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News

The Trusted Professional | NYSSCPA

 
 

Audit

  • 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,

  • Auditors Push Back Against PCAOB Proposals for Broadened Role

    By:
    S.J. Steinhardt
    |
    May 1, 2024
    Auditors are objecting to recent proposals by the Public Company Accounting Oversight Board (PCAOB), saying that the new requirements will expand their roles beyond their specialty.

  • PCAOB to Hold Forums for Small Firms in Five Cities This Year

    By:
    S.J. Steinhardt
    |
    Apr 19, 2024
    The Public Company Accounting Oversight Board (PCAOB) will host a series of five in-person forums this year on auditing in the small business environment and on auditing broker-dealers.

  • PCAOB Assesses Record Fine Against KPMG Netherlands for Exam Cheating and Cover-Up

    By:
    S.J. Steinhardt
    |
    Apr 11, 2024
    KPMG’s Netherlands unit was fined $25 million by the Public Company Accounting Oversight Board (PCAOB) over claims of exam cheating and misinforming investigators in the largest monetary penalty the PCAOB has imposed on an auditing firm.
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