All PCAOB articles
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Premium
The auditor’s role in supply chain due diligence
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?
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Premium
PCAOB 2022 inspection reports: Big Four setbacks; KPMG redacted
Three of the Big Four audit firms saw increases to the deficiency rates observed in their latest Public Company Accounting Oversight Board inspection reports, while KPMG had its results redacted.
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Premium
What future holds for PCAOB post China crackdowns
The Public Company Accounting Oversight Board’s first enforcement settlements with mainland China and Hong Kong firms won’t be the last, as the chair of the regulator says its “just getting started.” U.S. firms must be mindful of the specific ethical issues highlighted.
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Blog
PCAOB announces general counsel
The Public Company Accounting Oversight Board announced the appointment of James Cappoli as general counsel.
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News Brief
China-based PwC affiliates fined $7M in historic PCAOB actions
The Public Company Accounting Oversight Board imposed $7 million in total penalties against two PwC affiliates under its first settlements with mainland Chinese and Hong Kong firms since the passage of the Holding Foreign Companies Accountable Act.
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News Brief
KPMG Japan fined $500K over journal entry quality controls
The Japanese affiliate of Big Four audit firm KPMG was assessed a $500,000 penalty by the Public Company Accounting Oversight Board for quality control deficiencies regarding journal entry testing.
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News Brief
PwC Greece fined $3M for due care, skepticism failures
The Greece-based branch of Big Four audit firm PwC agreed to pay $3 million as part of a settlement with the Public Company Accounting Oversight Board addressing alleged failures in due professional care and appropriate skepticism regarding an audit of a marine fuel logistics company.
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News Brief
PCAOB fines Smythe $175K over unregistered firm use
Canada-based accounting firm Smythe agreed to pay a $175,000 penalty in settling with the Public Company Accounting Oversight Board regarding its use of unregistered firms across four issuer audits.
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Premium
Expert: SEC’s view on Prager Metis indemnity clauses ‘problematic’
Audit firms should carefully weigh the pros and cons of indemnity clauses in light of the Securities and Exchange Commission’s recent complaint against Prager Metis, according to a legal expert.
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News Brief
PCAOB: Auditors ‘falling short’ on engagement quality reviews
A new staff report issued by the Public Company Accounting Oversight Board seeks to provide best practices for auditors amid observations of rising deficiency rates related to engagement quality reviews.
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Premium
Auditor independence on regulators’ radars
The Public Company Accounting Oversight Board and Securities and Exchange Commission have emphasized in public statements auditor independence is a critical enforcement area, prompting the need for firms to reacquaint themselves with each agency’s requirements.
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News Brief
PCAOB rule update wave begins with confirmation standard
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.
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News Brief
Deloitte Colombia fined $900K by PCAOB for quality control violations
A Colombian affiliate of Big Four audit firm Deloitte agreed to pay $900,000 as part of a settlement with the Public Company Accounting Oversight Board addressing alleged quality control lapses that occurred during the 2016 audit of a bank.
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News Brief
BDO fined $2M by PCAOB for estimate evaluation lapses
BDO was assessed a $2 million penalty as part of a settlement with the Public Company Accounting Oversight Board addressing alleged failures in the firm’s audit work at defunct healthcare services provider AAC Holdings.
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News Brief
PCAOB proposal increases stakes on auditor negligence
Rule amendments proposed by the Public Company Accounting Oversight Board would enable the agency to penalize individual auditors more easily when their conduct is deemed to have contributed to violations by their firms.
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News Brief
SEC fines former Marcum partner for causing control failures
An ex-partner at Marcum agreed to pay $75,000 to settle charges by the Securities and Exchange Commission he failed to remediate numerous quality control deficiencies magnified by the audit firm’s special purpose acquisition company client boom.
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News Brief
PCAOB fines Warren Averett $200K over BDO alliance ties
Accounting firm Warren Averett agreed to pay a penalty of $200,000 in resolving the first case brought by the Public Company Accounting Oversight Board regarding auditor independence violations related to a firm’s membership in an accounting alliance.
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News Brief
PCAOB fines AJ Robbins CPA, owner $150K for audit misconduct
The Public Company Accounting Oversight Board fined Colorado-based audit firm AJ Robbins CPA and its founding partner a total of $150,000 for alleged professional skepticism failures and improperly altering audit documentation.
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News Brief
SEC fines Crowe U.K. $750K over deficient Akazoo audit
The U.K. arm of audit firm Crowe agreed to pay $750,000 as part of a settlement with the Securities and Exchange Commission for alleged professional care and skepticism failures regarding its 2018 audit of music streaming subscription company Akazoo.
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News Brief
PCAOB fines three in latest reporting requirement sweep
The Public Company Accounting Oversight Board continued its crackdown on reporting requirement violations with penalties against three audit firms, including a BDO affiliate.