All PCAOB articles – Page 18
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Blog
PCAOB issues 2014 report on Grant Thornton, showing gains
The PCAOB has published its last 2014 inspection report on the eight largest firms, showing gains at Grant Thornton from a year prior and slight improvement across major firms. Tammy Whitehouse reports.
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Blog
Audit inspections show some gains in internal control
The PCAOB is encouraged by improvements it sees in audit inspections in internal control, but the agency is still troubled by the nature of the problems it identifies. Tammy Whitehouse reports.
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Article
Rising cost of SOX compliance is pushing companies to rethink compliance strategies
A recent Protiviti survey notes that the bigger the company, the bigger the SOX compliance costs. Smaller companies audited by regional firms have lighter requirements, writes Tammy Whitehouse, but at the end of the day, SOX compliance is expensive for everybody.
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BlogLatest survey suggests uneven costs for Sarbanes-Oxley
A recent survey from Protiviti finds that half of those accelerated and large accelerated filers participating in the survey claim their external audit fees related to Sarbanes-Oxley compliance increased in fiscal 2015, while 52 percent of non-accelerated filers said their fees decreased. Tammy Whitehouse has more.
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Article
Inside the quest for better corporate reporting
Laura Phillips is in the trenches trying to help key capital market players understand why so many public companies sense a misalignment between how audits and managers deal with internal controls. Tammy Whitehouse gets the inside track.
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PCAOB targets controls, related parties in 2016 inspections
As inspectors are fanning out this year to scrutinize 2015 financial statement audits, they are looking for all the usual problem areas that have plagued audit firms the past few years, but they’re also looking at economic risks and how well auditors have observed a new standard on related-party transactions. ...
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Audit regulators globally pen agreement to share information
The International Forum of Independent Audit Regulators has adopted a memorandum of understanding around how audit regulators will cooperate in exchanging information for audit oversight purposes. Tammy Whitehouse has more.
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PCAOB opens portal on identifying key audit participants
There’s not much to see just yet, but audit regulators have launched a web page that will be the new means for anyone in the capital markets to throw open the curtain and see who’s pulling the levers on individual audit engagements. Tammy Whitehouse reports.
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Valuation framework seeks to define ‘how much’ is enough
The valuation profession is looking for more feedback on an idea to develop some new performance criteria, a proposal that should make those in the financial reporting supply chain sit up and take notice. Tammy Whitehouse has more.
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Blog
Use of non-GAAP grows in proxy statements
According to new information from Audit Analytics, recent statements and papers from regulators and advisory firms suggest a lack of compliance with non-GAAP accounting rules could be perceived as a key regulatory risk.
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Article
Heightened scrutiny, increased documentation & a harsh new normal for internal controls
As auditors require more information from companies, and companies push back against what they feel are excessive demands for details, a consensus that works for everybody remains elusive. Tammy Whitehouse has more.
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Blog
More time, cost required in 2015 to comply with SOX, survey says
A majority of the 1,500 companies polled by Protiviti said the number of hours they devoted internally to Sarbanes-Oxley compliance in 2015 increased by more than 10 percent. Tammy Whitehouse has more study results inside.
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ArticleSpotting the difference between ‘significant deficiency’ and ‘material weakness’
Material misstatements involve mistakes large enough, surely, to involve some kind of internal control shortcoming that allowed the misstatement to occur in the first place. So why aren’t more internal control reporting and auditing processes helping to identify control lapses in advance of material misstatements? Tammy Whitehouse explores.
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Blog
Expanded auditor report: take two
The PCAOB has issued a reproposal to amend and expand the auditor’s report, keeping in mind a similar proposal from the United Kingdom’s Financial Reporting Council. Columnist Robert Herz says the U.K. proposal has been well received and signals a fundamental change in auditor reporting across the world.
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Blog
Restatements take another turn for the better, Audit Analytics says
The total number of restatements that were serious enough to undermine reliance on prior financials fell to 161, the lowest level since 2006, according to the latest data from Audit Analytics. And the overall number of restatements dropped 12.7 percent in 2015 from the year before. Tammy Whitehouse has more ...
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Blog
PCAOB sanctions Hong Kong firm, U.S. affiliate
The Public Company Accounting Oversight Board has settled a disciplinary action against a Hong Kong firm and its U.S. affiliate over audit problems involving a U.S.-listed company based in China. Tammy Whitehouse has more.
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Article
New PCAOB audit report raises the question: What exactly is a ‘critical audit matter’?
As the Public Company Accounting Oversight Board revises its standard, boilerplate audit report, providing a more narrow definition of “critical audit matters” should go a long way toward giving investors better insight into some of the more challenging, subjective, and complex aspects of financial statements. Tammy Whitehouse provides an in-depth ...
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Blog
PCAOB tries again for rule to expand audit report
The Public Company Accounting Oversight Board has issued a new proposal to expand the current pass-fail audit report in a way that would give investors more information about what auditors do and what they learn during the course of their work.
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Blog
SEC approves PCAOB rule on naming engagement partners
The SEC has given final approval to a PCAOB rule requiring audit firms to complete a new filing on Form AP to provide the name of the engagement partner on each audit engagement. Meanwhile, Tammy Whitehouse reports, the PCAOB is attempting once again to expand the audit report.
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PCAOB ponders possible change in inspection approach
Word from the Public Company Accounting Oversight Board is that the inspections process could be changing. According to board member Jeanette Franzel, the agency is “exploring the potential for more random selection of audits and audit areas to inspect.” Tammy Whitehouse has more.