Posts Tagged ‘PCAOB’

New PCAOB Guidance on Estimates, Specialists

standards

Heads up, audit professionals: the PCAOB has released fresh guidance on how to audit accounting estimates and how to use specialists in complex audit work — two issues that are the subject of new audit standards going into effect in 2021. Each subject has two pieces of staff guidance, so that’s four PDFs for you…

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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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Deloitte Inspection Report Released

Deloitte

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…

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Yet More PCAOB Inspection Hints

inspection

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…

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U.S. Regulators Warn on China

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…

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PCAOB Inspection Priorities for 2019

standards

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

standards

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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Six Charged in PCAOB Inspections Leak

standards

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 PCAOB Leadership Comes Aboard

standards

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…

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SEC Replaces PCAOB Leadership

standards

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…

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