SEC Adopts Sweeping Rules for Private Fund Advisers
The Securities and Exchange Commission on Aug. 23, 2023, adopted new rules that increase the regulation of private funds. Under …
Advisory Panel Discusses Ideas to Increase Transparency of Audit and PCAOB Inspection
During a meeting of the PCAOB’s Investor Advisory Group (IAG), a subcommittee of the panel discussed a set of 11 …
PCAOB Moves Project on Audit Quality Indicators to Standard-Setting Agenda
The Public Company Accounting Oversight Board (PCAOB) will consider issuing a proposal on key audit quality indicators (AQIs) in the …
U.S. Inspections Show ‘Unacceptable Rates’ of Problems in Chinese and Hong Kong Audit Firms
The U.S. Public Company Accounting Oversight Board on May 10, 2023, issued long awaited audit inspection reports on two affiliates …
Study Finds Negative Impact on Audit Partners who Give Adverse Internal Control Opinions
As regulators review audit independence requirements to figure out whether the rules should be changed in order to promote auditor …
PCAOB Clears Backlog of Inspection Reports
After a leadership change in early 2022, the Public Company Accounting Oversight Board (PCAOB) has been much more active in …
PCAOB Advisers Say Auditors May not be Fully Complying with Expanded Reporting Rule
During a public meeting last week, some Public Company Accounting Oversight Board (PCAOB) advisers said they are concerned that auditors …
COSO Publishes Guidance for Internal Control Over Sustainability Reporting
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) on March 30, 2023, published a study along with supplemental …
PCAOB Rulemaking Could Lead to More Timely Issuance of Audit Inspection Reports
The Public Company Accounting Oversight Board on March 28, 2023, voted unanimously to issue a proposal that could in part …
Enron Former CFO: ‘I am one of the Poster Boys’ for Fraud
Convicted felon Andy Fastow, the infamous chief financial officer of Enron Corp., ironically said accounting and auditing rules need to …