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PCAOB Releases Summary of 2023 Conversations with Audit Committee Chairs

One of the stated goals of the Public Company Accounting Oversight Board (PCAOB) is to preserve external audit quality. To further this priority, the PCAOB regularly invites public company audit committee chairs to have...more

SEC Acting Chief Accountant Comments on “The Auditor’s Responsibility for Fraud Detection”

Continuing his recent efforts at clarifying the views of the Office of the Chief Accountant (“OCA”) on various topics, in an October 11, 2022 statement Acting Chief Accountant Paul Munter emphasized the SEC’s focus on auditor...more

SEC Brings Charges Against Director and Former Executive Officers for Allegedly Lying to Auditors About Loss Contingencies...

Last week, the Securities and Exchange Commission (SEC) filed a complaint in U.S. District Court against a company’s director, former CEO and former CFO for allegedly making false and misleading statements to the company’s...more

PCAOB Requests Comment on Draft Strategic Plan

The Public Company Accounting Oversight Board (PCAOB) recently released for public comment a draft five-year strategic plan for 2022-2026, setting forth targeted objectives that are oriented around four primary goals: (1)...more

SEC Acting Chief Accountant Cautions Against “Checklist Compliance” Approach to Auditor Independence

SEC Acting Chief Accountant Paul Munter re-emphasized the SEC’s focus on auditor independence in his June 8 statement on “The Critical Importance of the General Standard of Auditor Independence and an Ethical Culture for the...more

PCAOB Modernizes and Updates Research and Standard-Setting Agendas

Earlier this week, the Public Company Accounting Oversight Board announced updates to its research and standard-setting agendas. Similar to the SEC’s approach with its short-term rulemaking agenda, going forward, the PCAOB...more

PCAOB Shares Insights on Its Conversations With Audit Committee Chairs

Last week, the Public Company Accounting Oversight Board shared additional insights regarding its latest conversations with audit committee chairs – Conversations with Audit Committee Chairs: COVID-19 and the Audit (the...more

PCAOB Offers Insights from Conversations with Audit Committee Chairs

In support of its commitment to increased transparency, the Public Company Accounting Oversight Board recently released Conversations with Audit Committee Chairs: What We Heard & FAQs (the “Summary”), a summary of...more

PCAOB Chair Sheds Light on Recent PCAOB Initiatives

PCAOB Chair William Duhnke provided an update on a number of Public Company Accounting Oversight Board initiatives in his keynote speech at Baruch College’s 14th Annual Audit Conference on December 3.  Opening his remarks,...more

Sixth-Annual CAQ Audit Committee Transparency Barometer Shows Mixed Trends in Voluntary, Enhanced Audit Committee Disclosures

Earlier this month, the Center for Audit Quality (CAQ) and Audit Analytics released their sixth-annual Audit Committee Transparency Barometer report.  Similar to prior years, the groups acknowledge “progress on the...more

Early Look at First Batch of CAMs Disclosures

More than two years since the PCAOB adopted the new critical audit matters (CAMs) disclosure requirement, the first batch of CAMs disclosures is finally rolling out with respect to audits of large accelerated filers with...more

PCAOB Offers Guidance on Communications to Audit Committees Related to Independence

In response to audit firm requests for guidance and a number of deficiencies identified during the Public Company Accounting Oversight Board’s audit firm inspections process, the PCAOB has recently released new Staff Guidance...more

PCAOB Takes a "Deeper Dive on the Communications of CAMs"

Last week, the Public Company Accounting Oversight Board issued additional staff guidance on implementation of the upcoming Critical Audit Matters (CAMs) disclosure requirement, offering a “Deeper Dive on the Communication of...more

CAQ Expands Library of Resources for Audit Committees

Earlier this month, the Center for Audit Quality (CAQ) further expanded its resource library for audit committees by refreshing its External Auditor Assessment Tool. Consistent with the prior version, which was updated in...more

PCAOB Continues Outreach Efforts With CAMs Webinar

Yesterday, the Public Company Accounting Oversight Board hosted the first of three opportunities for auditors to attend a webinar on the implementation of the upcoming critical audit matters (CAMs) disclosure requirement. The...more

PCAOB Issues 2019 Staff Inspections Outlook for Audit Committees

On March 14, 2019, the Public Company Accounting Oversight Board issued its 2019 Staff Inspections Outlook for Audit Committees (the “Committee Outlook”), which offers a concise outline of what audit committees should expect...more

PCAOB Chair Highlights Plans for Enhanced Audit Committee Engagement

Last week, PCAOB Chairman William Duhnke delivered a keynote speech at the American Law Institute’s Accountants’ Liability 2018 Conference in Washington DC, in which he described recent efforts and future plans for the PCAOB...more

ISS Annual Policy Survey Seeks Input Regarding Auditors and Audit Committees

Earlier this week, proxy advisory firm Institutional Shareholder Services Inc. (ISS) launched its Annual Policy Survey, which solicits responses from institutional investors, companies, corporate directors and other market...more

SEC Chief Accountant Offers Guidance to Audit Committees During Period of Change

In a November 14 speech at the Financial Executives International 36th Annual Current Financial Reporting Issues Conference, SEC Chief Accountant Wesley Bricker commented on a range of topics, including effective financial...more

SEC Approves Enhanced Auditor Reporting Model

On October 23, 2017, the Securities and Exchange Commission approved the Public Company Accounting Oversight Board’s revised auditing standard, AS 3101, governing the contents and form of the audit report. As noted by SEC...more

PCAOB Staff Inspection Brief Highlights Areas of Focus During 2017 Inspections

The staff of the Public Company Accounting Oversight Board recently published a Staff Inspection Brief regarding its 2017 inspections of registered audit firms. As described in the corresponding news release, the goal of the...more

PCAOB Adopts Enhanced Auditor Reporting Standard

On June 1, the Public Company Accounting Oversight Board unanimously adopted a revised auditing standard governing the contents and form of the audit report delivered by registered public accounting firms as part of their...more

PCAOB Expands Outreach Efforts with Form AP Resources

In a further expansion of its outreach efforts, the Public Company Accounting Oversight Board has established a Form AP webpage with resources for investors, auditors, and others interested in the information to be collected...more

PCAOB Reproposes Enhanced Auditor Reporting Standard

On May 11, the Public Company Accounting Oversight Board unanimously agreed to repropose a revised auditing standard governing the contents and form of the audit report delivered by registered public accounting firms in their...more

PCAOB Evaluates Audit Firm Communications with Audit Committees

On April 5, the PCAOB issued a report regarding compliance with Auditing Standard No. 16, Communications with Audit Committees (AS No. 16), based on its inspections of issuer audits during its 2014 inspection cycle. AS No. 16...more

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