PCAOB

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."
A&A

IFRS Update: SEC Decision Still Months Away

James Kroeker, the SEC chief accountant, said last week that the SEC staff will need "at least a few more months" to complete its work on a report to the commission that will show the impact of adopting IFRS on US companies and capital markets. The SEC will study the staff report before making a decision.
A&A

PCAOB Proposal Would Bring Greater Transparency to Public Company Audits

On October 11, 2011, the Public Company Accounting Oversight Board (PCAOB) voted to issue for public comment proposed amendments to its standards that would bring greater transparency to public company audits.
A&A

PCAOB to initiate broad discussion of issues relating to auditor independence

The PCAOB is conducting an open meeting at its headquarters in Washington DC to consider a concept release on ways that auditor independence, objectivity, and professional skepticism could be enhanced.
Education & Careers

PCAOB selects academic institutions to receive scholarships for 2011-2012 year

Accounting students from 52 undergraduate and graduate institutions will be the recipients of scholarships awarded by the Public Company Accounting Oversight Board (PCAOB).
A&A

PCAOB moves forward with changes to auditor's reporting model

Citing a goal of investor protection, the PCAOB has issued a concept release to discuss alternatives for changing the auditor's reporting model. The Board is seeking comment on alternatives and other matters presented in the concept release.
A&A

PCAOB chairman: Audit firm changes may become mandatory

The chair of the Public Company Accounting Oversight Board has signaled that public companies may be required to regularly change their auditing firms to reduce conflicts of interest.
A&A

Dodd-Frank update: PCOAB announces adoption of interim inspection program for audits of securities brokers and dealers

The Public Company Accounting Oversight Board (PCAOB) has adopted certain rules to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act related to audits of securities brokers and dealers.
A&A

James Doty: New PCAOB chairman works to increase audit enforcement initiatives

To say that James Doty has had a lot on his plate during his first six weeks as chairman of the Public Company Accounting Oversight Board (PCAOB) would be an understatement.

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