Tag Archives: PCAOB

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…

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…

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…

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…

Dubai Cooperates with PCAOB

State Board Report January 2012 This month the Public Company Accounting Oversight Board will formally sign its second cooperative arrangement with a Middle Eastern country’s regulators for oversight of the auditors that practice in their respective jurisdictions. The PCAOB will enter an agreement with the Dubai Financial Services Authority (DFSA), having signed an agreement with…

Leaders Question Rotation

State Board Report January 2012 Responding to the Public Company Accounting Oversight Board’s Concept Release on Auditor Independence and Audit Firm Rotation No. 2011-006, NASBA Chair Mark P. Harris and President David A. Costello in their December 14, 2011 letter urged the PCAOB to focus on other measures to address professional skepticism rather than requiring…

CPT/Baruch Conference Debates Bill

State Board Report December 2011 Kicking off Baruch College’s Sixth Annual Auditing Conference, co-sponsored by the NASBA Center for the Public Trust, NASBA President David Costello stated: “Behind the numbers is the trust.” Moderator Douglas Carmichael, Baruch College Professor and former Public Company Accounting Oversight Board (PCAOB) Chief Auditor, reminded the audience that December 2,…

PCAOB Bill Introduced

State Board Report December 2011 Legislation that would open to the public the Public Company Accounting Oversight Board’s disciplinary hearings of accountants and accounting firms was introduced on November 18, 2011 by Senators Chuck Grassley (R-Iowa) and Jack Reed (D-RI) , S.1907 the “PCAOB Enforcement Transparency Act of 2011.” This would modify the Sarbanes-Oxley Act…

PCAOB Considers Names on Reports

State Board Report November 2011 As promised by Public Company Accounting Oversight Board Chair James Doty this summer, the PCAOB has sent out another group of proposals aimed at giving investors more information about what auditors do. In PCAOB Release No. 2011-007, released on October 11, amendments are proposed to require accounting firms registered with…

Doty Says PCAOB to Underscore State Board Compliance

State Board Report November 2011 The Public Company Accounting Oversight Board will be explicitly reminding their newly registered auditing firms that registration with the PCAOB does not supersede licensing requirements that apply in the jurisdictions where they engage in practice, PCAOB Chair James R. Doty assured the State Boards in his keynote address at NASBA’s…