PCAOB

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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.

PCAOB issues fair value audit practice alert

The Public Company Accounting Oversight Board has issued a Staff Audit Practice Alert to inform auditors of public companies about potential implications on reviews of interim financial information and annual audits of three recently-issued Financial Accounting Standards Board Staff Positions (FSPs).

PCAOB issues staff Q&As on registration of auditors of nonpublic broker-dealers

The Public Company Accounting Oversight Board has issued Staff Questions and Answers concerning registration of auditors of nonpublic broker-dealers.Until recently, by order of the Securities and Exchange Commission, registration of auditors of nonpublic broker-dealers was not necessary.

PCAOB says post-Sarbanes-Oxley audits still deficient

The Public Company Accounting Oversight Board has released a report summarizing the inspection findings of the eight domestic accounting firms that were subject to annual inspections over the past four years. The PCAOB focuses its inspections on those areas of an audit likely to pose the most significant challenges for an auditor or to pose the most significant risk to investors of misstated financial statements.

PCAOB proposes seven new risk assessment auditing standards

The Public Company Accounting Oversight Board voted this week to propose for public comment a suite of seven new auditing standards related to the auditor's assessment of and responses to risk and related conforming amendments.

Court rejects challenge to constitutionality of PCAOB

On Friday, the U.S. Appeals Court for the District of Columbia Circuit in a vote of 2-1 upheld the constitutionality of the Public Company Accounting Oversight Board (PCAOB). The Board was created five years ago by the Securities and Exchange Commission (SEC), responding to a mandate in the Sarbanes-Oxley Act of 2002. The Court rejected the claim by Beckstead & Watts LLP, a Nevada accounting firm, and the Free Enterprise Fund in Free Enterprise Fund v. Public Company Accounting Oversight Board that the Board violates the separation of powers clause of the U.S. Constitution.
A&A

PCAOB announces forum for small public company execs

The Public Company Accounting Oversight Board has announced the agenda for its upcoming forums for directors and financial executives of small and mid-sized public companies – part of the Forum on Auditing in the Small Business Environment series.The first forum, hosted by Board Member Dan Goelzer, is Wednesday, Oct. 1, at the Sofitel Hotel in Chicago, IL. The second, hosted by Board Member Bill Gradison, is Thursday, Oct. 30, at The Rittenhouse Hotel in Philadelphia, PA.

Before and after Sarbanes-Oxley - learning to live with change

Less than two months after a jury found Arthur Andersen guilty of "corrupt persuasion" of others to withhold documents in the Enron investigation, Congress passed the Sarbanes-Oxley Act of 2002 (SOX), legislation designed to address the shock and anger in the country over the bankruptcies of WorldCom and Global Crossing, also clients of Arthur Andersen, and other business and accounting scandals.

SEC sanctions four accounting firms not registering with the PCAOB

The Securities and Exchange Commission (SEC) has taken action against four accounting firms and their principals saying that they issued audit reports in 2004 on SEC-listed companies without having registered with the Public Company Accounting Oversight Board (PCAOB). All four principals were censured by the Commission which found that they "willfully violated Section 102(a) of the Sarbanes-Oxley Act of 2002." Section 102(a) required the SEC to determine the timing of registration with the PCAOB.

PCAOB adopts rules for firm succession

The Public Company Accounting Oversight Board today adopted rules and a corresponding form that govern when a firm would be allowed to succeed to the registration status of a predecessor firm following a merger or other change in the registered firm's legal form.Under Section 102(a) of the Sarbanes-Oxley Act of 2002 and PCAOB rules, a public accounting firm must be registered with the PCAOB in order to prepare or issue audit reports for public companies or to play a substantial role in the preparation or furnishing of such audit reports.

PCAOB adopts rules for accounting firm reporting

The Public Company Accounting Oversight Board last week adopted rules for annual and special reporting of information and events by accounting firms that are registered with the PCAOB.Section 102(d) of the Sarbanes-Oxley Act of 2002 provides that each registered public accounting firm shall submit an annual report to the Board, and also may be required to report more frequently, to provide information specified by the Board. The reporting requirements in the new rules are the first such requirements adopted by the Board.

PCAOB considers accounting firm registration rules

The Public Company Accounting Oversight Board will consider adopting rules requiring annual and special reporting of specified information by registered public accounting firms. The information would be made publicly available, subject to certain exceptions for confidential information.

PCAOB to discuss using non-U.S. inspectors

The Public Company Accounting Oversight Board will host a roundtable discussion on June 25, 2008 on a proposal regarding the circumstances in which it could rely fully on non-U.S. auditor oversight bodies in the context of inspections. Representatives of investors, registered accounting firms, and foreign regulators will participate in the discussion.

PCAOB taking nominations for Standing Advisory Group

The Public Company Accounting Oversight Board is soliciting nominations for members of its Standing Advisory Group. The Standing Advisory Group was created in 2003 to advise the Board in carrying out its standards-setting responsibilities. The Board values the diversified expertise of the group, and its input is utilized in developing standards.

PCAOB adopts new audit committee communication rule and amends tax services rule

The PCAOB voted last week to adopt Rule 3526, Communication with Audit Committees Concerning Independence, and an amendment to Rule 3523, Tax Services for Persons in Financial Reporting Oversight Roles. The Board adopted Rule 3526 to enhance communication between audit committees and registered firms regarding the firm's independence.

PCAOB cites deficiencies in Grant Thornton audits

The Public Company Accounting Oversight Board (PCAOB) has found deficiencies in five audits conducted by Grant Thornton.Grant Thornton failed "to identify or appropriately address errors in the issuer's application of GAAP," said the PCAOB, which acts as an audit watchdog and annually inspects accounting firms with more than 100 public-company clients.Grant Thornton also did not perform certain audit tests to back up its opinions, the April 4 report said."In some c

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