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Audits PCAOB Corporate Governance

Cornerstone Research

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

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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

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

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

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

WilmerHale

Recent PCAOB Developments for Audit Committee and Companies

WilmerHale on

The Public Company Accounting Oversight Board (PCAOB) has had one of its busiest years in recent memory, including with respect to standard setting, inspections and enforcement. Below is a summary of notable developments that...more

Latham & Watkins LLP

The Proposed ESG Auditing Rule You Know Nothing About

Latham & Watkins LLP on

The Public Company Accounting Oversight Board’s proposed auditing standards feature major implications for ESG that could upend corporate audits. On June 6, 2023, the Public Company Accounting Oversight Board (PCAOB), the...more

Foley Hoag LLP - White Collar Law &...

Sweeping PCAOB Proposal Seeking to Alter Auditors’ Role in Detecting Noncompliance Is Likely to Entangle Auditors in Complicated...

On June 6, 2023, the Public Company Accounting Oversight Board (“PCAOB”) proposed new auditing standards that would substantially broaden auditors’ responsibilities for considering an audit client’s noncompliance with laws...more

WilmerHale

PCAOB Releases New Audit Committee Resource for 2023

WilmerHale on

The PCAOB recently released a new Audit Committee Resource, which sets forth an updated set of questions that audit committee members may want to consider incorporating into their ongoing engagement with auditors....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

Orrick, Herrington & Sutcliffe LLP

PCAOB Secures Complete Inspection Access to Audits of Chinese Companies, Removing Delisting Risks

The Public Company Accounting Oversight Board (“PCAOB”) announced on December 15, 2022 that it has secured complete access to inspect and investigate audit firms in mainland China and Hong Kong for the first time in history....more

Robinson & Cole LLP

PCAOB Confirms Complete Access to Inspect and Investigate Chinese Auditing Firms

Robinson & Cole LLP on

On December 15, 2022, the Public Company Accounting Oversight Board (PCAOB), the U.S. independent regulator of public company auditing work, announced that it has completed a test inspection of two selected auditing firms in...more

Mayer Brown Free Writings + Perspectives

PCAOB Secures Complete Access to Inspect and Investigate Chinese Audit Firms, but SEC Signals Must Remain Vigilant

Last week, the U.S. Public Company Accounting Oversight Board (“PCAOB”) announced it had secured complete access to inspect and investigate issuer engagements of audit firms headquartered in China and Hong Kong, marking the...more

Orrick, Herrington & Sutcliffe LLP

The U.S. and China Reach Agreement on Audit Cooperation

On August 26, 2022, the U.S. and Chinese governments reached a Statement of Protocol (“SOP”) Agreement regarding cooperation on inspecting the audit work papers of U.S.-listed Chinese companies. The SOP is the culmination of...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

Mayer Brown Free Writings + Perspectives

20 Years of Sarbanes-Oxley

On July 27, 2022, SEC Chair Gary Gensler gave remarks at the Center for Audit Quality entitled “Sarbanes-Oxley at 20: The Work Ahead.” Chair Gensler highlighted, among other things, impacts on auditing standards,...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

Cooley LLP

SOX at 20! Happy birthday SOX!

Cooley LLP on

SEC Chair Gary Gensler may just have some paternal affection for SOX, especially on the week of its 20th birthday. In these remarks to the Center for Audit Quality, he recalls having “a front-row seat” for the negotiations...more

Akin Gump Strauss Hauer & Feld LLP

Navigating the Holding Foreign Companies Accountable Act – The Road to Delisting or Redemption for China-based Companies

Since March, pursuant to the new Holding Foreign Companies Accountable Act (HFCAA), the U.S. Securities and Exchange Commission (SEC) has “identified” more than 135 companies that relied on auditors headquartered in mainland...more

Cooley LLP

PCAOB talks to audit committee chairs about auditor oversight in 2021

Cooley LLP on

Since 2019, as part of its strategy of enhancing transparency and accessibility through proactive stakeholder engagement, the PCAOB has been engaging with audit committee chairs at U.S. public companies that have had audits...more

Nelson Mullins Riley & Scarborough LLP

PCAOB Releases Its Annual Publication Summarizing Conversations with Audit Committee Chairs

The PCAOB recently published its “Spotlight: 2021 Conversations with Audit Committee Chairs” which presents high-level observations and key takeaways from conversations between the PCAOB and 240 audit committee chairs at U.S....more

WilmerHale

Update on Recent Developments Ahead of FY21 Reporting Season

WilmerHale on

As year-end fast approaches, there has been no shortage of regulatory developments relevant to the upcoming financial reporting season. Several of these developments are summarized below....more

Dorsey & Whitney LLP

Is a Proper Audit Possible of China Operations?

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The Public Company Accounting Oversight Board published a proposed rule designed to create a framework for determinations to be made under the Holding Foreign Companies Accountable Act passed last year (HFCAA). That Act...more

The Volkov Law Group

Auditors, Lawyers and the Lack of “Independence” — Bias and Financial Incentives

The Volkov Law Group on

We are surrounded by bias in a variety of contexts –  news, politics, books and Internet information.  Given the overwhelming amount of information, some find comfort in information supplied by sources with a bias.  We have...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

Mayer Brown Free Writings + Perspectives

SEC Adopts Interim Final Rules to Implement the Holding Foreign Companies Accountable Act

On March 24, 2021, the US Securities and Exchange Commission (SEC) adopted interim final rules to implement portions of the Holding Foreign Companies Accountable Act (the HFCA Act), which was signed into law by President...more

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