PCAOB

A&A

Public Company Boards Skeptical of PCAOB Auditor's Report Proposal

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.
A&A

Attestation Standards for Broker-Dealer Audits on PCAOB Docket

The Public Company Accounting Oversight Board (PCAOB) is expected to discuss adopting attestation standards for auditors of broker-dealers during an open meeting October 10.
A&A

PCAOB Report Highlights Deficiencies in Broker-Dealer Audits

Officials from the Public Company Accounting Oversight Board (PCAOB) said on August 19 that deficiencies were found in all sixty of the broker-dealer audits conducted by audit firms that the PCAOB inspected last year – and in 95 percent of the individual audits selected for inspection.
A&A

PCAOB Proposes New Standards to Enhance Auditor Reporting

A new auditing standard and related amendments to enhance the auditor's reporting model were proposed for public comment by the Public Company Accounting Oversight Board (PCAOB) on August 13.
A&A

House Backs Bill That Prohibits Mandatory Firm Rotation

The US House of Representatives on July 8 approved legislation that would prevent the PCAOB from implementing a system of mandatory rotation for audit firms.
A&A

KPMG Insider Trading Scandal Latest Blow to Accounting Industry's Reputation

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.
A&A

PCAOB Issues Proposal for Reorganizing Auditing Standards Topical Structure

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.
A&A

PCAOB to Consider a Proposal for the Reorganization of Auditing Standards

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.
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.

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