy (oil, natural gas, bio-fuels, wind, solar, tar sands mining, chemicals) and metallurgical coal mining for the steel industry, financial services (insurance, mutual funds), business services and health care (pharmaceuticals, health insurance, home care, clinical practice, and physician education).

She speaks frequently on business strategy, globalization, higher education and corporate governance for McKinsey, Rand Corporation, NACD, KPMG, Deloitte, PWC, Conference Board, Practicing Law Institute, NYSE/Euronext and Bogazigi (Bosphorus) University (Istanbul).

Sagar Teotia is currently the Chief Accountant for the U.S. Securities and Exchange Commission (SEC).  In this role, Mr. Teotia leads the dedicated staff in the Commission’s Office of the Chief Accountant.   Mr. Teotia also serves as the principal advisor to the SEC on accounting and auditing matters.  Additionally, Mr. Teotia consults with registrants, auditors, and other industry representatives, and is responsible for assisting the Commission with discharging its oversight of the Financial Accounting Standards Board (FASB) and the Public Company Accounting Oversight Board (PCAOB). 

Prior to joining the SEC, Mr. Teotia was a Partner at Deloitte in the National Office, where he frequently consulted on accounting issues in a number of areas including financial instruments, business combinations, and compensation matters.

Earlier, Mr. Teotia served as a professional accounting fellow in the Office of the Chief Accountant where his responsibilities included providing conclusions on complex accounting issues and actively monitoring current standard setting projects.

Mr. Teotia received a B.S. in accountancy from the University of Illinois at Urbana-Champaign.  He is licensed to practice as a certified public accountant in Illinois. 

Beth is a Deputy Chief Accountant leading the Business Combination Team in PwC’s Accounting Services Group. She is responsible for a team of consultants that specialize in business combinations and related areas such as intangibles, consolidations, disposals, impairments and segment reporting.

Prior to this role, she was the Strategic Thought Leader in PwC’s Accounting Services Group in the National office. In this role, she worked closely with firm leadership to determine PwC’s position on emerging trends in auditing, accounting, and financial reporting matters.

Prior to that, Beth was a client service leader in SEC Services. She was responsible for advising clients and engagement teams regarding technical accounting and reporting matters related to SEC registered and exempt offerings in the US.

Beth has over 28 years of experience at the firm and holds a Bachelor of Business Administration from Pace University. She is a CPA, and is a member of the AICPA and New Jersey Society of Certified Public Accountants.

Named by Accounting Today as one of the “top 100 most influential people in accounting,” Michael R. Young is a litigation partner at New York’s Willkie Farr & Gallagher LLP  where he chairs the firm’s securities litigation practice.

His practice concentrates on the representation of companies, audit committees, officers, directors, accounting firms, and investment banks in United States and international securities class actions, SEC proceedings, and special committee investigations.  His trial work includes the landmark jury verdict for the defense in the first class action tried to a jury pursuant to the Private Securities Litigation Reform Act of 1995.  He has served as a member of FASB’s Financial Accounting Standards Advisory Council, as chair of the New York City Bar Association’s Financial Reporting Committee, and as counsel to the American Institute of Certified Public Accountants and the Center for Audit Quality.

A prolific author on the subjects of financial reporting, audit committee effectiveness and the role and responsibilities of the independent auditor, Mr. Young’s books include The Financial Reporting Handbook (Wolters Kluwer 2003), Accounting Irregularities and Financial Fraud (Harcourt 2000) and, most recently, Financial Fraud Prevention and Detection:  Governance and Effective Practices (Wiley 2014).  Mr. Young is a much sought speaker and commentator on financial reporting issues, and has been regularly quoted in such publications as The Wall Street Journal, The New York Times, Fortune, Forbes, USA Today, The Washington Post, and The National Law Journal.  He has also appeared as an invited guest on Fox Business News, CNBC, MSNBC, CNN, and BNN (Canada).

Mr. Young is a graduate of Allegheny College and the Duke University School of Law, where he was Research and Managing Editor of the Duke Law Journal.

Joan Amble has held various positions specializing in financial services, banking and manufacturing.  Joan served as EVP / Principal Accounting Officer for American Express from 2004- 2011.  Prior to American Express, Joan worked for General Electric in varying capacities.  Joan has held positions at the Financial Accounting Standards Board where she specialized in pensions and financial instruments, and Ernst Young, where she served as a CPA (currently inactive).

Joan serves on the Boards of Sirius XM, Zurich Insurance Group, Booz Allen Hamilton and as an Independent Advisor to Societe Generale, N.A.

Ms. Amble completed a four year term on the Financial Accounting Standards Advisory Council and is currently serving the second of two three year terms on the Standing Advisory Group (SAG) to the PCAOB. 

She sits on the North East Audit Committee Network (alum status) and the Insurance Group Leadership Network of Tapestry; and the NACD Council of Audit Committee Chairs. She is a frequent speaker and panelist on Director Education forums on Board Governance and various Board and Audit committee matters. 

Ms. Amble was a member of two NACD Blue Ribbon Commissions established to define the Board’s Role in Overseeing Organizational Culture and the Board’s Role in Talent Management; the Reports were published in 2017 and 2015, respectively.

Joan, passionate about helping women develop professionally, also speaks at Women’s Forums and co-founded and is Chair Emeritus of W.O.M.E.N. In America (, a Leadership Program designed to enable high potential women in business achieve their maximum potential.

As Vice Chairman, Stakeholders & Client Service, Mike is responsible for overseeing PwC’s Government, Regulatory Affairs & Public Policy Office. In this role, Mike engages with a broad range of regulators, government agencies, legislative bodies, and non-government organizations important to PwC and its clients.

Mike has more than 30 years of professional experience with PwC.

Prior to his appointment as a Vice Chairman, he was the firm's Managing Partner, Assurance Quality where he led PwC's U.S. Assurance National Office (National Office). National Office functions include: Accounting Services; SEC Services; Risk Management; Strategic Thought Leadership; and Auditing Services Methods and Tools. In this role he was also responsible for PwC's Assurance Learning & Development, Regulatory Relations, and Inspections groups.

Prior to his appointment as a Managing Partner, Mike held other National Office leadership positions including: U.S. National Office Leader; U.S. Chief Accountant; U.S. Risk Management Leader; and National Office Accounting Consulting Partner. Prior to joining the National Office, he served as a Global Engagement Partner on a number of multinational SEC registrants focused primarily in the chemical/industrial products sector. 

Mike served on PwC's U.S. Board of Partners and Principals, including the Finance, Governance, and Clients and Strategy committees.

From 2010-2016 Mike served as member of the Public Company Accounting Oversight Board's (PCAOB) Standing Advisory Group (SAG). He also served on The Center for Audit Quality's (CAQ) Professional Practice Executive Committee (PPEC) which he chaired from 2011-2016. Mike is a frequent speaker at profession related events and is a member of the AICPA and PICPA.