Proposal Would Prohibit Misleading Statements by Auditors About PCAOB Registration, Oversight
The Public Company Accounting Oversight Board (PCAOB) on February 27, 2024, voted unanimously to propose a new rule that would …
As Promised to Congress, PCAOB Schedules Roundtable on Proposal on Noncompliance With Laws and Regulations
Following a strong opposition by the auditing profession, public company management, lawyers, and Republican lawmakers on the Public Company Accounting …
PCAOB Fines WithumSmith+Brown $2M for Widespread Quality Control Failures in SPAC Audits
The PCAOB on February 21, 2024, said WithumSmith+Brown, PC was fined $2 million for widespread failures to comply with board …
Grim Outlook Predicted for Accounting Firms for Next Four Years—With Hope
The next four years will be much harder for accounting firms than the past four, and many are going to …
What Are the Consequences of Auditors Subject to Regulatory Enforcement Actions? Apparently Not Much
Many public company external auditors who were subject of SEC or PCAOB enforcement actions between 2003 and 2019 did not …
PCAOB to Expand Inspection Procedures in 2024
As part of the Public Company Accounting Oversight Board’s (PCAOB) efforts to enhance its audit inspections program under the leadership …
Divided SEC Approves Significant 2024 Budget Increase for PCAOB
The Securities and Exchange Commission (SEC) by a vote of 3 to 2 on December 13, 2023, decided to approve …
SEC to Consider PCAOB’s 2024 Budget
The SEC has scheduled a meeting for December 13, 2023, to consider approving the PCAOB’s 2024 budget of $384.7 million, …
SEC Approves PCAOB’s New Audit Confirmation Standard
The SEC has approved the PCAOB’s new standard that modernizes the auditor’s confirmation process, stating that it is “necessary or …
US Regulator Fines Chinese Auditors $7.9M
A year after the US Public Company Accounting Oversight Board (PCAOB) was able to inspect Chinese and Hong Kong audit …