PCAOB

A&A

Frequent Deficiencies in Auditing Revenue Focus of PCAOB Alert

Public Company Accounting Oversight Board inspectors are finding “significant audit deficiencies” in the area of revenue, the US audit watchdog stated in a staff audit practice alert issued on Tuesday.
A&A

PCAOB Seeks Input on Auditing Accounting Estimates, Fair Value Measurements

The US audit regulator on Tuesday issued for public comment a staff consultation paper on possible standard-setting activities related to those areas. Comments are sought by November 3.
A&A

PCAOB: Deficiencies Continued in 2013 Broker-Dealer Audits

Seventy-one of 90 broker-dealer audits inspected by the PCAOB in 2013 were found to have audit deficiencies or audit-independence issues, according to a new report released on Monday. Deficiencies were also found in 56 of 60 firms that conducted broker-dealer audits.
A&A

PCAOB Reaches Deal with Denmark’s Audit Regulator

The US audit regulator's agreement with the Danish Business Authority, which was announced on July 18 and takes effect immediately, provides a framework for joint inspections and allows for the exchange of confidential information under the provisions of the Dodd-Frank Act.

PCAOB Issues Audit Guidance on Brokers and Dealers

The staff guidance released on Thursday will help auditors of brokers and dealers registered with the SEC plan and perform audits under PCAOB standards as mandated by the Dodd-Frank Act and SEC rules.
A&A

PCAOB Backs New Auditing Standard on Related Parties

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&A

Many Companies Slow to Implement 2013 COSO Framework

According to a new Protiviti survey, 48 percent of the more than 600 audit executives and professionals surveyed reported that their organization had not yet applied the new internal control framework as of the first quarter of 2014.
A&A

Alert Highlights Big Changes for Audits of Broker-Dealers

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.
A&A

PCAOB Seeks Input on Reorganization of Auditing Standards

Comments on the proposal – which would reorganize the existing interim and PCAOB-issued auditing standards into a topical structure with a single integrated numbering system – are due by July 8.
A&A

PCAOB to Hold Forum on Possible Changes to Auditor’s Report

The meeting, which will be held April 2 and 3 in Washington, DC, is intended to give the Public Company Accounting Oversight Board (PCAOB) an opportunity to hear feedback on its proposal to enhance the auditor's reporting model from panelists, including investors, senior executives and audit committee chairs of major corporations, and representatives from audit firms.
A&A

Comment Period for Engagement Partner ID Proposal Extended

Businesses, organizations, and individuals now have until March 17 to provide comments to the Public Company Accounting Oversight Board on its reproposed standard that would require public accounting firms to disclose the name of the engagement partner, as well as information about certain other audit participants, in the auditor’s report.
A&A

PCAOB: Deficiencies Found in Engagement Quality Reviews

A report released by the Public Company Accounting Oversight Board (PCAOB) found that audit firms may not be executing engagement quality reviews appropriately under a particular auditing standard.
A&A

PCAOB Reproposes Naming Engagement Partner in Reports

A revised proposal of a 2011 measure that would require public accounting firms to disclose in the auditor's report the name of the engagement partner who oversees an audit was issued by the PCAOB.
A&A

PCAOB to Discuss Disclosure of Audit Engagement Partner

The PCAOB will reexamine for public comment a proposal that would require the names of the engagement partner and certain other participants in an audit to be disclosed in the auditor's report.
A&A

Economic Analysis Key Piece of PCAOB 2014 Budget

The PCAOB approved its 2014 fiscal year budget of approximately $258.4 million and its 2013-2017 strategic plan – both of which include an emphasis on economic analysis being used in the PCAOB's work.
A&A

PCAOB Offers Firms Additional Insight on Audit Quality Control

A document the PCAOB recently added to its website offers insight into the process the PCAOB uses to determine whether an audit firm has addressed quality control criticisms.
A&A

Studies Make a Case for Engagement Partner Identification

The three research studies examine whether knowing the name of the engagement partner leading an auditing effort is valuable to investors and whether being required to provide this information enhances the performance of engagement partners.
A&A

PCAOB Announces Center for Economic Analysis; Names Luigi Zingales Founding Director

The PCAOB announced that it is establishing a Center for Economic Analysis to study the role and relevance of the audit in capital formation and investor protection.
A&A

Standard on Auditing Revenue May Be in PCAOB's Future

A member of the Public Company Accounting Oversight Board (PCAOB) said during a conference on October 25 that setting a standard for auditing revenue will likely be on the PCAOB's radar in the months ahead.
A&A

PCAOB Levies $2 Million Fine against Deloitte for Violation

Deloitte & Touche LLP was fined $2 million by the PCAOB on October 22 for permitting a former partner to perform activities as an "associated person" that were prohibited while he was subject to a PCAOB suspension order.

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