Posts Tagged ‘PCAOB’
Deloitte Inspection Report Released
The PCAOB has released its latest inspection report for Deloitte, finding that 20 percent of the audits examined were flawed enough to question whether auditors had reached defensible conclusions. This is the first inspection report we’ve seen this year for a Big 4 firm, and also the first one issued since new leadership took over…
Read MoreYet More PCAOB Inspection Hints
We have fresh intel on how the PCAOB may change its approach to inspecting audit firms, and what those changes might mean for the audit committees and internal audit executives who deal with the firms. All five PCAOB members appeared Monday at the AICPA’s annual public company accounting conference in Washington, and inspections were Issue…
Read MoreU.S. Regulators Warn on China
U.S. securities and audit regulators have issued an extraordinary warning that they are not getting the cooperation that they want from their Chinese counterparts, and that U.S.-listed companies with significant operations in China should prepare for more strained relations between U.S. and Chinese securities regulators. The message came in two parts: first, in a special…
Read MorePCAOB Inspection Priorities for 2019
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…
Read MorePCAOB Drops 2019 Hints
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…
Read MoreSix Charged in PCAOB Inspections Leak
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…
Read MoreNew PCAOB Leadership Comes Aboard
The leadership transition at the Public Company Accounting Oversight Board has begun. Its new chairman and one new board member were sworn in yesterday, and one of the new chairman’s first acts was to name a new chief of staff. William Duhnke was sworn in as chairman, Kathleen Hamm as board member. Duhnke then named…
Read MoreSEC Replaces PCAOB Leadership
The SEC replaced the entire board of the Public Company Accounting Oversight Commission today—an expected, but still sweeping, shakeup that portends significant changes in how auditing is done. The new chairman is William Duhnke, whose name has been predicted for awhile now. Duhnke is a lawyer by trade and spent most of his recent career…
Read MoreNew Audit Report Format Approved
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…
Read MorePCAOB Lists Audit Inspection Priorities for 2017
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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