Tag Archives: PCAOB

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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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…

Written on January 31, 2012 at 3:00 pm, by

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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…

Written on January 31, 2012 at 8:00 am, by

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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,…

Written on December 30, 2011 at 9:40 am, by

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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…

Written on December 30, 2011 at 8:48 am, by

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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…

Written on November 30, 2011 at 3:31 pm, by

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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…

Written on November 30, 2011 at 11:17 am, by

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Norway Opens Path to Firm Inspections

State Board Report October 2011 Norway’s Financial Supervisory Authority and the Public Company Accounting Oversight Board entered into a cooperative agreement on September 14, 2011, that will enable the two regulators to have oversight of the audit work performed by each other’s public accounting firms in their respective jurisdictions. Since 2008 the PCAOB’s firm inspections had…

Written on October 30, 2011 at 2:57 pm, by

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PCAOB Holds Roundtable on Auditor’s Report

State Board Report October 2011 A roundtable discussion on how the Public Company Accounting Oversight Board can improve the relevance and usefulness of auditors’ reporting on the results of their audits of public company financial statements was held on September 15 including 32 investors, auditors, corporate board members, financial statement preparers and academics. The discussion covered…

Written on October 30, 2011 at 1:56 pm, by

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SEC Moves on DTTL Shanghai

State Board Report October 2011 The Securities and Exchange Commission on September 8 filed an enforcement action against Deloitte Touche Tohmatsu Ltd. for failing to produce documents related to Longtop Financial Technologies Limited. DTTL Shanghai has been Longtop’s auditor since 2007 and resigned on May 22, 2011 after it discovered numerous improprieties during an audit for…

Written on October 30, 2011 at 1:34 pm, by

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