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Auditors Audits PCAOB

Troutman Pepper

PCAOB's NOCLAR Proposal in the Hot Seat

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On March 6, the Public Company Accounting Oversight Board (PCAOB) held a virtual roundtable to discuss its June 6, 2023 proposed rule: Amendments to PCAOB Auditing Standards Related to a Company’s Non-Compliance with Laws and...more

Cooley LLP

SEC Chief Accountant urges focus on professional skepticism and audit quality

Cooley LLP on

SEC Chief Accountant Paul Munter has posted a new Statement. What’s on his mind? Apparently, he is disturbed that, in recent inspections of audits, the PCAOB has reported a “troubling” increase in deficiency rates—meaning...more

Cooley LLP

The PCAOB suggest some questions for audit committee members

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The PCAOB has posted a 2023 audit committee resource that identifies a number of questions that audit committees may want “to consider amongst themselves or in discussions with their independent auditors, particularly given...more

Bass, Berry & Sims PLC

The PCAOB Closes Comment Period on Controversial Proposal to Expand Auditor Responsibility for Legal Compliance

Bass, Berry & Sims PLC on

The Public Company Accounting Oversight Board (PCAOB) recently closed the comment period for its proposal (the Proposal) to significantly increase the responsibility of audit firms to evaluate and disclose a subject public...more

Skadden, Arps, Slate, Meagher & Flom LLP

Comments Raise Concerns About PCAOB’s Proposal To Expand the Scope of Audits and the Role of Auditors

In June 2023, the Public Company Accounting Oversight Board (PCAOB) proposed sweeping amendments to its auditing standards. Comment letters raise serious questions about the consequences of the proposed changes....more

Troutman Pepper

PCAOB Proposes Massive Expansion of the Auditor's Role

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On June 3, the Public Company Accounting Oversight Board (PCAOB) proposed sweeping new auditing standards (PCAOB Release No. 2023-003) that would require auditors to consider a company’s noncompliance with laws and...more

Akin Gump Strauss Hauer & Feld LLP

“When you are a hammer, the world is a nail” – SEC and PCAOB Senior Staff Signal Increased SEC and PCAOB Gatekeeper Enforcement

Key Points - SEC Enforcement and PCAOB Enforcement both are pursuing more significant sanctions against auditors, particularly with respect to civil money penalties. Expect 2023 enforcement against auditors to focus...more

Cooley LLP

SEC Chief Accountant has advice for audit committees on lead auditors’ use of other auditors

Cooley LLP on

In this new statement, SEC Chief Accountant Paul Munter—no longer “acting” Chief, he got the job—discusses some of the issues arising out of the increased use by lead auditors of other accounting firms and individual...more

Troutman Pepper

SEC Reiterates Auditor Responsibilities in Risk Assessment

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Independent auditors have been placed on notice to tighten internal fraud investigations following an October 11 statement by the U.S. Securities and Exchange Commission’s (SEC) chief accountant, which can be found here. This...more

Cooley LLP

Public Companies Update – October One-Minute Reads

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SEC adopts final pay-versus-performance rules In August 2022, the US Securities and Exchange Commission announced its adoption of final rules requiring public companies to disclose information regarding the relationship...more

Nelson Mullins Riley & Scarborough LLP

U.S. and China Announce Agreement to Inspect Chinese and Hong Kong Audit Firms

The Public Company Accounting Oversight Board (“PCAOB”) recently announced that it has reached an agreement with Chinese authorities that would allow American regulators to inspect audit firms located in mainland China and...more

Cooley LLP

Is the stand-off with Chinese regulators regarding inspection of auditors over?

Cooley LLP on

For well over a decade, the PCAOB has been unable to fulfill its SOX mandate to inspect audit firms in “Non-Cooperating Jurisdictions,” or “NCJs,” including China. To address this issue, in December 2020, the Holding Foreign...more

WilmerHale

PCAOB Requests Comment on Draft Strategic Plan

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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

Cooley LLP

SEC approves new PCAOB requirements for lead auditor’s use of other auditors

Cooley LLP on

At the end of last week, the SEC approved the PCAOB’s updated standards for audits that involve multiple auditing firms. SEC Chair Gary Gensler said that the amended standards “will strengthen the requirements for lead...more

Miller Canfield

SEC Approves PCAOB Rule Governing Determinations Under the Holding Foreign Companies Accountable Act

Miller Canfield on

On November 4, 2021, the U.S. Securities and Exchange Commission (SEC) approved the Public Company Accounting Oversight Board's (PCAOB) Rule 6100, Board Determinations Under the Holding Foreign Companies Accountable Act (Rule...more

Cooley LLP

Blog: SEC removes Duhnke as PCAOB Chair

Cooley LLP on

On Friday, the SEC announced that it had “removed” William D. Duhnke III from the PCAOB and designated Duane M. DesParte to serve as Acting Chair, effective Friday. Duhnke has been serving as Chair since January 2018. The SEC...more

Stinson - Corporate & Securities Law Blog

PCAOB Releases 2021 Audit Committee Resource

The PCAOB has released a publication captioned “Audit Committee Resource: 2021 Inspections Outlook.”  The purpose of the three-page publication is to assist audit committees in engaging in informed dialogue with their...more

Cooley LLP

Blog: PCAOB reports on its engagement with audit chairs in 2020

Cooley LLP on

In December 2019, as part of its strategy of enhancing transparency and accessibility through proactive stakeholder engagement, the PCAOB launched an effort to engage with audit committees, conducting conversations with...more

McGuireWoods LLP

SEC Modifies Auditor Independence Standards

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On Oct. 16, 2020, the U.S. Securities and Exchange Commission (SEC) adopted final rules amending the auditor independence requirements of Rule 2-01 of Regulation S-X. The SEC noted that amendments to the auditor...more

Cooley LLP

Blog: Big impact of CAMs? Not so much

Cooley LLP on

In October 2017, the SEC approved the PCAOB’s proposed new auditing standard for the auditor’s report, which requires auditors to include a discussion of “critical audit matters,” know colloquially as “CAMs.” CAMs are...more

WilmerHale

PCAOB Modernizes and Updates Research and Standard-Setting Agendas

WilmerHale on

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

Cooley LLP

Blog: SEC preparing proposals to implement recommendations regarding emerging market listings

Cooley LLP on

For over a decade, the PCAOB has been unable to fulfill its SOX mandate to inspect audit firms in “Non-Cooperating Jurisdictions,” or “NCJs,” including China. To address this issue, in May, the Senate passed the Holding...more

WilmerHale

PCAOB Shares Insights on Its Conversations With Audit Committee Chairs

WilmerHale on

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

Hogan Lovells

Global Accountants’ Liability Update – May 2020

Hogan Lovells on

Recent court decisions - Germany - Cum/Ex-trades spark litigation - So called Cum/Ex-trades have become one of the hottest legal topics in Germany. A flood of claims dealing with those trades has reached German...more

Kilpatrick

SEC Leadership Statement on Audit Committee Responsibilities

Kilpatrick on

Just before the new year, top leadership of the Securities and Exchange Commission (SEC) provided guidance to public company audit committees as to those areas that they believe need special focus during the upcoming...more

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