All Public Company Accounting Oversight Board articles – Page 3
-
Article
PCAOB 2021 inspection reports: PwC sees best results again; EY deficiencies increase
For the second straight year, PwC fared the best among inspection results released by the Public Company Accounting Oversight Board for the largest U.S. audit firms, including each of the Big Four, Grant Thornton, and BDO.
-
Article
PCAOB announces ‘complete access’ to audit papers of Chinese firms
The Public Company Accounting Oversight Board announced it received “complete access to inspect and investigate” audit firms in China and Hong Kong, potentially averting the delisting of hundreds of Chinese public companies from U.S. exchanges.
-
Article
Three KPMG firms disciplined in $7.7M enforcement sweep
The Public Company Accounting Oversight Board announced $7.7 million in total penalties against three separate KPMG firms and four individuals for varying violations of audit standards and ethical rules, including alleged exam cheating.
-
Article
KPMG affiliates fined $275K for using unregistered firms
Three affiliates of KPMG agreed to pay a total of $275,000 in penalties for failing to disclose unregistered firm participation in public company audits—the latest such PCAOB enforcement cases for the global accounting firm.
-
Article
Spielman Koenigsberg & Parker partner fined record $150K for misleading PCAOB
Jonathan Taylor, an audit partner at accounting firm Spielman Koenigsberg & Parker, agreed to pay a record $150,000 fine handed down by the Public Company Accounting Oversight Board for misleading its investigators over the course of multiple inspections.
-
Article
PCAOB fines 4 firms for failing to identify who led, participated in audits
The Public Company Accounting Oversight Board penalized four audit firms for failing to disclose who led specific audits for their firms and whether any other firms were involved in those audits.
-
Article
RSM to pay $3.75M to settle improper conduct charges
Audit firm RSM and three of its senior-level employees were charged with improper professional conduct by the SEC for signing off on inflated revenues logged by public company Revolution Lighting Technology over four fiscal years of audits.
-
Article
Deloitte China fined $20M for ‘basic’ audit standard violations
The Chinese affiliate of Big Four audit firm Deloitte agreed to pay a $20 million penalty and undertake extensive remedial measures as part of a settlement with the SEC for audit failures that included asking clients to conduct their own audit work.
-
Article
Friedman to pay $1.5M for missed red flags in 2 audits
Accounting firm Friedman will pay more than $1.5 million to settle charges it failed to comply with the standards of the Public Company Accounting Oversight Board while auditing two companies.
-
Article
Hay & Watson loses PCAOB registration over altered audit docs
Canadian public accounting firm Hay & Watson had its registration permanently revoked and must jointly pay a fine of $50,000 along with its owner for violating Public Company Accounting Oversight Board rules and standards and failing to cooperate with an inspection.
-
Article
PCAOB vet Mark Adler returns to lead enforcement
The Public Company Accounting Oversight Board announced the appointment of Mark Adler as acting director of its Division of Enforcement and Investigations.
-
Article
SEC warns auditors of risks in taking on Chinese clients
U.S.-based audit firms seeking new public company clients in China should ensure they have full access to previous audits and work papers before taking the job or risk potential enforcement, the acting chief accountant at the Securities and Exchange Commission warned.
-
Article
KPMG South Africa, two partners fined $275K for using unregistered firm
The Public Company Accounting Oversight Board fined KPMG South Africa and two of its partners a total of $275,000 for supervisory failures and violation of accounting rules related to the use of an unregistered accounting firm.
-
Article
‘A step in the process’: PCAOB, China agree on U.S. audit access
U.S. audit regulators are set to end yearslong inspection barriers to the work of public accounting firms headquartered in mainland China and Hong Kong after the Public Company Accounting Oversight Board reached agreement with Chinese regulators on a new access framework.
-
Article
PCAOB forecasts stricter oversight in five-year strategy
The Public Company Accounting Oversight Board issued its draft five-year strategic plan for public comment. Areas of focus include enhancing audit inspections, strengthening enforcement, and more.
-
Article
KPMG Korea fined $350K for audit procedure failures
The Korean affiliate of Big Four audit firm KPMG was fined $350,000 by the Public Company Accounting Oversight Board for failures in its quality control policies and procedures to protect against improper alterations of work papers.
-
Article
Sarbanes-Oxley 20th anniversary: Time to revisit SOX programs
Twenty years ago, in the aftermath of the Enron and WorldCom financial reporting scandals, Congress acted and created the Sarbanes-Oxley Act of 2002. Such a milestone anniversary marks a good time for organizations to refresh, rethink, and modernize their SOX programs.
-
Article
SEC appoints Anthony Thompson to second term on PCAOB
The Securities and Exchange Commission announced the appointment of Anthony Thompson to a second term on the Public Company Accounting Oversight Board.
-
Article
Chinese companies facing HFCAA delisting seeking alternatives
Chinese businesses identified as noncompliant with the Holding Foreign Companies Accountable Act are trying a variety of strategies to circumvent or comply with the law before they are delisted from U.S. exchanges.
-
Article
Financial volatility, supply chain disruptions among PCAOB 2022 inspection focuses
The Public Company Accounting Oversight Board will pay increased attention to how auditors are addressing changing risk landscapes because of the current economic environment during its 2022 inspections.