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Audit

  • PCAOB Issues Annual Report, Documenting Year in Transition

    By:
    Ruth Singleton
    |
    Apr 15, 2022
    The Public Company Accounting Oversight Board (PCAOB) has issued its 2021 annual report, documenting its inspection outcomes during a year of leadership transition and continued adaptations to the COVID-19 pandemic. In her opening message, Chair Erica Y. Williams wrote, “In 2021, the PCAOB faced changes and transition, including the continuing challenges of the COVID-19 pandemic, high-profile developments in the capital markets, and ongoing technological evolution in auditing. The leadership of our organization also changed with the appointment of four new Board members in November.” 
  • PCAOB Issues Spotlight Report on Auditing Considerations Related to Ukraine Invasion

    By:
    Ruth Singleton
    |
    Apr 1, 2022
    The Public Company Accounting Oversight Board (PCAOB) has issued a spotlight report on auditing considerations related to the invasion of Ukraine. The report addresses matters such as assessing risks, planning and performing audit procedures, possible illegal acts, reviews of interim financial information, and acceptance and continuance of clients and engagements. It also discusses considerations for audits nearing completion.
  • PCAOB Warns Auditing Firms About Risks of Using Outside Service Providers for Confirmations

    By:
    Ruth Singleton
    |
    Mar 22, 2022
    The PCAOB has issued a publication admonishing auditing firms about the importance of determining that they can rely on outside service providers’ processes and controls when such service providers are engaged to send and receive electronic audit confirmations. It noted that the service providers' technology should be able to mitigate the risks of interception or alteration.  
  • SEC Proposes Rule That Would Require Public Companies to Disclose Emissions

    By:
    Ruth Singleton
    |
    Mar 21, 2022
    On Monday, the Securities and Exchange Commission (SEC) announced a proposed rule that would require all publicly traded companies to disclose their greenhouse gas emissions and attendant risks in the financial statements that they submit to the agency. The proposed rule would be the first SEC rule to require emissions reporting.
  • Report: SEC Accounting Enforcement Plummeted in 2021, While PCAOB Enforcement Rose

    By:
    Ruth Singleton
    |
    Feb 17, 2022
    The Securities and Exchange Commission (SEC) initiated 34 enforcement actions involving accounting or auditing allegations in 2021, a 32 percent drop from its 50 actions in 2020. Meanwhile, the Public Accounting Oversight Board (PCAOB) disclosed 18 audit-related enforcement actions last year—a 38 percent increase from its 13 in 2020. The information comes from a report by Cornerstone Research released on Wednesday.
  • PCAOB Preview Report Finds Some Improvements in Audits but Also Persistent Deficiencies

    By:
    Ruth Singleton
    |
    Oct 19, 2021
    The Public Company Accounting Oversight Board has issued a preview of its inspection report for 2020. The preview report made three key observations: The PCAOB continues to identify a number of deficiencies that recur from year to year; for most annually inspected audit firms, the PCAOB identified fewer findings in 2020 compared to its 2019 inspections (for triennially inspected audit firms, some improvements were noted, although deficiencies continue to remain high); and there was evidence of good practices that could be effective in enhancing audit quality.
  • SEC Chair Gensler Says He Is Serious About Delisting Chinese Firms

    By:
    Chris Gaetano
    |
    Aug 25, 2021
    Lest anyone think otherwise, Securities and Exchange Commission (SEC) Chair Gary Gensler made it clear that he fully intends to keep the three-year deadline that foreign companies have, particularly Chinese ones, to submit to regulated audit requirements or else face delisting. 
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