PCAOB

SEC Proposes to Delay Accelerated Filing

On August 24, 2004, the U.S. Securities and Exchange Commission (SEC) approved issuance of a release proposing to temporarily postpone, for one year, the final phase-in period for acceleration of periodic report deadlines that apply to larger companies known as "accelerated filers." Under the proposal, the current deadline for accelerated filers would remain at 75 days for an additional year and at 40 days after quarter end for quarterly reports. The accelerated filing phase-in period would resume for reports filed for fiscal years ending on or after Dec.
Community News

Board Releases Report on Inspections of Big Four Accounting Firms

The Public Company Accounting Oversight Board (PCAOB) today issued reports on the Board’s 2003 limited inspections of the four largest public accounting firms in the United States.The inspections examined compliance, quality control and selected public-company audits in the national and regional practice offices of Deloitte & Touche LLP, Ernst & Young LLP, KPMG LLP and PricewaterhouseCoopers LLP.In the inspections, the Board identified significant audit and accounting issues that were missed by the firms and identified concerns about significant aspects of each firm's quality controls
Community News

Forthcoming PCAOB Report Expected to be Critical of the Big Four

The Public Company Accounting Oversight Board (PCAOB) is putting the finishing touches on a report on its first-ever inspection of the Big Four accounting firms and many expect bad news for the firms. You can review the Board's final report below. PCAOB Chairman William McDonough indicated earlier this summer that significant issues had been uncovered by inspectors looking at KPMG LLP, Deloitte & Touche LLP, PricewaterhouseCoopers and Ernst & Young LLP.

Need for SOX-Related Services Expected to Slow in 2005

With the demands of Sarbanes-Oxley regulations expected to drop off next year, analysts have downgraded shares of Robert Half International Inc., which provides temporary accounting and finance services.On news of UBS' downgrade to a "reduce" from a "neutral," Robert Half stocks fell more than 5 percent Monday, Investor's Business Daily reported. UBS reduced its price target to $21 from $30. Robert Half recently traded at $25.53.Analyst Kelly A.

PCAOB Simplifies Whistleblowing, Opens Hot Line

As the Public Company Accounting Oversight Board completes its reports on voluntary inspections of the Big Four accounting firms, the Board is finding more people willing to come forward to report corporate wrong-doing.The PCAOB, created to crack down on the accounting and auditing industry by the Sarbanes-Oxley Act of 2002, is opening a new hotline today that will make it easier for employees to report problems.With Time magazine citing several corporate whistleblowers as its “People of the Year” for 2003, reporters of corporate wrongdoing are now seen as heroes in most cases.

PCAOB Opens Regional Office in California

The Public Company Accounting Oversight Board (PCAOB) recently announced the opening of a regional office in southern California, bringing the total number of regional offices to five. The new office, located in Orange County, joins existing locations in Atlanta, Dallas, New York and San Francisco. In addition, the Board is in the process of establishing offices in the Chicago and Denver areas. The regional offices primarily support the PCAOB’s inspections program, which is headquartered in Washington, D.C.

SEC May Give Companies a Break from New Accounting Rules

The top accountant of the Securities and Exchange Commission is worried that companies are overwhelmed with the frantic pace of implementing new accounting requirements.So Donald Nicolaisen told a group of educators last week that he supports delaying some rules stemming from the 2002 Sarbanes-Oxley Act, the Washington Post reported.“During the commission's Sarbanes-Oxley rulemaking initiatives, we received many comments focusing on the increased burden that the proposed rules would place on smaller-sized public companies,” Nicolaisen told the American Accounting Association.
Community News

PCAOB Names Director of Office of Financial Analysis and Risk Assessment

The Public Company Accounting Oversight Board has named Richard D. Clark as Director of the Office of Financial Analysis and Risk Assessment. Mr. Clark, 63, comes to the PCAOB from a private forensic accounting practice where he specialized in analyzing complex financial transactions and issues. “The Board was impressed with Dick’s years of experience analyzing financial information,” said Board Chairman William J. McDonough.
Community News

Many Companies See SOX as Part of a Broader Initiative

By a margin of nearly two to one, large U.S. companies have made compliance with the Sarbanes-Oxley Act part of their regular corporate governance approach and have integrated it with other regulatory activities, according to PricewaterhouseCoopers' Management Barometer.The survey of senior executives at U.S.-based multinational companies found that:64 percent say their company's senior management and board of directors see Sarbanes-Oxley as one of many steps in a larger corporate governance initiative, while 30 percent say it is simply a goal to be achieved.
Tax

PCAOB Ponders Tax Service, Auditor Independence

Do the auditor independence rules outlined in the Sarbanes-Oxley Act of 2002 go far enough or should they be tweaked to include language governing tax advice?

U.S. Corporations Struggling to Meet First Sarbanes-Oxley Filing Deadline

Despite an extension in the deadline from June 15, 2004 to November 15, 2004, half of large U.S. companies polled are still less than 60 percent complete in meeting their Sarbanes-Oxley (SOX) Section 404 filing requirements, according to a survey conducted by ACL Services Ltd. and the Center for Continuous Auditing (CCA). The poll of 248 senior audit professionals at corporations with more than $1 billion in revenues reports considerable challenges meeting SOX Section 404 filing requirements.
Tax

PCAOB Sets Agenda for Roundtable on Auditor Independence and Tax Services

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.
Community News

PCAOB Finds 'Significant’ Issues in Review of Big 4 Audits

When it comes to the quality of work by Big Four accounting firms, "there's room for improvement," according to the chairman of the Public Company Accounting Oversight Board.PCAOB Chairman William McDonough told lawmakers Thursday that limited reviews conducted last year of corporate audits found "significant" auditing and accounting issues."We found some situations where their issuing clients, in the engagements we looked at, did not appear to follow" Generally Accepted Accounting Principles, McDonough said, according to Reuters. U.S.
Community News

SEC, PCAOB Offer FAQs on Auditing Standard No. 2

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.

How Sarbanes-Oxley Affects Merger Considerations

Two attorneys analyze the ways in which the law could impact companies' merger activity - including internal control issues and public company deals for private firms. For the better part of two years, financial executives have been inundated with analyses of the corporate governance and public reporting requirements of The Sarbanes-Oxley Act of 2002 and related corporate governance reforms.

SEC Approves PCAOB Auditing Standard No. 2

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.

Board Announces First Standing Advisory Group Meeting

The Public Company Accounting Oversight Board (PCAOB) announced on Thursday that it has scheduled the first meeting of its Standing Advisory Group for June 21 and 22 to review existing auditing standards and to discuss potential future standards. The group will meet each day from 8:30 a.m. to 5:30 p.m. in the Atrium Hall of the Ronald Reagan Building, 1300 Pennsylvania Avenue, N.W., in Washington, D.C. Among the items to be considered by the advisory group during the meeting are prioritization and review of existing auditing standards.
Community News

PCAOB Adopts Rules For Foreign Audit Firms, Extends July Deadline

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.

PCAOB Consider Adopting Audit Documentation Standards, Rules for Oversight of Non-U.S. Firms

Last week the Public Company Accounting Oversight Board scheduled an open meeting for 10:00 a.m. Wednesday, June 9, in the Board’s 8th floor meeting room, 1666 K Street N.W., in Washington, DC. The Board is scheduled to consider:Adopting an auditing standard that would establish general requirements for documentation the auditor should prepare and retain in connection with engagements conducted pursuant to the standards of the PCAOB.
A&A

Survey Finds SOX Compliance Making Some Companies Consider Going Private

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

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