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Audit

  • PCAOB Inspection Reports Show Increase in Audit Deficiencies by Big Four Firms

    By:
    S.J. Steinhardt
    |
    Feb 29, 2024
    The U.S. units of three of the Big Four accounting firms had a greater deficiency rate in their audits of public companies’ 2021 financial statements, compared to their audits of 2020 financial statements, according to inspection reports by the Public Company Accounting Oversight Board (PCAOB).  The deficiency rate of the fourth firm has been redacted.
  • PCAOB Proposal Would Bar False or Misleading Statements by Auditors

    By:
    S.J. Steinhardt
    |
    Feb 28, 2024
    The Public Company Accounting Oversight Board (PCAOB) voted unanimously for a proposal to establish new restrictions on statements auditors can make concerning a firm’s PCAOB registration status, including the extent of PCAOB oversight of the firm’s work.
  • PCAOB’s Sanctions Four Firms for Violations Involving Audit Committee Communications

    By:
    S.J. Steinhardt
    |
    Feb 21, 2024
    The Public Company Accounting Oversight Board (PCAOB) announced settled disciplinary orders that sanction four audit firms for violating PCAOB rules and standards related to communications that firms are required to make to audit committees. The four orders result from an ongoing sweep.
  • SEC to File Brief in Major Case About Materiality of Audit Reports

    By:
    S.J. Steinhardt
    |
    Dec 21, 2023
    Do audit reports by outside accounting firms really matter? That’s the discomfiting question implied by a recent federal appeals court decision. After three former Securities and Exchange Commission (SEC) officials asked the appeals court to reconsider its decision, that court invited the SEC to file a brief addressing their arguments.
  • PCAOB's Priorities for 2024 Include Increased, Broader Inspections

    By:
    S.J. Steinhardt
    |
    Dec 21, 2023

    The Public Company Accounting Oversight Board (PCAOB) released a staff report that outlines its priorities for 2024. Among them are plans to review more audit engagements, expand inspection procedures, increase focus on a firm’s culture of integrity, perform quality inspections, and improve the timeliness of inspection reports.

  • 2024 to Be a Demanding Year for Internal Auditors

    By:
    S.J. Steinhardt
    |
    Dec 13, 2023
    The Institute of Internal Auditors’ (IIA) new requirements and updated standards will make 2024 a demanding year for internal auditors, said former IIA President and CEO Richard Chambers.
  • SEC Approves New PCAOB Standard on Audit Confirmations

    By:
    S.J. Steinhardt
    |
    Dec 4, 2023

    The Securities and Exchange Commission (SEC) voted to approve a new standard for audit confirmations from the Public Company Accounting Oversight Board (PCAOB) that updates a standard first adopted in 2003.