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News

The Trusted Professional | NYSSCPA

 
 

Audit

  • PCAOB Proposes New Reporting Requirements for Audit Firms

    By:
    S.J. Steinhardt
    |
    Apr 10, 2024
    The Public Company Accounting Oversight Board (PCAOB) voted to propose two new reporting requirements to impose on auditing firms.

  • Federal Agency Recommends Audits of AI Systems to Ensure Transparency and Accountability

    By:
    S.J. Steinhardt
    |
    Mar 29, 2024
    The U.S. Department of Commerce’s National Telecommunications and Information Administration (NTIA) released its AI Accountability Policy Report, which called for independent audits of high-risk artificial intelligence (AI) systems.

  • PCAOB Continues to Ramp Up Enforcement

    By:
    S.J. Steinhardt
    |
    Mar 5, 2024
    In 2022 and 2023, the Public Company Accounting Oversight Board (PCAOB) intensified its enforcement efforts significantly and levied record-setting penalties. As of November 2023, the PCAOB had issued almost $12 million in penalties—breaking its record of $11 million in 2022—with more to come,

  • Report: SEC Increased Accounting and Auditing Enforcement in FY 2023 but Recovered Less Money

    By:
    S.J. Steinhardt
    |
    Feb 29, 2024
    The Securities and Exchange Commission (SEC) increased its accounting and auditing enforcement activity in fiscal year 2023, but the total amount of the monetary settlements declined, according to a new report.

  • 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.
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