PCAOB

Community News

PCAOB Proposes Auditing Standards For Internal Control Over Financial Reporting

On Tuesday, October 7, the Public Company Accounting Oversight Board unanimously voted to propose and issue for public comment a standard on an audit of internal control over financial reporting. The Board also unanimously voted to propose and issue for public comment a rule which clearly defines terms used in auditing to assist firms in complying with the standards.
Community News

PCAOB Adopts Final Rules For Inspections of Accounting Firms

On Tuesday, October 7, the Public Company Accounting Oversight Board adopted final rules relating to inspections of registered public accounting firms. Section 104(a) of the Sarbanes-Oxley Act directs the Board to conduct a continuing program of inspections to assess the degree to which each registered public accounting firm and its associated persons are complying with the Act, the Board's and the Commission's rules, and professional standards in connection with audits, audit reports, and related matters involving U.S. public companies.

PCAOB Adopts Rules on Investigations, Registration Withdrawal

The Public Company Accounting Oversight Board adopted two separate sets of rules this week: rules on investigations and adjudications, and a rule on the process by which a registered public accounting firm may seek to withdraw from registration. The rules will be submitted to the Securities and Exchange Commission for approval pursuant to Section 107 of the Act. The Board's proposed rules will not take effect until approved by the Commission.
Community News

PCAOB to Look at Reasons Behind Audit Firm Firings

A member of the Public Company Accounting Oversight Board (PCAOB) put corporate America on notice this week, announcing that if a company fires its auditor, the Board is going to want to know why.After the accounting scandals of recent years, the PCAOB is going to be suspicious that auditors are being fired because they are unwilling to sign off on accounting that pushes the boundaries of acceptable practice.Charles D.

PCAOB Chair Updates Congress on Progress

Public Company Accounting Oversight Board Chairman William McDonough appeared before the Senate Banking Committee for the first time on Tuesday to update the progress being made at the Board towards auditor oversight.Overall, Mr. McDonough's report was very favorable as to progress of the board, and indicated that the accounting industry has been very cooperative thus far in working with the PCAOB in its efforts to reform the profession.He praised the Committee for not merely judging the accounting profession, but also providing a mechanism through Sarbanes-Oxley to offer redemption.
Tax

PCAOB Tackles Tax Shelters

In its top to bottom review of all aspects of the auditing business, the Public Company Accounting Oversight Board (PCAOB) has turned its attention to tax shelters.Created in the wake of corporate scandals at Enron, WorldCom and others, the PCAOB is charged with reforming the auditors who oversee publicly held companies. Most of those audit firms have until October 22 to register with the PCAOB, which will guarantee an inspection by the board.To date, just 440 audit firms—half the number who audited public companies last year—have registered.
Community News

PCAOB Chief Warns Auditors of 'Grave Consequences' For Misdeeds

William McDonough, the head of the Public Company Accounting Oversight Board, issued his first public policy address this week, and his tone left no question about his approach to oversight."I expect that you, as members of a regulated profession, know what the rules are.
A&A

Grant Thornton Ends Select Services For Audit Clients

Grant Thornton LLP, the nation’s fifth largest accounting and business advisory firm and one of the seven global accounting organizations, announced that it will not provide a number of services for its public audit clients that it believes is in keeping with the intent of the Sarbanes-Oxley Act of 2002."Just as we believe that the accounting industry should accept a principles versus rules based approach to accounting, we believe the same should be the case in adhering to the Sarbanes-Oxley Act," said Grant Thornton CEO Ed Nusbaum.

PCAOB Miscalculation Leads to Criticism, Correction

A bookkeeping error has left the Public Company Accounting Oversight Board with some high-profile invoices to correct and it has left some critics shaking their heads. Bloomberg news has reported that the fee schedule calculated by the PCAOB for foreign companies used the wrong basis to figure fees for over 430 companies who sell shares on the U.S. market. Instead of using the value of the shares sold in the U.S.

PCAOB Lists Public Accounting Firm Registration Applicants

The Public Company Accounting Oversight Board has published a list of public accounting firms that have applied for registration to perform public company audits.As of August 27 - the date of the first list - fewer than 90 CPA firms of the 850+ who performed public company audits last year have yet applied.Section 102 of the Sarbanes-Oxley Act of 2002 prohibits accounting firms that are not registered with the Board from preparing or issuing audit reports on U.S. public companies and from participating in such audits.The PCAOB has given U.S.
Practice

CPA Firms Are Backing Away From Offering Auditing Services

A report this week by The Washington Post reveals that many accounting firms are reducing the number of audits performed for public companies, and, in some cases, firms are giving up providing public company audit services altogether.

PCAOB Now Accepting Registration Information From Firms

The Public Company Accounting Oversight Board (PCAOB) is now accepting registration information from public accounting firms that plan to continue auditing publicly held companies. Domestic companies have until October 22, 2003 to register, with international firms getting an additional six months.The PCAOB website announced that "Section 102 of the Sarbanes-Oxley Act of 2002 prohibits accounting firms that are not registered with the Board from preparing or issuing audit reports on U.S.
Community News

PCAOB Proposes New Rules For Auditors

This week, the Public Company Accounting Oversight Board proposed new rules for auditors as the organization created by the Sarbanes-Oxley Act continues its mission to oversee the audits of public companies and protect the interests of investors.The new rules would permit the PCAOB to conduct investigations "concerning any act or practice, or omission to act, by a registered public accounting firm or person associated with such a firm that may violate any provision of the [Sarbanes-Oxley] Act, the rules of the Board, certain provisions of the securities laws, or professional standards."
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.

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