The new guidance adopted on Tuesday focuses on related-party transactions, significant unusual transactions, and a company’s financial relationships and transactions with its executive officers – key factors in many financial reporting frauds.
A member alert issued by the Center for Audit Quality and the AICPA outlines regulatory changes for audits and attestation engagements of brokers and dealers and futures commission merchants that are effective June 1.
Almost half of public company board members surveyed do not think the PCAOB's proposed changes to enhance the auditor's reporting model will improve its usefulness, according to a new survey from BDO USA, LLP.
In an effort to bring greater transparency to public company audits, the PCAOB may reexamine a proposal before the close of 2013 that could require disclosure of the audit engagement partner's name in the audit report.
The insider trading scandal that has engulfed KPMG LLP, causing it to resign as auditor at two companies and fire a partner, contributes to the negative image the public accounting industry gained due to its role in the run-up to the 2008 financial crisis.
On March 26, the Public Company Accounting Oversight Board (PCAOB) announced it is proposing a framework for reorganizing the existing interim and PCAOB-issued auditing standards into a topical structure with a single integrated numbering system.
The Public Company Accounting Oversight Board (PCAOB) has scheduled an open meeting for 9:30 a.m. on Tuesday, March 26, to consider issuing for public comment a proposal for the reorganization of PCAOB auditing standards.
The Public Company Accounting Oversight Board (PCAOB) announced March 1, 2013, twenty new and reappointed members of its Investor Advisory Group (IAG). These members will serve three-year terms ending in October 2015.
The PCAOB issued a cautiously optimistic report on US auditors' performance, saying the Board found a reduced rate of "significant audit performance deficiencies" compared to its last review in 2007; however, the Board did note that problems persist.
The AICPA recently released an updated guide that aids auditors in assessing the fair value of financial instruments. The publication is based on new standards resulting from the AICPA's Clarity Project.
A US House panel is investigating whether the Public Company Accounting Oversight Board (PCAOB), the nation's chief public company audit overseer, is doing enough to incorporate economic factors into new regulations it is proposing.