PCAOB News

‘Rotating’ Audit Companies, Increasing Independence Pushed

‘Rotating’ Audit Companies, Increasing Independence Pushed

The Public Company Accounting Oversight Board (PCAOB) will issue a concept release seeking public comment on ways that auditor independence, objectivity and professional skepticism can be enhanced, including through mandatory rotation of audit companies. PCAOB previously attended the Sino-U.S. Symposium on Audit Oversight in Beijing along with officials of the China Securities Regulatory Commission, the [...]

New Proposals for Broker-Dealer Audits, Auditing Supplemental Information

New Proposals for Broker-Dealer Audits, Auditing Supplemental Information

The Public Company Accounting Oversight Board (PCAOB) has issued proposals for audit and attest standards for audits of broker-dealer and issuer engagements. The proposals include two attestation standards related to the auditor’s examination of compliance reports and review of exemption reports of broker-dealers proposed by the U.S. Securities and Exchange Commission (SEC) as part of [...]

Proposed Standards for Broker-Dealer Audits and Auditing Supplemental Information on Tuesday

Proposed Standards for Broker-Dealer Audits and Auditing Supplemental Information on Tuesday

The Public Company Accounting Oversight Board (PCAOB) will consider the release of proposed audit and attest standards for broker-dealer and public company engagements on July 12. PCAOB scheduled an open meeting for Tuesday to seek public comment for the proposal. The meeting will take place in the Board’s meeting room at 1666 K St. N.W., [...]

Auditors of Brokers and Dealers to Participate in PCAOB Forum

Auditors of Brokers and Dealers to Participate in PCAOB Forum

The Public Company Accounting Oversight Board (PCAOB) has announced a preliminary agenda for its first Forums on Auditing Smaller Brokers-Dealers, with the dates having been confirmed at the same time. With these forums, registered public accounting firms operating in the smaller broker-dealer community will have the opportunity to interact with PCAOB Board members and staff [...]

Temporary Rules to Inspect Audits of Brokers, Dealers Under Dodd-Frank Provision

Temporary Rules to Inspect Audits of Brokers, Dealers Under Dodd-Frank Provision

The Public Company Accounting Oversight Board (PCAOB) has adopted temporary rules to inspect the public accounting firms’ audits of brokers and dealers under the Dodd-Frank Act. The interim rules establishing inspection program for the audits of brokers and dealers came simultaneously with PCAOB’s adoption of rules for assessing and collecting a portion of its accounting [...]

Investor’s Protection from Another Financial Crisis Pushed

Investor’s Protection from Another Financial Crisis Pushed

Auditors have been urged Tuesday to provide investors with more details regarding the financial position of firms, the first step taken by regulators in response to the 2008 financial crisis. A concept paper issued by the Public Company Accounting Oversight Board (PCAOB) sought to discuss alternatives for changing the auditor’s reporting model. PCAOB also announced [...]

Adoption of Dodd-Frank Provisions for Broker-dealer Audits Underway

Adoption of Dodd-Frank Provisions for Broker-dealer Audits Underway

The Public Company Accounting Oversight Board (PCAOB) is set to consider the adoption of interim inspection program for broker-dealer audits and broker-dealer funding rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act. On June 14, PCAOB will meet in an open gathering to consider adopting certain rules to begin implementation of its expanded [...]

Weak Accounting Firms Targeted by PCAOB and Swiss Regulator Pact

Weak Accounting Firms Targeted by PCAOB and Swiss Regulator Pact

Accounting firms in Siwtzerland will start seeing tighter oversight from the Swiss Federal Audit Oversight Authority and Financial Market Supervisory Authority as the two regulators inked a pact with the Public Company Accounting Oversight Board in USA to establish supervisory framework. The signing of the Statement of Protocol by the regulators came on the heels [...]

PCAOB Releases Final Audit Standard Materials

PCAOB Releases Final Audit Standard Materials

The Public Company Accounting Oversight Board (PCAOB) has made public eight audit standard materials, AS 8 to 15, approved by the Securities and Exchange Commission on December 23 last year. The publication of audit standard materials came nearly a month after the SEC released an order approving PCAOB’s proposed rules on auditing standards related to [...]

PCAOB Sends Wake Up Call to Auditors Over Tasks on Losses and Disclosures

PCAOB Sends Wake Up Call to Auditors Over Tasks on Losses and Disclosures

Reports that emerged in fall revealing alleged misrepresentations from companies with securitization loans that they sell have prompted the Public Company Accounting Oversight Board to remind the auditors of the audit practice that they should adopt when auditing their companies’ loss contingencies and disclosures, among other things. PCAOB’s Staff Audit Practice Alert released December 20 [...]

PCAOB’s First Disciplinary Action Against Ernst & Young: Audit Falsification

PCAOB’s First Disciplinary Action Against Ernst & Young: Audit Falsification

The Public Company Accounting Oversight Board (PCAOB) has just implemented its first disciplinary action against an Ernst & Young auditor since its assumption of power from the mandate of Sarbanes-Oxley Act, alleging falsification of a 2009 audit report of an anonymous company. It appeared in an inspection carried out by PCAOB that Jacqueline Higgins, Ernst [...]

Proposed Regulatory Compliance for Brokers, Dealers Open to Public Comment

Proposed Regulatory Compliance for Brokers, Dealers Open to Public Comment

Public Company Accounting Oversight Board (PCAOB) has released its proposed interim inspection program, a regulatory compliance that oversees audits of brokers and dealers, immediately following its meeting on December 14, 2010. PCAOB’s meeting, which also tackled portion of the support fee to fund the board’s extended broker-dealer oversight responsibility, is the first step towards ensuring [...]

PCAOB Vacancy May Be Solved Soon with Two SEC Candidates for Chairmanship

PCAOB Vacancy May Be Solved Soon with Two SEC Candidates for Chairmanship

Since the resignation of Mark Olson as Public Companies Accounting Oversight Board’s (PCAOB) chairman in 2009, the board that regulates auditors of public corporations has always been found wanting a full-time leader. Anytime soon, PCAOB may finally have its vacant seats filled in as the Securities and Exchange Commission (SEC) is considering two names to [...]

PCAOB Okays 2011 Budget Proposal

PCAOB Okays 2011 Budget Proposal

After its deliberation for next year’s budget, the Public Company Accounting Oversight Board (PCAOB) has now come to terms with the 2011 fiscal-year budget proposal. PCAOB’s budget next year would amount to $204.4 million, 11.5 percent higher than its 2010 fiscal-year budget of $183.3 million. PCAOB attributed the increase in its budget proposal this year to [...]

The Move to Amend the Sarbanes –Oxley Act

The Move to Amend the Sarbanes –Oxley Act

The Sarbanes-Oxley Act which was implemented in July 2002 is on the threshold of being amended.  The Public Company Accounting Oversight Board (PCOB) wants the amendment done so that the disciplinary measures taken on the defaulting auditors and firms become more transparent. PCOB wants the hearings to be done in public as done by the [...]

PCAOB Adopts New Auditing Standards to Be Effective from December 15 This Year

PCAOB Adopts New Auditing Standards to Be Effective from December 15 This Year

PCAOB (The Public Company Accounting Oversight Board) today adopted eight new auditing standards related to risk assessment. The new auditing standards are going to affect the auditors’ assessment of, and response to, risk in an audit.