Tag Archives: PCAOB

SHARE: Emerging technologies present real risks through coding errors, unintended or algorithmic bias and unauthorized access to information systems and data, Public Company Accounting Oversight Board Member Kathleen M. Hamm told Baruch College’s Financial Reporting Conference in May. The PCAOB has prioritized on its research agenda “quality control” and “data and technology,” Ms. Hamm reported.…

SHARE: 2018 saw a drop in the Securities and Exchange Commission’s and the Public Company Accounting Oversight Board’s enforcement activities involving accountants, according to a report released by Cornerstone Research in April. The two bodies finalized 45 actions in 2018, while in 2017 they finalized 75 such actions. These efforts resulted in less than $3.3…

SHARE: The Public Company Accounting Oversight Board has made public portions of its inspection report of KPMG LLP based on its determination that the firm failed to address certain criticisms contained in the PCAOB’s October 15, 2015 and November 9, 2016 inspection reports on the firm. Those portions can now be viewed within the public…

SHARE: Despite the Public Company Accounting Oversight Board’s having arranged cooperative agreements with foreign regulators to share inspection results, it has not been able to inspect the audit work and practices of PCAOB-registered auditing firms in China with respect to their audit work of US-listed companies with operations in China. On December 7, SEC Chairman…

SHARE: Following rounds of public comments, on December 20, 2018, the Public Company Accounting Oversight Board adopted enhanced requirements for Auditing Accounting Estimates, Including Fair Value Measurements and amended standards to strengthen requirements for an Auditor’s Use of the Work of Specialists. During 1988-2003 the auditing profession adopted three different standards related to auditing accounting…

SHARE: Future auditors will not be able to enter the workforce without knowing basic technologies, but there will still be the need for different cybersecurity specialists to properly perform engagements, predicted panelists at the Baruch College/NASBA Center for the Public Trust 13th Annual Audit Conference on Ensuring Integrity, December 4 in New York City. While…

SHARE: NASBA Chair Janice L. Gray urged the Public Accounting Oversight Board members to make annual meetings with NASBA a recurring event, offering an opportunity to share ideas. The entire PCAOB Board, Chair William Duhnke III, Kathleen Hamm, J. Robert Brown, James Kaiser and Duane DesParte met with Ms. Gray, President & CEO Ken L.…

SHARE: The State Boards and the PCAOB both exist for the protection of the public interest, Public Company Accounting Oversight Board Member James G. Kaiser told the Annual Meeting. The PCAOB is an entirely new board, with members from across the spectrum of viewpoints and experience, and they anticipate completing their new staffing by the…

SHARE: The Public Company Accounting Oversight Board’s Strategic Plan 2018-22 maps out four goals for the PCAOB and the objectives to reach those goals. This is the first time the PCAOB has invited public comment on its areas of strategic focus. NASBA commended the PCAOB on the current board’s effort to refresh its strategy, but…

SHARE: Many key people announced they were leaving the Public Company Accounting Oversight Board in May. These included: Claudius Modesti – Director of Enforcement and Investigations Nirav Kapadia – Director of Information Technology and Chief Information Officer Martin F. Baumann- Chief Auditor and Director of Professional Standards Helen A. Munter – Director of the Division…