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The Public Company Accounting Oversight Board (PCAOB) released a proposed new standard today intended to improve auditor evaluation of a public company's identification of, accounting for, and disclosure about its relationships and transactions with related parties, enhance the auditor's identification and evaluation of a company's significant unusual transactions, and improve understanding of a company's financial relationships with its executive officers, according to a PCAOB press release.
The PCAOB has imposed a $2 million civil money penalty against Ernst & Young and sanctioned four of its current and former partners for violating board rules and standards, according to a Feb. 8 statement.
The PCAOB today reproposed for comment an auditing standard on communications with audit committees, and other amendments to PCAOB standards. The Board initially proposed the standard on March 29, 2010.
Earlier this year, the Public Company Accounting Oversight Board (PCAOB) issued a 40-page concept release that explored ways it could enhance auditor independence, objectivity and professional skepticism. One option the release discussed in detail was mandatory audit firm rotation.
The Public Company Accounting Oversight Board has announced 28 new and reappointed members to its Standing Advisory Group (SAG), a team of experts that advises the board.
The Public Company Accounting Oversight Board (PCAOB) announced today that it had reached a cooperative agreement with the Financial Supervisory Commission of Taiwan, a deal which will allow the two countries to conduct joint inspections on auditors and audit firms that practice within both countries. Of the more than 900 PCAOB-registered audit firms operating outside the United States, 12 are located in Taiwan.