Tag Archives: PCAOB

PCAOB Meets with NASBA Leaders

State Board Report June 2013 On May 1, a delegation of NASBA leaders, including Chair Gaylen Hansen, President Ken Bishop, Vice Chair Carlos Johnson and Executive Vice President Colleen Conrad, met with all the members of the Public Company Accounting Oversight Board in their Washington, D.C., office to formalize the relationship between the organizations. President…

PCAOB Bill Reintroduced

State Board Report May 2013 A bill that would make the Public Company Accounting Oversight Board’s (PCAOB) disciplinary proceedings more open to the public was reintroduced by U.S. Senators Jack Reed (D-RI) and Chuck Grassley (R-IA) on April 26 as the “PCAOB Enforcement Transparency Act of 2013.” The bill would make the PCAOB’s hearings, and…

PCAOB Decries Continuing Deficiencies

State Board Report March 2013 Significant audit deficiencies are down, but a long way from gone, according to the latest report based on the Public Company Accounting Oversight Board’s inspections. In its “Report on 2007-2010 Inspections of Domestic Firms that Audit 100 or Fewer Public Companies,” released on February 25, the PCAOB says the triennial…

PCAOB Cooperates with Fins and French

State Board Report February 2013 The Public Company Accounting Oversight Board has announced cooperative agreements with the French High Council for Statutory Auditors and the Auditing Board of the Central Chamber of Commerce of Finland relating to the oversight of audit firms subject to the regulators in France and Finland. Both agreements were announced on…

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…

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’…

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…

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,…

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).…

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…