PCAOB

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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