Posts Tagged ‘audit firms’

Questions on KPMG Ethics Fiasco

kpmg

By now you might already know the news: KPMG, one of the largest audit firms in the world, has agreed to pay $50 million to the Securities and Exchange Commission to settle charges from two separate scandals at the firm — one related to KPMG partners offering jobs to audit industry regulators in exchange for…

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Audit Firms, Cybersecurity Risk, and You

cybersecurity

A member of the Public Company Accounting Oversight Board gave a speech last week about the role of audit firms in cybersecurity — and raised a point people seldom say aloud: the audit firm’s role is a relatively small one. Kathleen Hamm, a member of the PCAOB since last year, gave her remarks at a…

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PCAOB Inspection Priorities for 2019

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The PCAOB has shared its plans for audit firm inspections early next year, with more focus on how audit firms manage their own operations and less perhaps emphasis on specific risk areas such as Brexit, oil prices, or changing interest rates. The PCAOB inspections outlook is useful foremost for audit firms, who want to know…

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PCAOB Drops 2019 Hints

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Audit firms can expect new types of regulatory inspections in 2019, audit committees and internal audit executives can expect inspection reports with new types of information, and the corporate accounting world may finally see new proposals on auditing estimates and use of data analytics in financial auditing. So said William Duhnke, chairman of the Public…

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Two Issues on SOX Compliance

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More than 1,700 audit and compliance professionals have gathered in Nashville this week for Workiva’s annual user conference and the annual meeting of the SOX Professionals Group. Yours truly is on the scene, trying to capture all the good insight and latest news on SOX compliance. Here’s what we have from Day 1. Tuesday was…

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Six Charged in PCAOB Inspections Leak

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Wild story from the world of corporate auditing today: six accountants charged with stealing confidential information from the Public Company Accounting Oversight Board, to help KPMG improve its standing in PCAOB audit firm inspections. Worse, three of the six are former PCAOB staffers, who leaked the information to KPMG while trying to score jobs there…

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New Audit Report Format Approved

CAM

Auditors and corporate reporting professionals everywhere, prepare yourselves: The SEC has approved the new, more detailed format for external auditors’ reports! The new standard, drafted by the Public Company Accounting Oversight Board after seven years of negotiations, requires audit firms to disclose “critical audit matters” (CAMs) they find while auditing your financial statements. That approach…

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PCAOB Lists Audit Inspection Priorities for 2017

CAM

SOX compliance officers, prepare to recalibrate your audit compass: the PCAOB has released its list of priorities for audit inspections this year. In a 19-page briefing document published yesterday, the PCAOB said its 2017 inspections are focusing on chronic trouble spots such as auditing accounting estimates and audits of internal control over financial reporting. They…

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PCAOB Sets New Audit Report Format

CAM

Compliance and audit executives, set your countdown clocks: a new type of audit report will be arriving at your organization three years from now. Today the Public Company Accounting Oversight Board finally adopted a new standard for the report, which will require more disclosure of “critical audit matters” that weigh on the mind of your…

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Database of Audit Engagement Partners Launched

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The auditing industry’s chief regulator has unveiled a database to let people find out which audit firm partners work on what client engagements. Audit firms don’t relish the idea, but anyone eager for more transparency into the auditing business now has it. The database, aptly named AuditorSearch, was launched by the Public Company Accounting Oversight…

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