News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.”
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
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.
2024-06-12T01:46:00Z By Kyle Brasseur
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.
2024-06-03T17:35:00Z By Kyle Brasseur
Software company Autodesk said it won’t restate several years of financial statements following an audit committee investigation into potential accounting misconduct.
2024-05-24T16:27:00Z By Jeff Dale
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.
Site powered by Webvision Cloud