The last of the five new members of the Public Company Accounting Oversight Board was sworn in earlier this month. The reconstituted Board’s first major public initiative is to seek input into its strategic planning process...more
Always a fertile source of guidance, this year’s American Institute of Certified Public Accountants Conference on Current SEC and PCAOB Developments, held on December 4-6, was no exception. Discussions during this year’s...more
The Securities and Exchange Commission on December 12 announced the appointment of five new members of the Public Company Accounting Oversight Board. The new chairman of the Board will be William D. Duhnke III, currently the...more
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
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
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
SEC Chief Accountant Wesley Bricker recently delivered another speech in which he discussed current issues in financial reporting and highlighted the critical roles that auditors, audit committees and audit regulation play in...more
Lewis Ferguson, a member of the Public Company Accounting Oversight Board, recently provided guidance to audit committees on how committees might use new, publicly available information regarding other accounting firm(s) that...more
In December 2015, the Public Company Accounting Oversight Board (PCAOB) adopted a rule requiring audit firms to file information on Form AP for each public company audit report. The disclosures include the name of the...more
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
Senators Charles Grassley (R-Iowa) and Jack Reed (D-Rhode Island) have re-introduced their proposal to open to the public disciplinary proceedings by the Public Company Accounting Oversight Board against accountants. Under...more
This year’s American Institute of Certified Public Accountants Conference on SEC and PCAOB Developments, held on December 5-7, echoed several themes from prior AICPA conferences regarding regulatory priorities of interest to...more
Recently, a group of prominent corporate executives, including Warren Buffett and Jamie Dimon, as well as investment managers and institutional investors, issued a set of “Commonsense Principles of Corporate Governance.”...more
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
On May 9, the Securities and Exchange Commission, as expected, issued an order approving the Public Company Accounting Oversight Board’s rules requiring that accounting firms disclose in a new PCAOB form the names of audit...more
Consistent with its current focus on internal control over financial reporting (ICFR), the Securities and Exchange Commission recently sanctioned a company and individuals for failing to adequately evaluate and audit the...more
3/26/2016
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Securities and Exchange Commission (SEC)
As part of its annual budget process for 2016, the Public Company Accounting Oversight Board reviewed the priorities set forth in its 2015-2019 Strategic Plan.
Commenting on the adoption of its $257.7 million budget for...more
Culminating a process begun in 2009, and that encompassed a concept release and three separate rule proposals, the Public Company Accounting Oversight Board has adopted new auditor transparency rules. The rules will require...more
At an open meeting on June 30, 2015, the Public Company Accounting Oversight Board unanimously voted to publish a supplemental request for comment on potential rules to require the disclosure of certain audit participants on...more
As part of its audit committee outreach efforts, the Public Company Accounting Oversight Board has established a webpage called "Audit Committee Dialogue" focusing on recurrent areas of concern identified by the PCAOB over...more
The Public Company Accounting Oversight Board issued its quarterly standard-setting agenda on March 31. The current agenda items, some of which have been pending for some time....more
The Securities and Exchange Commission plans to issue a concept release in early 2015 addressing possible changes in the audit committee disclosures in proxy statements. SEC Chair Mary Jo White disclosed this plan at the...more