Audit Fees Go Uncollected by The PCAOB

According to Reuters, William McDonough, chairman of The Public Company Accounting Oversight Board, told reporters at The Economic Club of Washington’s Winter Luncheon Meeting on Wednesday that hundreds of public companies still owe the Board dues.

"Those companies that have not paid cannot get a clean opinion from their auditor," said McDonough.

In August, the board notified about 8,500 publicly traded companies, investment companies and other equity issuers of the accounting support fees that they would pay to fund the operations of the PCAOB, as required by the Sarbanes-Oxley Act of 2002.

Under the Sarbanes-Oxley Act, the accounting support fees are due from each company 30 days after notice was sent. Companies that do not pay the fees are in violation of the Securities Exchange Act of 1934, which is enforced by the SEC.

After the November 3 deadline passed, the Board sent a letter to the Securities and Exchange Commission informing them of over 500 companies that had not paid up as of the November 3 deadline. According to the Reuters report, 421 companies still have not paid as of December 3.

A list of companies and others that have paid can be found online at: http://www.pcaobus.org/IssuersPaid.pdf

You may like these other stories...

Public Company Accounting Oversight Board (PCAOB) inspectors are finding “significant audit deficiencies” in the area of revenue, the US audit watchdog stated in a staff audit practice alert issued on Tuesday.The...
The Public Company Accounting Oversight Board (PCAOB) is interested in what you have to say about auditing accounting estimates and fair value measurements.The US audit regulator on Tuesday issued for public comment a staff...
While audits of broker-dealers showed some improvement last year compared to previous years, 71 of 90 broker-dealer audits inspected by the Public Company Accounting Oversight Board (PCAOB) in 2013 were still found to have...

Already a member? log in here.

Upcoming CPE Webinars

Sep 18
In this course, Amber Setter will shine the light on different types of leadership behavior- an integral part of everyone's career.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.