PCAOB

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.
A&A

Coming to a town near you: PCAOB forum series addresses emerging small business audit issues

The Public Company Accounting Oversight Board has announced the 2011 schedule for its Forum on Auditing in the Small Business Environment. The first of seven events will be held in Boston, MA, on Thursday, April 28.
A&A

James Doty to chair SEC accounting oversight board

James Doty, a partner at Washington, D.C.-based law firm Baker Botts LLP who served as general counsel for the SEC in the early 1990s, recently was appointed by SEC chairman Mary Schapiro to lead the agency’s Public Company Accounting Oversight Board.
A&A

PCAOB to conduct audits of U.S. accounting firms operating in the UK

The Public Company Accounting Oversight Board and the Professional Oversight Board in the UK have signed an agreement that will allow the PCAOB, working in cooperation with the POB, to resume audits of accounting firms registered in the UK.
A&A

PCAOB establishes new Office of Outreach and Small Business Liaison

The Public Company Accounting Oversight Board announced yesterday the establishment of the Office of Outreach and Small Business Liaison.
A&A

PCAOB issues inspection observations of auditing during economic crisis

The Public Company Accounting Oversight Board recently released a report summarizing inspection observations of audits of financial institutions and other companies during the economic crisis.
A&A

PCAOB announces participants in roundtable on new proposed communications standard

The Public Company Accounting Oversight Board has announced the names of the participants in the roundtable discussion on its proposed standard on auditors' communications with audit committees.
A&A

PCAOB staff directed to develop proposal to ask Congress to make disciplinary hearings public

The Public Company Accounting Oversight Board's acting chairman recently announced that he has staff to develop a proposal to send to Congress a request that it consider a change to the Sarbanes-Oxley Act of 2002 that would enable the PCAOB's disciplinary hearings and related proceedings to be made public.
A&A

PCAOB addresses failure-to-supervise provision

The Public Company Accounting Oversight Board has issued its views regarding the provision of the Sarbanes-Oxley Act of 2002 that authorizes the PCAOB to impose sanctions on registered public accounting firms and their supervisory personnel for failing to reasonably supervise associated persons.
A&A

PCAOB adopts new auditing standards on risk assessment

The Public Company Accounting Oversight Board has adopted a suite of eight auditing standards related to the auditor's assessment of, and response to, risk in an audit.
A&A

PCAOB proposes new auditing standard on confirmation

The Public Company Accounting Oversight Board this week approved for public comment a proposed audit standard on confirmation, which is designed to strengthen current requirements under the auditing standard.
Community News

PCAOB names Old Dominion University Professor Michael Stein as academic fellow

Public Company Accounting Oversight Board Acting Chairman Daniel L. Goelzer recently announced that Professor Michael Stein has been named as PCAOB's inaugural Academic Fellow.
A&A

UPDATE: Supreme Court rules PCAOB violates Constitution's separation of powers principle

The U.S. Supreme Court this week ruled that the Public Company Accounting Oversight Board violates the U.S. Constitution's separation of powers principle.
A&A

PCAOB seeks director for Financial Reporting Fraud Resource Center

The Public Company Accounting Oversight Board announced recently that it is seeking to fill a newly created position of Director of the Financial Reporting Fraud Resource Center.

Auditing Standard No. 7: PCAOB strengthens requirements for engagement quality review

Accounting firms performing audits and interim reviews of financial information for public companies should plan to commit more resources, including partner time, to engagement quality reviews for fiscal years beginning on or after December 15, 2009.
A&A

PCAOB reporting rules to take effect October 12

PCAOB rules requiring reporting by registered public accounting firms were approved by the SEC on August 13, 2009 and will take effect on October 12, 2009.

PCAOB adopts Auditing Standard No. 7

The Public Company Accounting Oversight Board has voted to adopt Auditing Standard No. 7, Engagement Quality Review, and to issue a Concept Release on requiring the engagement partner to sign the audit report.

PCAOB looking for a few good men (or women)

The Public Company Accounting Oversight Board has announced the formation of the Investor Advisory Group to advise the Board in carrying out its responsibilities.

Mark Olson resigns as PCAOB chairman

Mark W. Olson, chairman of the Public Company Accounting Oversight Board (PCAOB) has resigned effective July 31, one year before his second term was due to end. Olson was appointed to his position in 2006 by Securities and Exchange Commission (SEC) Chairman Christopher Cox. Olson's replacement will be named by Mary Schapiro, current head of the SEC. Olson said in an interview with The New York Times that he had intended to stay until his term expired in 2010, but that, "As I passed my 66th birthday, I began to think it was time to move away from an everyday C.E.O.

Supreme Court will hear challenge to PCAOB

A suit challenging the constitutionality of the Public Accounting Oversight Board (PCAOB) will be on the docket of the U.S. Supreme Court when it reconvenes next fall. The plaintiffs in the case, Free Enterprise Fund v. Public Company Accounting Oversight Board, Beckstead & Watts LLP, a Las Vegas, Nevada accounting firm, and the Free Enterprise Fund, claim that the Board violates the Appointments clause of the U.S. Constitution and the principle of separation of powers. The 2006 lawsuit failed last year in the U.S.

Pages