PCAOB

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Auditors Spotlighted As Options Scandals Come To Light

Auditors are in the spotlight as the number of stock-option scandals expands. It seems the manipulation of option prices was more common than previously believed.

Fed Reserve Delivers Another PCAOB Head

The Federal Reserve has emerged as the breeding ground for oversight of the accounting profession as Federal Reserve Board Governor Mark W. Olson is taking over as the new chairman of the Public Company Accounting Oversight Board (PCAOB).

Reminder: Nominations for PCAOB Standing Advisory Group Due by June 16

Nominations and re-nominations for members of the Standing Advisory Group of the Public Accounting Oversight Board (PCAOB) should be submitted before June 16, 2006. The Board is currently seeking nominations to fill 14 positions.
Community News

PCAOB Proposes Rules for Registered Accounting Firm Reporting

The Public Company Accounting Oversight Board (PCAOB) voted Tuesday to propose rules for annual and special reporting of information and events by accounting firms registered with the PCAOB.Advertisement

PCAOB to Consider Periodic Reporting Rules for Accounting Firms on Tuesday

The Public Company Accounting Oversight Board (PCAOB) has scheduled an open meeting for 10:30 a.m. Tuesday, May 23, 2006, to consider proposing rules for annual and special reporting of information and events by accounting firms registered with the PCAOB. The meeting will be held in the Board’s open meeting room at 1666 K St. NW, Washington, D.C.

SEC Announces Next Steps for SOX Implementation Includes Smaller Companies

The Securities and Exchange Commission (SEC) on Wednesday announced a series of actions intended to improve the implementation of the Section 404 internal control requirements of the Sarbanes-Oxley Act 2002.

PCAOB to Look at Audit Efficiency in 2006 Inspections

The Public Company Accounting Oversight Board (PCAOB) announced Monday that their inspections of audit firms, which began this week, will focus on progress made by the firms toward efficient implementation of the Board’s Accounting Standard No. 2, An Audit of Internal Control over Financial Reporting Performed in Conjunction with an Audit of Financial Statements (AS-2).

Ken Starr to Lead Legal Challenge to the PCAOB

In the latest in a series of attacks on the Sarbanes-Oxley Law of 2002, Kenneth Starr, the former special prosecutor in the Whitewater and Monica Lewinsky investigations, has mounted a lawsuit challenging the authority of the Public Company Accounting Oversight Board (PCAOB) on behalf of the Free Enterprise Fund, a business conservative group.

Mark Your Calendar: SEC Roundtable and Insights

The Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) have announced the panelists for the upcoming roundtable on May 10, covering second-year experiences with the reporting and auditing requirements of the Sarbanes-Oxley Act 2002 related to companies’ internal control over financial reporting. The following day, May 11, KPMG’s 404 Institute is offering a webcast on the lessons learned and insights from the roundtable.

SEC Approves 7 PCAOB Rules for Auditors

The Securities and Exchange Commission (SEC) has approved Public Company Accounting Oversight Board (PCAOB) ethics and independence rules concerning independence, tax services, and contingent fees, according to a statement issued Friday by the PCAOB.
Community News

PCAOB Find Their Audit Concerns Addressed

The Big Four accounting firms criticized in the Public Company Accounting Oversight Board’s (PCAOB) first-ever regulatory report cards issued in 2004, have made progress addressing their “significant accounting and audit issues”, according to Marketwatch. If the firms had not addressed these problems cited within 12 months of the issuance of their report cards, the confidential portions of their reports would have been made public.

Canadian Think Tank Calls for Auditor Oversight Reform

A Vancouver-based economic think tank has called for reform of the watchdogs overseeing the North American auditing industry.Advertisement

PCAOB & Sarbanes-Oxley Under Fire

The Public Company Accounting Oversight Board (PCAOB) is being challenged, constitutionally. The complaint was filed last week in U.S. District Court in Washington by the Free Enterprise Fund and the accounting firm of Beckstead & Watts, according to BusinessWeek. The PCAOB was created in 2002 and has since been the target of those saying it wielded too much unchecked power. The legal team includes Ken Starr, former independent counsel in the Monica Lewinsky investigation in the second Clinton Administration and Viet Dinh, former U.S.
Community News

Regulators Call for More Transparency, Less Complexity

The Securities and Exchange Commission (SEC) is seeking help from the accounting industry to simplify the rules that may be partly to blame for the corporate scandals of recent years, the SEC chairman said Monday.The SEC, working with the Public Company Accounting Oversight Board (PCAOB) and the Financial Accounting Standards Board (FASB), is undergoing a “major national effort to make accounting less complex,” said SEC Chairman Christopher Cox, at the American Institute of Certified Public Accountants' (AICPA) annual meeting in Washington, D.C.
A&A

AICPA National Conference on Current SEC & PCAOB Developments

The American Institute of Certified Public Accountants (AICPA) is holding its 33rd annual National Conference on Current Securities and Exchange (SEC) and Public Company Accounting Oversight Board (PCAOB) Developments this week. The conference is being held at the Marriott Wardman Park located at 2660 Woodley Road, NW, Washington, DC. The conference will conclude Wednesday, December 7, 2005. The AICPA’s new Chair, Leslie Murphy, opened the conference. Murphy said, “Reliable and transparent financial reporting is fundamental to the well-being of our capital markets.

Challenges of Section 404 Compliance

Compliance with Section 404 of the Sarbanes-Oxley Act (SOX) is required in 2006. A report by the Public Company Accounting Oversight Board (PCAOB) states that both accounting firms and the public companies they audit will face “enormous challenges” this year as reported in CFO.com. This section of SOX requires that companies document their internal controls. “It is clear to us that the internal control assessment and audit process has the potential to significantly improve the quality and reliability of financial reporting.

2006 PCAOB Budget Approved

The Public Company Accounting Oversight Board (PCAOB) has approved its 2006 budget of $128 million. The accounting industry regulatory agency will use a $19 million excess from a 2005 budget to reduce the 2006 accounting support fee paid by publicly traded companies according to Reuters. Accounting support fee assessments of $109.3 million are projected for 2006 while $136.1 million in fees were assessed in 2005 according to the Compliance Reporter. The approved budget has been passed onto the Securities and Exchange Commission (SEC) for final approval according to Reuters.
Community News

PCAOB Faults Company Audits & Takes Disciplinary Action

The Public Company Accounting Oversight Board (PCAOB) has issued an order revoking the registration of a Los Angeles accounting firm after finding serious faults in past audits. The sole shareholder was also barred “from being an associated person of a registered public accounting firm,” according to Yahoo Asia News. The registration of another firm and its principal shareholder was also revoked.The PCAOB found that the accounting firm Kenny H. Lee CPA Group Inc. did not conform to PCAOB rules and audit standards in two audits for wireless phones maker Axesstel Inc.
Community News

PCAOB Finds Failures in Deloitte's Audit Work

The Public Accounting Standards Board (PCAOB) issued its report on Thursday on its inspections from May to November 2004 of past audits performed by Deloitte & Touche. The report cited “audit deficiencies” including failure to identify or address accounting errors, according to Reuters.

SEC Looking to Streamline Auditor-Independence Rules

The Securities and Exchange Commission (SEC) is looking into simplifying its auditor-independence rules without weakening them.Advertisement

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