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Accounting & Auditing Update

The "Accounting & Auditing Update" is written by Tammy Whitehouse, a veteran business writer who has been a regular contributor to Compliance Week since 2005. Her work has also appeared in industry journals and periodicals including Journal of Business Strategy, Strategy & Leadership, Compensation & Benefits Review, Inc, Buyside, and myriad others. Whitehouse welcomes questions and comments from readers; she can be reached via e-mail at twhitehouse@complianceweek.com.
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Accounting & Auditing Update Blog
IOSCO report gives marching orders to audit committees
Tammy Whitehouse | February 1, 2019
Securities regulators globally have banded together to call on audit committees to take a fresh look at their role in promoting and supporting quality audits.
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Accounting & Auditing Update Blog
PCAOB releases KPMG's 2016 report, 3 others
Tammy Whitehouse | January 25, 2019
The PCAOB has published its report on KPMG's scandal-ridden 2016 inspection, along with three other reports, describing high levels of audit deficiencies and mismanagement of quality.
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Accounting & Auditing Update Blog
PCAOB finalizes new standards on estimates, specialists
Tammy Whitehouse | December 21, 2018
Auditors have new rules to follow in auditing accounting estimates and in relying on the work of specialists to arrive at audit opinions.
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Accounting & Auditing Update Blog
PCAOB plans continued focus on review controls in 2019
Tammy Whitehouse | December 12, 2018
The PCAOB saw some improvement in the audit of management review controls during its 2018 inspections, but it’s still an area of focus into 2019.
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Accounting & Auditing Update Blog
PCAOB plans new focus on quality control in inspections
Tammy Whitehouse | December 7, 2018
The PCAOB plans to take a much closer look at how firms manage audit quality in 2019, retooling the inspections process to focus on quality control systems.
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Accounting & Auditing Update Blog
Third ex-KPMG partner pleads guilty in inspection leak
Tammy Whitehouse | November 2, 2018
A third ex-KPMG partner has consented to a guilty plea in connection with charges of fraud and conspiracy in regulatory inspections.
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Accounting & Auditing Update Blog
Changes to PCAOB inspections will begin in 2019
Tammy Whitehouse | October 24, 2018
A new approach to audit inspections will begin in 2019, with changes intended to focus on prevention and deterrence, new PCAOB chairman says.
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Accounting & Auditing Update Blog
PCAOB invites comment on slimmer strategic plan
Tammy Whitehouse | August 17, 2018
Audit regulators are inviting feedback on a slimmed-down strategic plan, giving stakeholders a chance to influence how to regulate public company auditing.
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Accounting & Auditing Update Blog
SOX-related audit costs rise again in 2017, poll says
Tammy Whitehouse | August 9, 2018
Half of the largest public companies saw SOX-related audit costs rise in 2017, driven by regulatory pressure, M&A activity, and new accounting rules.
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Accounting & Auditing Update Blog
Responding to setbacks, KPMG adds outside directors
Tammy Whitehouse | April 30, 2018
After some serious blows to its reputation, KPMG has decided to add outside directors to its board.
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Accounting & Auditing Update Blog
New PCAOB seeks input on new strategic plan
Tammy Whitehouse | April 18, 2018
A brand new slate of audit regulators is looking for some direction as it takes the helm at the PCAOB and establishes a new strategic plan.
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Accounting & Auditing Update Blog
Amid fraud, conspiracy charges, should inspection results be restated?
Tammy Whitehouse | January 23, 2018
Former KPMG leaders gamed up to two years of inspection results, federal authorities say, but no one will discuss whether those results can or should be corrected.
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Accounting & Auditing Update Blog
PCAOB delivers improved report card on Grant Thornton
Tammy Whitehouse | December 29, 2017
Grant Thornton's latest PCAOB inspection report, dating to 2016, shows improvement over prior year results.
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Accounting & Auditing Update Blog
New report on Deloitte shows no change in audit findings
Tammy Whitehouse | December 19, 2017
Audit regulators found problems with 24 percent of the audits they inspected at Deloitte in 2016, the same number inspectors flagged in 2015.
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Accounting & Auditing Update Blog
Calling out usual audit ills, PCAOB also ponders next steps
Tammy Whitehouse | November 14, 2017
While acknowledging audit firms have taken measures to address adverse inspection findings, the PCAOB also is starting to ask if the firms are doing enough.
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Accounting & Auditing Update Blog
PCAOB sees some improvement, yet room for more
Tammy Whitehouse | August 30, 2017
Based on its latest round of audit inspections in 2017, the PCAOB found some improvement at some firms, but still plenty of work to do to meet standards.
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Accounting & Auditing Update Blog
Is audit quality essentially a people problem?
Tammy Whitehouse | August 25, 2017
Where there are problems with audit quality, it appears to be more of a problem with people than with institutional approaches to audit work.
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Accounting & Auditing Update Blog
SEC opens search for PCAOB members, including chair
Tammy Whitehouse | August 15, 2017
New leadership will soon take over the helm of the PCAOB after SEC Chairman Jay Clayton opens a public search for as many as four board positions.
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Accounting & Auditing Update Blog
SOX pros say external audit costs increased in 2016
Tammy Whitehouse | June 13, 2017
Big companies subject to SOX reporting said their external audit costs increased in 2016 as auditors continue to report pressure from PCAOB inspections.
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Accounting & Auditing Update Blog
Accounting estimate audit risks get uneven scrutiny, study says
Tammy Whitehouse | May 4, 2017
Auditors are scrutinizing the risk of management bias in arriving at accounting estimates, but not so much when it comes to the risk of measurement imprecision.
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Accounting & Auditing Update Blog
Is KPMG getting tainted audit inspection results?
Tammy Whitehouse | April 12, 2017
The inspection information leak that led to dismissals at KPMG and the PCAOB raises big questions about how to assure fair and transparent inspection results for all Big 4 firms.
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Accounting & Auditing Update Blog
EY Indonesia firm settles $1 million action with PCAOB
Tammy Whitehouse | February 10, 2017
U.S. audit regulators have settled a $1 million action with an EY affiliate in Indonesia over allegations of audit failure and noncooperation.
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Accounting & Auditing Update Blog
Grant Thornton shows gains in PCAOB 2014 inspection report
Tammy Whitehouse | August 31, 2016
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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Accounting & Auditing Update Blog
2015 audit inspections show some gains, some blown opinions
Tammy Whitehouse | August 31, 2016
The PCAOB’s earliest 2015 inspection results show some reductions in deficient audits, but also increases in restatements and withdrawn opinions. More from Tammy Whitehouse.
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Accounting & Auditing Update Blog
Audit inspections show some gains in internal control
Tammy Whitehouse | August 19, 2016
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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