PCAOB

A&A

PCAOB Report Says PwC Failed to Remedy Audit Shortcomings

The PCAOB last week released its quality-control criticisms of audits conducted by PricewaterhouseCoopers contained in the board's March 25, 2009, and August 12, 2010, inspection reports.
A&A

UK Competition Commission Says Big Four Audit Dominance Not Best for Investors

The United Kingdom's Competition Commission (UKCC) says that the nation's audit market is dominated by the Big Four accounting firms, which has stanched competition for audit work from public companies to the detriment of their shareholders.
A&A

PCAOB Announces Investor Advisory Group Members

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.
A&A

PCAOB Gives Audit Firms a Mixed Review

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.
A&A

SEC Approves 2013 PCAOB Budget and Accounting Support Fee

On February 13, 2013, the SEC unanimously approved the 2013 budget of the PCAOB and the related annual accounting support fee as required by the Sarbanes-Oxley Act of 2002.
A&A

House Panel Critical of PCAOB's Economic Analyses

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.
A&A

Not a Good Year for IFRS Adoption in the US

It is no longer clear that the US Securities and Exchange Commission (SEC) will recommend the adoption of International Financial Reporting Standards (IFRS) by US public companies.
A&A

Auditing Standard No. 16 and Amendments to Other Standards Approved by SEC

The PCAOB has announced that the SEC approved Auditing Standard No. 16, "Communications with Audit Committees," and amendments to other PCAOB standards.
A&A

CAQ Statement on PCAOB Report, ICFR Inspection Findings

The CAQ has issued a statement from Executive Director Cindy Fornelli regarding the release of the PCAOB's report on inspection findings related to audits of internal control over financial reporting.
A&A

PCAOB Board Member Sees Hurdles for Mandatory Firm Rotation

Speaking to reporters at the AICPA Conference on Current SEC and PCAOB Developments, PCAOB board member Jay Hanson said implementation of mandatory audit firm rotation was unlikely.
A&A

AICPA Committed to Constructive Dialogue with Regulators

One only has to look at the many complex issues on the agendas of the SEC and PCAOB to get an idea of the challenges CPAs face, AICPA Chairman Caturano said at the AICPA Conference on Current SEC and PCAOB Development.
A&A

PCAOB Approves 2013 Budget and Strategic Plan

On November 28, the Public Company Accounting Oversight Board (PCAOB) approved its 2013 fiscal-year budget of approximately $245.6 million and its 2012-2016 Strategic Plan.
A&A

PCAOB's Sixth Annual International Auditor Regulatory Institute

The Public Company Accounting Oversight Board hosted nearly eighty representatives of auditor oversight bodies from thirty-seven foreign jurisdictions last week during its sixth annual International Auditor Regulatory Institute.
A&A

CAQ October 24 Webcast on New PCAOB Standard

The Center for Audit Quality will be hosting the "Communications with Audit Committees: Requirements and Leading Practices" webcast, which will examine the PCAOB's new Auditing Standard 16, "Communications with Audit Committees."
A&A

PCAOB October Public Meeting Agenda

The PCAOB has announced the panelists and schedule of appearances for its October 18 public meeting in Houston. Topics include ways to enhance auditor independence, objectivity, professional skepticism, and firm rotation.
A&A

CAQ Issues Practice Aid and Announces Webcast

The CAQ just released a practice aid intended to encourage audit firms to proactively communicate with audit committees and has announced its upcoming webcast, “Communications with Audit Committees: Requirements and Leading Practices.”
A&A

Has SOX Been Successful?

Sometimes overlooked in the debate about SOX are the contributions it has made in generating a greater focus on improved corporate governance and stronger ethics and compliance programs. Needed improvement in audit quality is a continuing concern.
A&A

PCAOB Issues Interim Inspection Program Report

The PCAOB released its report on the interim inspection program for auditors of brokers and dealers. It gives an overview of the new program and audit deficiencies identified in the initial group of inspected audits of brokers and dealers.
A&A

PCAOB Approves New Standard on Communication

The PCAOB voted unanimously on August 15, 2012, to approve a new standard that will enhance the quality of communications between the auditor and the audit committee.
Education & Careers

PCAOB Names Jonas Director, Research and Analysis

The PCAOB announced on August 8, 2012, that Gregory J. Jonas will join the organization as Director of the Office of Research and Analysis (ORA).

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