PCAOB

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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.

PCAOB Votes to Require Int'l Accounting Firm Registration

The newly formed Public Company Accounting Oversight Board (PCAOB) met yesterday and issued its first order. With a unanimous (4-0) decision, the Board voted to go forward with proposed rules that require U.S. and foreign audit firms to register with the Board if they perform audits of U.S.-listed corporations.The PCAOB will accept public comments through March 31 on the proposed rules. After the public comment period ends, there will be another vote. The rules must be accepted by both the PCAOB and the Securities and Exchange Commission.

Progress at PCAOB; Congress Drops PCAOB Salary Caps

Charles Niemeier, the interim chairman of the Public Company Accounting Oversight Board, responded to an article in Wednesday’s Financial Times that the Board was falling behind its schedule to fully review the Big Four accounting firms by the end of 2003."To fall behind, you have to have something to fall behind from ....

Accounting Oversight Board Holds Second Meeting

The Public Company Accounting Oversight Board held it's second public meeting on February 4 as it begins settling in on its role of overseeing the implementation of several key provisions of the Sarbanes-Oxley Act.Among the discussions at this week's meeting:Acting Chairman Charles Niemeier expressed confidence that the Board will be able to carry out its responsibilities by the April 26, 2003 deadline set by Congress.Roderick M.
A&A

PCAOB Face Pay Cuts, FASB Dips Into Reserves

The federal government agreed to help out the Public Company Accounting Oversight Board (PCAOB) with emergency funding until the new fee-based system is in place. But members of the board may have to take pay cuts for awhile. The Financial Accounting Standards Board also faces funding delays and is coping by dipping into reserves.

Niemeier Named Acting Head of Accounting Oversight Board

The Public Company Accounting Oversight Board (PCAOB) held its first official meeting on Thursday with Charles Niemeier at the helm as the acting chairman. Mr. Niemeier, already one of the members of the board, will continue in the position of acting head until a permanent chairman is selected. He is the former chief accountant for the Securities and Exchange Commission's enforcement division.The new board agreed on salaries for board members at its Thursday meeting - $452,000 per year for board members and $556,000 per year for the chairman.

Former SEC Chief Accountants Urge PCAOB Action

Below is the full text of a letter from Walter P. Schuetze, Michael H. Sutton, and Lynn E. Turner to members of the Public Company Accounting Oversight Board.December 31, 2002Public Company Accounting Oversight Boardc/o Mr. Charles NiemeierSecurities and Exchange Commission450 Fifth Street, N.W.Washington, D.C.

PCAOB Urged to Take Audit Standards From AICPA

As members of the new Public Company Accounting Oversight Board (PCAOB) settled into their new offices, one of the first pieces of mail they received was a letter signed by three former chief accountants of the Securities and Exchange Commission (SEC).

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