All Public Company Accounting Oversight Board articles – Page 4
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EY fined record $100M for employee cheating scandal
Ernst & Young will pay $100 million after admitting to SEC charges addressing systematic cheating among its accounting professionals on CPA license exams over four years. The fine is the largest the agency has ever imposed against an audit firm.
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PCAOB adopts new requirements for use of multiple audit firms
The Public Company Accounting Oversight Board announced its approval of a rule creating a new audit standard and amending a handful of others regarding audits involving multiple audit firms, the culmination of a project first launched in 2016.
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PCAOB bars former BF Borgers director over repeated audit failures
The Public Company Accounting Oversight Board barred Bo-Shiang Lien, a former audit director and nonequity partner at BF Borgers, for at least two years for violations of PCAOB rules and standards as part of four audits across three public companies.
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PCAOB fines Citrin Cooperman $200K over audit failures
Citrin Cooperman was fined $200,000 by the Public Company Accounting Oversight Board for failing to meet PCAOB standards during its 2016 and 2017 year-end audits at an unnamed broker-dealer.
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PCAOB issues two first-of-their-kind sanctions
The Public Company Accounting Oversight Board imposed monetary penalties and other sanctions in two unrelated actions for violations of the Sarbanes-Oxley Act and PCAOB rules and standards concerning the use of unregistered accounting firms in conducting issuer audits.
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Ex-KPMG audit head fined record $100K by PCAOB over cheating scandal
Scott Marcello, the former vice chair of audit at KPMG during the Big Four firm’s infamous cheating scandal, was fined a record $100,000 by the Public Company Accounting Oversight Board for his supervision failures.
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PCAOB urges auditors assess widespread implications of Ukraine crisis
Auditors must emphasize continuous monitoring and reassessment of relevant implications in navigating the economic climate following Russia’s invasion of Ukraine, according to guidance from the Public Company Accounting Oversight Board.
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Baidu headlines new batch of HFCAA designations
Technology giant Baidu is the latest high-profile Chinese company to be warned by the Securities and Exchange Commission of potential delisting under the Holding Foreign Companies Accountable Act.
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PCAOB whistleblower program bill reintroduced to Congress
A bill that proposes to create a whistleblower program for the Public Company Accounting Oversight Board has been reintroduced to the House after failing to be acted upon by the Senate in 2019.
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Five insights gleaned from PCAOB audit committee chair report
The Public Company Accounting Oversight Board published its annual report highlighting feedback received from its discussions with audit committee chairs at U.S. public companies during the previous year.
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SEC adds Weibo to HFCAA watchlist
The Securities and Exchange Commission added Chinese social media giant Weibo Corp. to its list of companies not in compliance with the Holding Foreign Companies Accountable Act.
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SEC notifies five Chinese companies of HFCAA noncompliance
The Securities and Exchange Commission has notified five China-based public companies they could be delisted from U.S. stock exchanges if they do not allow their audits to be inspected by the Public Company Accounting Oversight Board.
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PwC Canada fined $950K for internal training exam cheating
The Canadian affiliate of Big Four audit firm PwC has agreed to pay $950,000 in penalties between audit regulators in the United States and Canada after discovering widespread cheating among employees taking internal exams.
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Report: Accounting enforcement at SEC, PCAOB down in 2021
The amount of accounting and audit enforcement actions by the Securities and Exchange Commission and Public Company Accounting Oversight Board decreased in 2021, resulting in a sharp decline in monetary settlements, according to Cornerstone Research.
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Article
Mixed results for Marcum, RSM in 2020 PCAOB inspections
The Public Company Accounting Oversight Board published 2020 inspection reports for a handful of large U.S. audit firms outside the Big Four. Marcum and RSM had the most audit deficiencies identified of the group.
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What companies/auditors need to know for 2021 year-end audits
The continued effects of the pandemic, along with the implementation of new accounting standards, have companies and their auditors confronting substantial change in year-end audits.
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SEC appoints 4 to overhauled PCAOB; Erica Williams named chair
The SEC appointed Erica Williams to serve as chairperson of the newly overhauled PCAOB. Kara Stein, Christina Ho, and Anthony Thompson will join as new additions, while Acting Chair Duane DesParte will remain on as a board member.
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PCAOB 2020 inspection reports: PwC bucks deficiency trend, dethrones Deloitte
PwC ended its three-year run of increasing deficiency percentages to boast the lowest rate among Big Four firms in the PCAOB’s 2020 inspection reports—the first time Deloitte hasn’t performed best since 2016.
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PCAOB 2020 inspections preview: Deficiencies still high, although some improvements
The Public Company Accounting Oversight Board noted a high number of recurring deficiencies in its audits reviewed despite improvements over the previous year as part of its 2020 inspection observations spotlight.
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PCAOB fines Deloitte Canada $350K for quality control failures
The Public Company Accounting Oversight Board imposed a $350,000 civil penalty on Deloitte Canada for reasonable assurance quality control failures regarding an electronic work paper system update.