Tag Archives: SEC

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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Categories: State Board Reports
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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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Hansen Addresses SEC Roundtable

State Board Report July 2011 GAAP is integral to the State Boards’ complaint-based enforcement system, the yardstick for enforcement, NASBA Director-at-Large Gaylen Hansen reminded the Securities and Exchange Commission’s July 7, 2011 roundtable discussion on the potential impact of U.S. adoption of International Financial Reporting Standards. The more sets of standards there are, the more…

Written on August 22, 2011 at 10:32 am, by

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Gaylen Hansen Issues Statement to SEC During IFRS Roundtable

Washington, D.C., July 7, 2011 – NASBA Director-at-Large, Gaylen Hansen, recently served as a panelist for the U.S. Securities and Exchange Commission’s (SEC) Roundtable on International Financial Reporting Standards in the United States. An excerpt from Mr. Hansen’s statement is posted below. “…There are extremely high risks in the ‘condorsement’ approach suggested by the [SEC]…

Written on July 14, 2011 at 4:32 pm, by

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Categories: Announcements and News
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Exam Developments Reviewed

State Board Report July 2010 How NASBA, the AICPA and Prometric are working together to build a continually improving examination process was discussed at the Eastern and Western Regional Meetings. Walter Davenport (NC), chairman of NASBA’s CPA Licensing Examination Committee (CLEC) , reported that through NASBA’s proposed Guam Customer Service Center, candidates will be able…

Written on July 1, 2010 at 6:56 pm, by

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Panel Begins Standards Discussion

State Board Report May 2010 The need for private company accounting standards has been an issue for many years, Financial Accounting Foundation (FAF) President Teresa Polley observed as the AICPA/FAF/NASBA Blue Ribbon Panel on Standard Setting for Private Companies (BRP) kicked off their discussions on April 12 in New York City. “A confluence of events,”…

Written on May 22, 2010 at 7:59 pm, by

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SEC Work Plan for IFRS Consideration

State Board Report March 2010 The Securities and Exchange Commission received more than 200 comment letters on its November 2008 “Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers,” including a letter from NASBA. On February 24, 2010, the SEC released a statement evidencing it…

Written on March 16, 2010 at 8:16 pm, by

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Supreme Court Hears PCAOB Case

State Board Report January 2010 On December 7 the US Supreme Court heard oral arguments in Free Enterprise Fund v. Public Company Accounting Oversight Board and Noel Allen, as NASBA counsel who had submitted an amicus curiae brief in support of the PCAOB, attended the session. NASBA’s amicus brief can be found on www.nasba.org. Previously,…

Written on January 16, 2010 at 8:48 pm, by

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It’s All Been Good

Summer 2009 Award Presentations, Student Events, Conferences The NASBA Center for the Public Trust (CPT) has cosponsored one excellent event after the other. Participants ranged from members of academia, students and award honorees to professionals representing all facets of the business community. – Being a difference Award PresentationsThe Oklahoma Business Ethics Consortium received a CPT…

Written on June 1, 2009 at 3:34 pm, by

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Categories: Ethics Matters
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SEC IFRS Roadmap Comment Letter Summary 5/15/09

May 15, 2009 This document contains a listing of comments from various organizations and individuals.  The comments vary, showing favor, opposition or primary concerns with the SEC IFRS Roadmap.  The comments are categorized in the areas listed below. Strategic Remarks Cost Considerations Governance, Enforcement, and Jurisdictional Issues High-Quality Standards Timing Case for Convergence Private Sector…

Written on May 15, 2009 at 8:25 pm, by

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