By Kyle Brasseur2023-06-06T19:13:00
The Public Company Accounting Oversight Board (PCAOB) proposed standard updates that would require auditors to enhance scrutiny toward potential instances of company noncompliance, including fraud, in their audit work.
The proposal addresses a controversial topic of responsibility for the audit community that has received renewed interest of late with recent corporate scandals, most notably Wirecard in Germany. The chief accountant at the Securities and Exchange Commission, which oversees the PCAOB, said in a statement last year auditors must embrace their role in fraud detection.
The PCAOB’s proposal seeks to establish this as a requirement for auditors through identification, evaluation, and communication. The proposal would amend AS 2405, currently titled “Illegal Acts by Clients,” to be renamed “A Company’s Noncompliance with Laws and Regulations.”
2024-03-14T17:54:00Z By Maria L. Murphy
Although compliance should be the company’s primary responsibility, auditors have become the last line of defense and are getting pressured and blamed for supply chain issues, including instances of child labor. Is this expected to become the normal for the profession?
2023-10-23T18:02:00Z By Kyle Brasseur
The U.K. Financial Reporting Council is the latest regulator to propose standard changes that would require auditors to play a larger role in detecting and reporting instances of noncompliance when reviewing company financial statements.
2023-10-02T20:26:00Z By Kyle Brasseur
The Public Company Accounting Oversight Board announced the adoption of a new standard regarding auditor use of confirmation that replaces the previous version that hadn’t been notably changed in more than 30 years.
2025-07-21T14:13:00Z By Aaron Nicodemus
Continuing a Trump administration practice of firing independent regulators, the head of the Public Accounting Oversight Board has been sent packing.
2025-06-03T21:33:00Z By CW Staff
Nearly 200 attendees gathered at the Hotel Zaza in Austin, Texas for Compliance Week’s 2025 June 3-4. This year’s conference brought together compliance professionals from across the globe to discuss how rapidly shifting politics, policies and supply chain realities are affecting their jobs, and share best practices to respond.
2025-02-28T15:45:00Z By Ruth Prickett
Compliance teams should expect more support from their organization’s internal audit functions. That is the clear message from the Institute of Internal Auditors, the global body of national affiliated internal audit institutes, which has just put into action its new Global Internal Audit Standards.
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