Tag Archives: PCAOB

PCAOB Transparency Bill Back

State Board Report May 2015 Once again a bill, that would make hearings by the Public Company Accounting Oversight Board (PCAOB) and all related notices, orders and motions transparent and available to the public unless otherwise ordered by the PCAOB, was introduced by Senator Jack Reed (D-RI) and Senator Chuck Grassley (R-IA) on April 23.…

PCAOB Enforcement Division is 10

State Board Report January 2015 The Enforcement Division of the Public Company Accounting Oversight Board is now ten years old and its director, Claudius B. Modesti, is claiming its efforts have produced visible results: “Our current investigative inventory suggests that we have succeeded in sending a message about the importance of protecting the Board’s processes…

Montgomery Explains IAASB Auditor’s Report Changes

State Board Report November 2014 Just as the Public Company Accounting Oversight Board has been considering changes to the auditor’s report (see SBR 9/13), the International Accounting and Auditing Standards Board has been focusing on making the report more informative. Dan Montgomery, IAASB Deputy Chair, told the Annual Meeting audience that while there have been…

NASBA Meets with PCAOB

State Board Report September 2014 The Public Company Accounting Oversight Board met with NASBA Chair Carlos E. Johnson (OK), Past Chair Gaylen R. Hansen (CO), Director-at-Large Donald H. Burkett (SC), President Ken L. Bishop and Executive Vice President Colleen Conrad on August 12, 2014, in Washington, D.C. PCAOB members James R. Doty (Chairman), Lewis H.…

PCAOB Members Differ on “Audit Failures”

State Board Report May 2014 Members of the Public Company Accounting Oversight Board seem to disagree over how reporting errors are described. The PCAOB’s use of the term “audit failures” in its inspection findings reports was questioned by PCAOB Board Member Jay D. Hanson in an address to the Pharma/Biotech Accounting & Reporting Congress on…

PCAOB Re-Proposes Partner Signatures

State Board Report December 2013 In 2005 the Public Company Accounting Oversight Board’s Standing Advisory Committee began discussing the need for disclosing the name of the audit partner in the auditor’s report. After much study, analysis and discussion, the PCAOB has again released for public comment amendments to the PCAOB’s auditing standards that would require…

Baumann Speaks at CPT/Baruch Conference

State Board Report December 2013 The train is on the track for changing the auditor’s report, according to multiple speakers at Baruch College’s Eighth Annual Auditing Conference, cosponsored by the NASBA Center for the Public Trust, held December 5, 2013 in New York City. Martin F. Baumann, the Public Company Accounting Oversight Board’s Chief Auditor,…

NASBA Comments on “Proposed Auditing Standards” – PCAOB Rulemaking Docket No. 34

Franzel Summarizes PCAOB’s Work

State Board Report November 2013 Describing the addition of critical audit matters (CAM) to the auditor’s report as “a drastic change to a very standard report that has been unchanged for about 70 years,” Public Company Accounting Oversight Board Member Jeanette M. Franzel, CPA, called the Annual Meeting audience’s attention to the provisions of the…

PCAOB Proposes Expanded Auditor’s Report

State Board Report September 2013 While retaining the pass/fail model of the auditor’s report, the Public Company Accounting Oversight Board is proposing standards that would require the auditor to communicate a wider range of information specific to the particular audit. At their August 13, 2013 meeting, the PCAOB members unanimously voted to approve the release…