PCAOB

Tax

U.S. Shows Willingness to Reform Auditing, Tax Policies Overseas

In recent months, tension has been rising between the U.S. and foreign governments over jurisdiction over accounting firm oversight, and perceived unfair corporate tax breaks. Now, U.S.

PCAOB Sets Rules For Its Employees

The Public Company Accounting Oversight Board set new rules on Monday that limit the types of investments its members can own. The rules are designed to protect the board members from any possible accusations of conflicts of interest. Board members and staff of the PCAOB as well as spouses and dependents of PCAOB members and staff are restricted from having any financial interest in any public accounting firm that performs audits of publicly-held companies and is thus under the jurisdiction of the PCAOB.

PCAOB Wants Auditor Misdemeanors Made Public

The Public Company Accounting Oversight Board is asking auditing firms who register with the PCAOB Board to divulge information on auditors who have committed misdemeanor offenses of any kind in the past five years.
Community News

Canada Pushes PCAOB For Auditor Exemption

While the U.S. and the European Union continue to wrestle over the necessity for foreign firms to register with the new U.S.

Niemeier: 'AICPA Has Made Some Big Blunders'

Charles Niemeier, a member of the five member Public Company Accounting Oversight Board, isn't sugarcoating his words when it comes to his enforcement role, or when describing the organization that used to be in charge of self-regulation for the profession.In addressing a group of journalists in Washington last week, Mr.

U.S. and EU Face Off Over Sarbanes-Oxley Regulation

The European Union is ready to revolt against new U.S. corporate governance rules that they call too far-reaching and, in some cases, too quickly drafted in the wake of U.S. corporate accounting scandals.If the U.S. persists in holding EU companies accountable for Sarbanes-Oxley Act regulations, U.S. financial groups could face a whole new wave of regulation from the EU, making it more difficult to conduct international business. Brussels is threatening to make U.S.

PCAOB Places Limits on Controversial Decision

Last week, AccountingWEB reported on a growing controversy facing the PCAOB - the decision to allow PCAOB Chief Auditor Douglas Carmichael to continue the work he began on a number of court cases as an expert witness. Over the Memorial Day weekend, the Board placed significant restrictions on their decision, and will still allow Carmichael to testify but only if subpoenaed.At issue are five court cases where Mr. Carmichael has been hired as an expert witness.
Community News

It's Official - McDonough Confirmed as Head of PCAOB

On Wednesday, members of the Securities and Exchange Commission announced that they have unanimously approved the appointment of William McDonough as head of the Public Company Accounting Oversight Board (PCAOB). Mr. McDonough was chosen in April to head the organization.
Community News

Yet Another Controversy Hits PCAOB

It seems like the organization charged with oversight of the audits of public companies just can’t stay away from controversy. First it was Harvey Pitt’s approach to naming a PCAOB head – then it was William Webster’s resignation due to undisclosed ties to a company under investigation – then SEC chief accountant Robert Herdman stepped down for his role in the Webster nomination.

Big Four, AICPA, Continue to Jockey For PCAOB Presence

The maneuvering continues as the Big Four accounting firms and the AICPA struggle to absorb the Public Company Accounting Oversight Board’s (PCAOB) decision last month to assume responsibility for setting auditing rules for public companies.A panel will advise the board and the firms are seeking a place on the panel to help set the rules. The PCAOB, formed to oversee the profession in answer to the recent accounting scandals, also took standard-setting authority away from the AICPA, the industry’s primary trade organization.

PCAOB, AICPA Meet to Discuss Transitioning Standards

A sixty-year old copyright on professional standards owned by the American Institute of CPAs was the subject of discussion this week in Washington, as the AICPA sat down with the Public Company Accounting Oversight Board to determine how to transition the standard setting responsibility.Last month the PCAOB agreed to temporarily adopt AICPA auditing standards until they have time to develop their own.
A&A

SEC Formally Reaffirms FASB, Approves PCAOB

Responding to a requirement of the Sarbanes-Oxley Act, The Securities and Exchange Commission has reaffirmed that the Financial Accounting Standards Board has met the criteria needed to continue to be recognized as the accounting standard setting body.FASB Chairman Robert Herz said, "We appreciate the continued confidence and support of the SEC and look forward to working closely and effectively with the Commission and its staff, as well as with the new Public Company Accounting Oversight Board in ensuring quality fi
Community News

PCAOB Names Chief Auditor

Douglas Carmichael, a well respected accounting professor at Baruch College in New York, has been named as the Chief Auditor of the Public Company Accounting Oversight Board.Mr. Carmichael will be the primary technical adviser to the Board and will lead the charge to reform the nation's auditing standards. As Chief Auditor, Mr.

EU Strikes Back Against Proposed PCAOB Rule

On April 14, the European Union (EU) promised retaliation for any move by the United States to require European firms to register with new U.S. accounting oversight board. The comment came in a letter by Frits Bolkestein, EU financial services commissioner, to William Donaldson, chairman of the Securities and Exchange Commission (SEC). Mr. Bolkestein wrote that if the United States moves ahead with the proposed rule, the EU would require U.S. firms to register with all 15-member EU nations. In the letter, Mr.

Era of Self Regulation Comes to an End

In a public meeting held April 16, the members of the Public Company Accounting Oversight Board voted to take control of the auditing and other professional standard setting processes, effectively ending the 60+ year era of self-regulation of the profession."This is a sharp departure from what has happened before," said Charles D. Niemeier, acting chairman of the PCAOB. "It's not to say the auditing standards are in effect broken, but it doesn't mean they can't be improved," Niemeier said.
Community News

William McDonough Selected to Head PCAOB

The wait is over to find out who will lead the accounting reform charge at the Public Company Accounting Oversight Board.William McDonough, President of the New York Federal Reserve Bank, was named today to the position of Chairman of the Public Company Accounting Oversight Board. He will start at the $556,000 a year position after being fully vetted and voted on by the SEC Board.Mr.
Community News

PCAOB Hires Public Affairs Director

As part of its efforts to be fully “up and running” by the April 26 deadline, The Public Company Accounting Oversight Board has added a Public Affairs Director to its growing staff.Christi Harlan will join the PCAOB effective April 14, 2003, and is well versed in the activities she is about to embark upon. Ms. Harlan has held the position of Public Affairs Director for the Securities and Exchange Commission since January 2002, where she has dealt with many of the issues regarding Sarbanes-Oxley. Prior to joining the SEC, Ms.

PCAOB Hears Jurisdictional Worries From Around The World

In an unusual public roundtable discussion held on March 31, the members of the Public Accounting Oversight Board, as well as SEC Chairman William Donaldson and the four SEC members heard from representatives of accounting organizations around the world about a requirement of Sarbanes-Oxley that would require non-US accounting firms to register with the US accounting body.

Oversight Board to be Funded by Corporations

The Public Company Accounting Oversight Board, the new watchdog panel that was spawned by the Sarbanes-Oxley Act of 2002, met on Thursday to determine a formula that will cover funding for the group without directly costing the taxpayers anything.The plan calls for fees to be paid by U.S. and foreign private companies with market capitalizations of more than $25 million and investment companies with net asset values of more than $250 million. The fees collected from the companies will cover the entire budget of the PCAOB, including the controversial salaries of the board members.

The Search is on For a New PCAOB Chair

Wanted: Impeccably credentialed expert to serve as head of the organization that will oversee accounting firms' audits of public companies. The ideal candidate should have no skeletons in his or her closet, should be independent of any conflicts, and should be respected by accountants, the business community, government, Wall Street, and investors alike. Salary - $556,000 per year plus benefits. Apply by March 14, 2003. Send resume and cover letter to W. Donaldson, Chairman, Securities and Exchange Commission, Washington, DC.

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