- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-05-14T15:30:00
The Public Company Accounting Oversight Board (PCAOB) adopted two new standards that address key audit areas upon which it was relying on benchmarks established more than 20 years ago.
The regulator announced its new general responsibilities for auditors and quality control (QC) standard in separate press releases Monday. The significant changes represent the PCAOB’s view on fundamental areas of audit responsibility and replace standards it either did not establish or had been relying on on an interim basis.
Regarding general responsibilities of the auditor (AS 1000), PCAOB Chair Erica Williams said in a statement the release “solidifies the foundation of every audit, leading to investor protection and informative, accurate, and independent audit reports.”
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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after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.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.
Audit firm MaloneBailey agreed to pay a $400,000 fine to settle allegations levied by the Public Company Accounting Oversight Board over “pervasive” quality control violations.
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.
Los Angeles-based bank holding company Broadway Financial Corp. disclosed in a public filing weaknesses discovered in its internal control over financial reporting because of training shortfalls.
Staff at the Securities and Exchange Commission have observed instances of audit firms setting poor examples for junior-level employees by failing to properly discipline senior leaders found to have breached ethical standards, according to Chief Accountant Paul Munter.
