The Public Company Accounting Oversight Board (PCAOB) this week announced the participants in a July 14, 2004, roundtable meeting to discuss issues relating to tax services and auditor independence.Participants include representatives from accounting firms, public companies, investors and regulators.The meeting will be held from 10 a.m. to 4:30 p.m. in the Presidential Room at the Capital Hilton, at 1001 16th St., N.W., in Washington, D.C.The Sarbanes-Oxley Act of 2002 authorized the PCAOB to establish rules and standards for auditor independence.

The Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) have released two sets of frequently asked questions to help practitioners implement the new auditing standard approved by the SEC this week.Auditing Standard No.

The Public Company Accounting Oversight Board (PCAOB) announced that its Auditing Standard No. 2, "An Audit of Internal Control over Financial Reporting Performed in Conjunction with an Audit of Financial Statements," has been approved by the Securities and Exchange Commission (SEC). The PCAOB expects to publish staff guidance regarding implementation of the standard. “This standard is one of the most important and far-reaching auditing standards the Board will ever adopt,” said PCAOB Chairman William J. McDonough.

On Wednesday, the Public Company Accounting Oversight Board (PCAOB) voted unanimously to adopt its third auditing standard along with rules related to the oversight of non-U.S. firms and certain terminology.The Board adopted Auditing Standard No. 3, Audit Documentation, and a related amendment to an interim auditing standard, which establishes general requirements for documentation an auditor should prepare and retain in connection with engagements conducted pursuant to the standards of the PCAOB.

The rising and unpredictable costs of complying with the Sarbanes-Oxley Act is causing some companies to consider going private to avoid being forced to adhere to the law’s provisions, CFO.com reported.What some had thought would be one-time costs are turning out to be accelerating costs, according to a study from Foley & Lardner, which found that 21 percent of the companies surveyed are considering going private.Smaller companies are particularly struggling with compliance with 85 companies with annual revenue below $1 billion (out of the 115 companies that responded to the survey), s

Investors need timely and ongoing information on the listing status of issuers for use in making investment decisions.

The Public Company Accounting Oversight Board has begun inspecting America’s top eight accounting firms and its chairman put partners on notice that their compensation packages will be scrutinized.Speaking before the a Practising Law Institute conference in Washington this week, PCAOB Chairman William McDonough said the board has begun work on the inspections of the top eight firms. The PCAOB has about 80 experienced auditors working on the inspections, which he said will include partner compensation.

The latest edition of The Bulletin, Protiviti Inc.'s corporate governance and risk management newsletter, examines strategies for complying with Section 301 of the Sarbanes-Oxley Act, often referred to as the "whistleblower provision." Protiviti is a leading provider of business and technology risk consulting and internal audit services.Section 301 of Sarbanes-Oxley calls for companies to have systems in place for receiving and handling confidential reports of questionable accounting or auditing practices.

CPAs at small firms are worried about proposals to extend the tough rules of the Sarbanes-Oxley Act to private and nonprofit entities.A task force of the AICPA is studying the matter, and more than 20 states are considering more stringent requirements.Allan Koltin, president of PDI Global Inc., said that small CPA firms "are incensed that they may have to hold the bag because of mistakes the biggest firms made with such audits as Enron, WorldCom and Adelphia." "The small guy is going to suffer greatly for the sins of the big guys," Koltin told Bloomberg columnist Lee Berton.