Posts Tagged ‘PCAOB’

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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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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Audit Report Choice Looms for SEC

CAM

Sit up and pay attention, SOX compliance community. We will soon get our first real glimpse into how much SEC chairman Jay Clayton wants to reshape the corporate audit world. On deck is final approval of the proposed new format for audit reports: a standard the Public Company Accounting Oversight Board hammered out earlier this…

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PCAOB Overhaul Looms

standards

SOX compliance professionals, prepare yourselves: the SEC has announced plans for new leadership at the Public Company Accounting Oversight Board, which could eventually bring significant changes in how audits and SOX compliance are managed. SEC chairman Jay Clayton put events into motion Friday afternoon, with a quiet announcement that current PCAOB chairman Jim Doty “has…

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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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Six Compliance Events to Watch in 2016

Welcome back to the grind, everyone! Before we all get sucked back into the world of audit committee meetings, proxy season preparation, and committing your travel budget now before the CFO implements a freeze, let’s pause to contemplate some potentially significant events in 2016 for compliance, audit, and risk professionals. Lord knows we have plenty…

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