Tag Archives: PCAOB

PCAOB Finds Increased Deficiencies

State Board Report January 2013 The Public Company Accounting Oversight Board’s December report on its 2010 inspections of eight domestic registered firms, the largest firms which have been inspected every year since the PCAOB’s inspection program began, reveals 15 percent of the integrated audit engagements inspected (46 of 309) had failed to obtain sufficient audit…

Written on January 18, 2013 at 9:38 am, by

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Doty Addresses CPT/Baruch Conference

State Board Report December 2012 Audit costs have become a commodity, Public Company Accounting Oversight Board Chairman James R. Doty told the CUNY Baruch College “Ensuring Integrity: 7th Annual Audit Conference,” held November 29 and co-sponsored by the NASBA Center for the Public Trust. Citing the stagnation of audit fees, while the large audit firms’…

Written on December 21, 2012 at 9:49 am, by

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Ferguson Sees Regulators Coming Together

State Board Report November 2012 The Public Company Accounting Oversight Board now has agreements with 14 foreign regulators to share firm inspection information and has conducted 338 inspections in 38 different countries, PCAOB member Lewis H. Ferguson told the NASBA Annual Meeting. “We believe cooperating with international regulators is terrifically important to regulation of auditors…

Written on November 30, 2012 at 9:34 am, by

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PCAOB Taking Steps to Work with China

State Board Report October 2012 While the Public Company Accounting Oversight Board has cooperative agreements with 14 foreign regulators to either conduct joint audit firm inspections or share inspection findings, such an agreement does not yet exist with China, the country with the largest number of foreign registered audit firms, 100. However, that could change,…

Written on October 18, 2012 at 3:53 pm, by

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Panelists Consider Firm Rotation

State Board Report July 2012 The Public Company Accounting Oversight Board's concept release considering mandatory audit firm rotation was the topic of panel sessions at the Eastern and Western Regional Meetings. "At the heart of the PCAOB's discussions is trying to raise audit quality – but at what cost?" asked Vice Chair Gaylen Hansen (CO).…

Written on July 13, 2012 at 9:53 am, by

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SEC Continues to Press D&T Shanghai

State Board Report June 2012 The U.S. Securities and Exchange Commission brought an enforcement action against Deloitte Touche Tohmatsu CPA Ltd. (D&T Shanghai) on May 9, 2012, which was followed by Chinese regulators issuing rules that require the Chinese affiliates of the large international accounting firms to move control of those affiliates to partners who…

Written on June 22, 2012 at 2:04 pm, by

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House Subcommittee Ponders Oversight

State Board Report April 2012 Whether or not the PCAOB should have the authority to require auditor firm rotation was among the issues addressed at a March 28 hearing on “Accounting and Auditing Oversight: Pending Proposals and Emerging Issues Confronting Regulators, Standard Setters, and the Economy,” held by the Capital Markets and Government Sponsored Enterprises…

Written on April 18, 2012 at 12:54 pm, by

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PCAOB Listens to Rotation Panels

State Board Report April 2012 The first of what may be several public meetings on auditor independence and audit firm rotation was held by the Public Company Accounting Oversight Board on March 21-22 in Washington, D.C. Opinions expressed about the PCAOB’s concept release ranged from investor groups endorsing mandatory rotation of audit firms after a…

Written on April 18, 2012 at 10:51 am, by

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PCAOB Continues Rotation Discussion

State Board Report February 2012 The Public Company Accounting Oversight Board will hold a public meeting on March 21-22, 2012, in Washington, DC, to obtain further input on ways to enhance auditor independence, objectivity and professional skepticism, including discussion of mandatory rotation for audit firms. In December, NASBA submitted comments on the PCAOB’s earlier concept…

Written on February 28, 2012 at 11:35 am, by

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Regional Directors to Vet Responses

State Board Report February 2012 NASBA’s Regional Directors have agreed to take on the additional responsibility of vetting exposure draft responses and comments submitted on behalf of the association. Under the new procedure (see “Memo” on page 3), the Regional Directors will be evaluating letters produced by the Regulatory Response Committee and other expert committees…

Written on February 28, 2012 at 11:20 am, by

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