PCAOB

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).

PCAOB to Start Reviewing Accounting Firms by Mid-2003

At its second closed-door meeting, the Public Company Accounting Oversight Board (PCAOB) spoke privately with members of the American Institute of CPAs (AICPA) and the Financial Accounting Standards Board (FASB). According to media reports, the discussions centered around the board's plans to begin collecting fees and conducting reviews of accounting firms.Board member Kayla Gillan said the oversight board is eager to begin conducting its own investigations by next summer.

PCAOB Meets To Reconsider AICPA's Audit Standards

The Public Company Accounting Oversight Board will hold its second closed door meeting today. A key item on the agenda is the decision of whether or not to endorse AICPA's audit standards. A motion had been made at the board's first meeting to formally adopt the AICPA's audit standards, at least on an interim basis.

PCAOB Hesitates to Endorse AICPA's Audit Standards

At its first meeting on November 13, 2002, the Public Company Accounting Oversight Board (PCAOB) stopped short of temporarily endorsing audit standards issued by the American Institute of CPAs (AICPA). The meeting was chaired by William Webster, even though he has already resigned from his position as Chairman on a permanent basis.Mr. Webster suggested the board consider adopting the existing standards on an interim basis.

PCAOB Head Quits, Signaling New Ballgame for Accountants

Former FBI and CIA chief William Webster resigned as chairman of the Public Company Accounting Oversight Board (PCAOB), signaling the start of a whole new ballgame for the accounting profession. The profession is widely blamed by the media for the sequence of events leading to Mr. Webster's rushed appointment as a "moderate" chairman.

Harvey Pitt Resigns - PCAOB Controversy Continues

Things continue to change very rapidly in the opening days of the new Public Company Accounting Oversight Board. Here are the latest developments in the continuing saga of our government's efforts to protect the public from the accounting misdeeds of corporate America:Harvey Pitt, under fire for failure to disclose to the other SEC Commissioners about William Webster's involvement on the audit committee of US Technologies, a company under investigation for financial fraud, has resigned.

PCAOB Challenged, Chair Implicated in Fraud Case

The U.S. Securities and Exchange Commission (SEC) asked the agency's inspector general to review the selection process for the Public Company Accounting Oversight Board (PCAOB) following press reports that newly-appointed Chairman William Webster is implicated in a fraud case involving past corporate ties.The press reports raise questions about the extent to which the facts of the case were disclosed and appropriate inquiries made. Mr.

Born of Bitter Debate, PCAOB Gets a Rocky Start

All five members of the new Public Company Accounting Oversight Board (PCAOB) were named, despite a bitter debate at an open meeting of the U.S. Securities and Exchange Commission (SEC). At the core of the controversy were concerns that the new board would start off in a "deep hole," faced with a steep learning curve that would slow the pace of badly needed reforms. The new board will consist of: William H. Webster, chairman for a five-year term expiring in 2007.

New Oversight Board Has no Operating Capital

Congress has failed to authorize funds for the new Public Corporate Accounting Oversight Board (PCAOB) created by the Sarbanes-Oxley Act of 2002. The Securities and Exchange Commission has been given the task of staffing the board no later than October 28, 2002, but as yet there is no budget for the new organization.The SEC expects to meet its October 28 deadline for appointing the five-person staff to the PCAOB, but there are no funds for the board.

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