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Audit

  • PCAOB Strengthens Rule on Accountability for Contributing to Firm Violations

    By:
    S.J. Steinhardt
    |
    Jun 14, 2024
    The Public Company Accounting Oversight Board (PCAOB) voted unanimously to expand liability for individuals involved in firm violations, changing the liability threshold from recklessness to negligence. It also proposed tighter rules around one of the ways auditors gather evidence to detect financial misstatements.
  • At Conference, SEC and FASB Officials Discuss Need to Prioritize Integrity

    By:
    S.J. Steinhardt
    |
    Jun 10, 2024
    Audit firms need to be viewed as prioritizing high-quality audits and staff and partner integrity, top officials at the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB) told a conference last week.
  • Center for Audit Quality Asks PCAOB to Extend Comment Period for Two Proposed Standards

    By:
    S.J. Steinhardt
    |
    May 23, 2024
    In a comment letter, the Center for Audit Quality (CAQ) asked the Public Companies Oversight Accounting Board (PCAOB) to extend its comment period for two proposed standards: Firm and Engagement Metrics and Firm Reporting. The CAQ also recommended "that the PCAOB delay sending the 19b-4 filing to the Securities and Exchange Commission (SEC) on standards QC 1000 and AS 1000—both of which the PCAOB approved on May 13—by at least 45 days.
  • PCAOB Updates Its Agendas to Reflect Recently Completed Projects

    By:
    S.J. Steinhardt
    |
    May 15, 2024
    The Public Company Accounting Oversight Board (PCAOB) updated its standard-setting, research and rulemaking agendas to reflect recently completed projects on modernizing the PCAOB's older standards and rules.
  • PCAOB Approves New Standards on Quality Control and Auditor Responsibility

    By:
    S.J. Steinhardt
    |
    May 14, 2024
    On May 13, the Public Company Accounting Oversight Board (PCAOB) approved two new standards, one on auditors’ quality controls (QC) and one on the general responsibilities of the auditor in conducting an audit.
  • PCAOB Exploring Option of Naming Companies with Deficient Financial Audits

    By:
    S.J. Steinhardt
    |
    May 7, 2024
    The Public Company Accounting Oversight Board (PCAOB) is considering whether to reveal, as part of its inspection reports,  the names of companies that received deficient audits of their financial information—a step for which investors have argued.
  • Citing 'Massive Fraud' Affecting More Than 1,500 Filings, SEC Suspends and Fines Audit Firm

    By:
    S.J. Steinhardt
    |
    May 3, 2024
    The Securities and Exchange Commission (SEC) has charged, audit firm BF Borgers CPA PC  with “massive fraud, fining it $12 million and permanently  suspending it from appearing and practicing before the the SEC as accountants, effective immediately The company had served as the accounting firm for Trump Media & Technology, which owns Truth Social, before it went public this past March. But given the timing of the audits that the SEC focused on, the filings for Trump Media probably were not among those investigated as part of the review,