public company


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public company

a registered company that can offer its shares to the public. Its memorandum of association must state that it is a public company, that its authorized capital is at least the authorized minimum (£50,000) and that its name ends with plc (or public limited company).
References in periodicals archive ?
The Public Company Task Force also is studying ways to simplify existing reporting requirements within the context of enhanced business reporting.
Interested in becoming a member of the Center for Public Company Audit Firms?
1 the SECPS was restructured and replaced with the Center for Public Company Audit Firms.
On public company engagements, Sarbanes-Oxley requires firms to rotate the lead audit partner and audit review partner every five years.
capital markets and financial reporting system, including creation of a new Public Board to be responsible for discipline and quality monitoring for public company auditors.
The committee's definition of a smaller public company is determined by six elements:
Enhance the quality of member firms' public company audit practices through the timely communication to members of SEC- and PCAOB-related news, the development of technical and educational information for members and the promotion of best practices.
A going-private transaction commonly takes the form of: 1) a merger, whereby the parties execute a merger agreement and the company sends its stockholders a proxy statement soliciting votes on the merger; 2) a tender offer, whereby the acquirer purchases shares directly from the public company's stockholders; or 3) a reverse stock split, in which the public company solicits shareholder approval to amend its charter to provide for the combinations of a larger number of outstanding shares into one share, and then cashes out the small holders that are left with only fractional shares.
THE AUDITOR MUST ATTEST TO MANAGEMENT'S assessment of the effectiveness of an entity's internal controls using standards the Public Company Accounting Oversight Board issues or adopts.
The GAO then recommended that both the SEC and the Public Company Accounting Oversight Board (PCAOB) continue to monitor the effectiveness of existing requirements for enhancing auditor independence and audit quality.
This article highlights the provisions most important to accounting professionals engaged in public company audits.

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