PCAOB

A&A

Auditing Standard No. 16 and Amendments to Other Standards Approved by SEC

The PCAOB has announced that the SEC approved Auditing Standard No. 16, "Communications with Audit Committees," and amendments to other PCAOB standards.
A&A

CAQ Statement on PCAOB Report, ICFR Inspection Findings

The CAQ has issued a statement from Executive Director Cindy Fornelli regarding the release of the PCAOB's report on inspection findings related to audits of internal control over financial reporting.
A&A

PCAOB Board Member Sees Hurdles for Mandatory Firm Rotation

Speaking to reporters at the AICPA Conference on Current SEC and PCAOB Developments, PCAOB board member Jay Hanson said implementation of mandatory audit firm rotation was unlikely.
A&A

AICPA Committed to Constructive Dialogue with Regulators

One only has to look at the many complex issues on the agendas of the SEC and PCAOB to get an idea of the challenges CPAs face, AICPA Chairman Caturano said at the AICPA Conference on Current SEC and PCAOB Development.
A&A

PCAOB Approves 2013 Budget and Strategic Plan

On November 28, the Public Company Accounting Oversight Board (PCAOB) approved its 2013 fiscal-year budget of approximately $245.6 million and its 2012-2016 Strategic Plan.
A&A

PCAOB's Sixth Annual International Auditor Regulatory Institute

The Public Company Accounting Oversight Board hosted nearly eighty representatives of auditor oversight bodies from thirty-seven foreign jurisdictions last week during its sixth annual International Auditor Regulatory Institute.
A&A

CAQ October 24 Webcast on New PCAOB Standard

The Center for Audit Quality will be hosting the "Communications with Audit Committees: Requirements and Leading Practices" webcast, which will examine the PCAOB's new Auditing Standard 16, "Communications with Audit Committees."
A&A

PCAOB October Public Meeting Agenda

The PCAOB has announced the panelists and schedule of appearances for its October 18 public meeting in Houston. Topics include ways to enhance auditor independence, objectivity, professional skepticism, and firm rotation.
A&A

CAQ Issues Practice Aid and Announces Webcast

The CAQ just released a practice aid intended to encourage audit firms to proactively communicate with audit committees and has announced its upcoming webcast, “Communications with Audit Committees: Requirements and Leading Practices.”
A&A

Has SOX Been Successful?

Sometimes overlooked in the debate about SOX are the contributions it has made in generating a greater focus on improved corporate governance and stronger ethics and compliance programs. Needed improvement in audit quality is a continuing concern.
A&A

PCAOB Issues Interim Inspection Program Report

The PCAOB released its report on the interim inspection program for auditors of brokers and dealers. It gives an overview of the new program and audit deficiencies identified in the initial group of inspected audits of brokers and dealers.
A&A

PCAOB Approves New Standard on Communication

The PCAOB voted unanimously on August 15, 2012, to approve a new standard that will enhance the quality of communications between the auditor and the audit committee.
Education & Careers

PCAOB Names Jonas Director, Research and Analysis

The PCAOB announced on August 8, 2012, that Gregory J. Jonas will join the organization as Director of the Office of Research and Analysis (ORA).
A&A

PCAOB Publishes 'Primer' for Audit Committees

Auditors often dismiss the importance of inspections by the PCAOB, so the PCAOB is offering company audit committees some pointers about the inspection process in its report published August 1.
Education & Careers

PCAOB's 2012-2013 Academic Year Scholarship Program

The PCAOB announced the colleges and universities that will be participating in the PCAOB Scholarship Program for the 2012‒2013 academic year. Forty-three merit-based scholarships of $10,000 each are to be awarded.
A&A

Auditor Independence and Audit Firm Rotation

On March 21 and 22, 2012, the PCAOB hosted a public meeting to obtain further input on ways to enhance auditor independence, objectivity, and professional skepticism, including through mandatory rotation, or term limits, for audit firms.
A&A

PCAOB Proposes Auditing Standard on Related Parties

On February 28, the PCAOB issued for public comment a proposed auditing standard - Related Parties. The proposed standard would improve the auditor's evaluation of a public company's identification of, accounting for, and disclosure about its relationships and transactions with related parties.
A&A

E&Y to Pay $2 Million to Settle Audit Failure Charges

On February 8, the PCAOB announced a settled disciplinary order censuring E&Y LLP. It imposed a $2 million civil money penalty against the firm, which is PCAOB's largest civil money penalty to date. The PCAOB also sanctioned four of E&Y's current or former partners for violating PCAOB rules and standards.

IASB Chairman Expects SEC to Approve IFRS

Speaking at a seminar in Moscow on IFRS, Hans Hoogervorst, Chairman of the IASB, said that he expected the IASB and the FASB to make progress on their remaining convergence projects in the coming year. Hoogervorst also predicted that the SEC would eventually approve IFRS for US companies.
A&A

Review of the PCAOB's Enforcement and Investigations Program

In his January 2012 letter to Mary Schapiro, chairman, SEC, James Doty, Chairman, PCAOB, stated, "I am pleased to transmit to you a summary of the PCAOB's most recent performance review, Review of the Public Company Accounting Oversight Board's Enforcement and Investigations Program."

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