PCAOB

E&Y to Pay $2 Million to Settle Audit Failure Charges

02/08/2012 - 21:17 - 1763 reads

On February 8, the PCAOB announced a settled disciplinary order censuring E&Y LLP. It imposed a $2 million civil money penalty against the firm, which is PCAOB's largest civil money penalty to date. The PCAOB also sanctioned four of E&Y's current or former partners for violating PCAOB rules and standards.

Jeanette Franzel Named to PCAOB Board

02/03/2012 - 17:04 - 468 reads

Earlier today, SEC Chairman Mary L. Schapiro announced the appointment of Jeanette M. Franzel to the PCAOB board. Franzel, currently a Managing Director at the U.S. Government Accountability Office (GAO), fills the vacancy created when board member Dan Goelzer's term ended; Goelzer remained on the board pending the naming of his replacement.

FEI

IASB Chairman Expects SEC to Approve IFRS

01/30/2012 - 15:22 - 654 reads

Speaking at a seminar in Moscow on IFRS, Hans Hoogervorst, Chairman of the IASB, said that he expected the IASB and the FASB to make progress on their remaining convergence projects in the coming year. Hoogervorst also predicted that the SEC would eventually approve IFRS for US companies.

Review of the PCAOB's Enforcement and Investigations Program

01/26/2012 - 11:46 - 874 reads

In his January 2012 letter to Mary Schapiro, chairman, SEC, James Doty, Chairman, PCAOB, stated, "I am pleased to transmit to you a summary of the PCAOB's most recent performance review, Review of the Public Company Accounting Oversight Board's Enforcement and Investigations Program."

Goelzer Tapped For SEC Alumni Award; World Awaits Naming Successor on PCAOB Board; 12/14 Comment Deadline on Aud. Ind Con. Rel.

12/15/2011 - 10:56 - 692 reads

Dan Goelzer - currently a board member of the PCAOB, and formerly General Counsel and Executive Assistant to the Chairman at the U.S. Securities and Exchange Commission under several former Chairmen – has been tapped to receive the prestigious William O.

FEI

IFRS Update: SEC Decision on Adopting IFRS Still Months Away

12/12/2011 - 12:42 - 1975 reads

James Kroeker, the SEC chief accountant, said last week that the SEC staff will need "at least a few more months" to complete its work on a report to the commission that will show the impact of adopting IFRS on US companies and capital markets. The SEC will study the staff report before making a decision.

SEC Financial Reporting Series Nov. 8 on Measurement Uncertainty; FASB To Meet This Week on Risks & Uncertainties, Going Concern

10/24/2011 - 14:56 - 340 reads

Earlier today, the SEC announced it will hold the inaugural program in its Financial Reporting Series (FRS) on November 8; the focus of the initial roundtable will be Measurement Uncertainty.

FEI

PCAOB Proposal Would Bring Greater Transparency to Public Company Audits

10/13/2011 - 14:39 - 1424 reads

On October 11, 2011, the Public Company Accounting Oversight Board (PCAOB) voted to issue for public comment proposed amendments to its standards that would bring greater transparency to public company audits.

PCAOB May Propose Engagement Partner 'Disclosure' Tuesday

10/10/2011 - 15:45 - 566 reads

The Public Company Accounting Oversight Board is scheduled to vote tomorrow on whether to propose that audit firms should (1) disclose the name of the audit engagement partner in the audit report, (2) disclose the names of each audit engagement partner for each engagement reported in the audit firm’s Annual Report Form filed with the PCAOB, and (3) disclose the names of “other accounting firms and certain other participants that took part in the audit.”

FEI

PCAOB to initiate broad discussion of issues relating to auditor independence

08/16/2011 - 05:07 - 1087 reads

The PCAOB is conducting an open meeting at its headquarters in Washington DC to consider a concept release on ways that auditor independence, objectivity, and professional skepticism could be enhanced.

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