- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2022-03-28T15:19:00
The Public Company Accounting Oversight Board published its annual report highlighting feedback received from its discussions with audit committee chairs at U.S. public companies during the previous year.
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A new report from the Center for Audit Quality and Deloitte found corporate boards are taking a fresh look at their audit committee structures and practices to respond to emerging corporate reporting areas and increased risks.
Public companies continue to increase the overall level of audit committee disclosures in proxy statements, though there is room to improve quality by providing more tailored disclosures and transparency, according to the latest annual report.
The Public Company Accounting Oversight Board announced its approval of a rule creating a new audit standard and amending a handful of others regarding audits involving multiple audit firms, the culmination of a project first launched in 2016.
Chinese authorities banned PwC’s Chinese unit from performing audits in the country for six months, labeling the subsidiary’s flawed audit work as complicit in the failure of giant property developer Evergrande.
Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
Software company Autodesk said it won’t restate several years of financial statements following an audit committee investigation into potential accounting misconduct.
