News & Analysis as of

Audits PCAOB

Cornerstone Research

PCAOB Enforcement Activity in 2024 Reached Highest Level Since 2017 as Monetary Penalties Hit New Record for the Third Consecutive...

Cornerstone Research on

The Public Company Accounting Oversight Board (PCAOB) continued to expand its enforcement in the final year of the Biden administration, reaching the highest level of enforcement actions since 2017, according to a new report...more

Bass, Berry & Sims PLC

PCAOB Delays NOCLAR Rulemaking to 2025 Amid Controversy and Election-Year Dynamics

Bass, Berry & Sims PLC on

The Public Company Accounting Oversight Board (PCAOB) delayed the adoption of a final rule with respect to its June 2023 proposal (Proposal) to increase auditors’ responsibility to evaluate and disclose a public company’s...more

Troutman Pepper Locke

PCAOB Delays NOCLAR Proposal - Proposal Would Require Auditors to Assess Corporate Compliance With Laws and Regulations

Troutman Pepper Locke on

The Public Company Accounting Oversight Board (PCAOB) has delayed final action on its controversial June 2023 Noncompliance with Laws and Regulations (NOCLAR) standards proposal. The PCAOB website now indicates that the next...more

Thomas Fox - Compliance Evangelist

Auditors and Compliance: Part 2-Ten Key Takeaways for Compliance Professionals

The PCAOB’s recent information release, SPOTLIGHT Auditor Responsibilities for Detecting, Evaluating, and Making Communications About Illegal Acts, is a critical guide for compliance professionals. The SPOTLIGHT sets out the...more

Thomas Fox - Compliance Evangelist

Auditors and Compliance: Part 1-Auditors and Illegal Acts

Regarding compliance, one area that requires heightened attention is the role of auditors in detecting, evaluating, and communicating illegal acts. Recently, the PCAOB issued a document entitled SPOTLIGHT Auditor...more

Cooley LLP

PCAOB Puts NOCLAR Proposal on Hold

Cooley LLP on

Of course, it’s not just the SEC that will feel the impact of a new administration. Even quasi-regulators like the PCAOB are impacted. Hence, the PCAOB’s recent decision to put its pending rulemaking that would broaden the...more

Cooley LLP

PLI panel offers hot tips on accounting and auditing issues

Cooley LLP on

At the PLI Securities Regulation Institute last week, the accounting and auditing update panel provided some useful insights—especially for non-accountants. The panel covered the new requirements for segment reporting, the...more

WilmerHale

PCAOB Inspection Findings Offer Valuable Reminders About Auditor Independence

WilmerHale on

Auditor independence has long been a foundational element of audit quality, and recent findings from the Public Company Accounting Oversight Board (PCAOB) underscore the importance of auditor independence and the need to be...more

Cooley LLP

PCAOB spotlight on auditor independence outlines considerations for audit committees

Cooley LLP on

The PCAOB has released a new Spotlight on auditor independence, which provides observations from PCAOB inspections regarding independence issues and identifies considerations for both auditors and audit committees. Auditor...more

Cooley LLP

SEC Approves PCAOB’s ‘Quality Control Standard’ for Audit Firms

Cooley LLP on

Last week, the SEC approved the PCAOB’s new quality control standard – QC 1000 – that establishes a risk-based quality control framework for independent auditors to follow....more

Baker Botts L.L.P.

In Split Decision, SEC Approves New Audit Quality Control Standard QC 1000

Baker Botts L.L.P. on

On September 9, 2024, three of the SEC’s five Commissioners voted to approve the new PCAOB Quality Control Standard QC 1000 A Firm’s System of Quality Control. The new standard will substantially revise and refine public...more

BakerHostetler

SEC Approves PCAOB’s Rule Expanding Contributory Liability

BakerHostetler on

For nearly two decades since its enactment in 2005, PCAOB Rule 3502 prohibited any “person associated with a registered public accounting” firm from taking or omitting to take an action knowingly or recklessly in a way that...more

Cooley LLP

At open meeting, SEC approves new PCAOB quality control standard

Cooley LLP on

Yesterday, the SEC approved, by a vote of three to two, a new PCAOB quality control standard, QC 1000, A Firm’s System of Quality Control, and related amendments to its standards, rules and forms. According to the press...more

DLA Piper

SEC Approves PCAOB Rule Amendment That Expands Individual Auditor Enforcement Liability

DLA Piper on

The Securities and Exchange Commission (SEC) approved a proposed amendment to Public Company Accounting Oversight Board (PCAOB) Rule 3502. The amended rule expands enforcement liability for associated persons who...more

Perkins Coie

SEC’s August 20 Open Meeting: Commissioners Approve Updated Audit Rules

Perkins Coie on

Yesterday, the SEC held its third open meeting of the 2024 calendar year, at which the commissioners considered several proposals regarding auditors and the audits of public companies. Two of the proposals may be of...more

Cooley LLP

SEC approves new PCAOB proposals

Cooley LLP on

Yesterday, the SEC held an open meeting to consider a number of PCAOB proposals addressing the “general responsibilities of an auditor conducting an audit as well as technology-assisted analysis and contributory liability...more

Vedder Price

Highlights from 2024 ALI-CLE Accountants’ Liability Conference

Vedder Price on

The annual ALI-CLE Accountants’ Liability Conference occurred in Washington, D.C. on May 16 and 17, 2024 and was co-hosted by Junaid A. Zubairi, Chair of Vedder Price’s Government Investigations and White Collar Defense...more

WilmerHale

PCAOB Releases Summary of 2023 Conversations with Audit Committee Chairs

WilmerHale on

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

Cooley LLP

Auditor problems are not just auditor problems

Cooley LLP on

On Friday, SEC Enforcement charged audit firm BF Borgers CPA PC and its owner, Benjamin F. Borgers, with “massive fraud” involving “deliberate and systemic failures” to comply with PCAOB standards in auditing and reviewing...more

Cornerstone Research

PCAOB Enforcement Activity in 2023 Reached its Highest Level Since 2017 as Monetary Penalties Nearly Doubled Previous Record

Cornerstone Research on

The Public Company Accounting Oversight Board (PCAOB) expanded its enforcement activity to the highest level since 2017, according to a new report released today by Cornerstone Research. Monetary penalties imposed by the...more

King & Spalding

PCAOB Division of Enforcement’s First Quarter Continues Record-Setting Pace

King & Spalding on

The PCAOB’s Division of Enforcement and Investigations’ 2024 first quarter activity continued the blistering pace of enforcement since Erica Williams became the Board’s Chair. While the Board’s first quarter enforcement...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: March 1, 2024

The Nutter Securities Enforcement Update is a periodic update of noteworthy recent securities enforcement activity, settlements, decisions, and charges. We provide brief summaries that highlight recent enforcement action...more

Troutman Pepper Locke

PCAOB's NOCLAR Proposal in the Hot Seat

Troutman Pepper Locke on

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

Holland & Knight LLP

Watts What You Say? SEC Brings a Battery of Charges Against EV Startup Company

Holland & Knight LLP on

The SEC on Feb. 29, 2024, announced settled charges against Lordstown Motors Corp. (Lordstown) for allegedly misleading investors about sales prospects for the Endurance, Lordstown's flagship pickup truck for the electric...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

289 Results
 / 
View per page
Page: of 12

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide