Audit

  • 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. 
  • Two PCAOB Members Announce Their Resignations

    By:
    Chris Gaetano
    |
    Aug 24, 2021
    Two members of the Public Company Accounting Oversight Board (PCAOB) announced that they will be resigning their seats. 
  • Third Quarter 2020 Saw Year's Lowest Number of New Audit Engagements

    By:
    Ruth Singleton
    |
    Nov 25, 2020
    The third quarter of 2020 had the lowest volume of new Securities and Exchange Commission (SEC)  audit engagements for the year so far, 94. The first quarter had 147, and the second quarter had 125. In Q3 of 2019, there were 124 new engagements. This drop-off could be connected to a spike in coronavirus cases, which began toward the end of Q3 2020.
  • Audit Finds Military Contractor Made 9,400 Percent Profit on Single Metal Pin

    By:
    Chris Gaetano
    |
    May 15, 2019
    A Pentagon inspector general audit has expressed concern that a military contractor has been grossly overcharging the U.S. military, noting that, in one instance, the Defense Logistics Agency paid $4,361 for a drive pin that should have just cost $46. 
  • U.K. to Replace Old Accounting Regulator with New One Meant to Be More Effective

    By:
    Chris Gaetano
    |
    Mar 12, 2019
    The United Kingdom will replace its accounting regulator, the Financial Reporting Council, with the Audit, Reporting and Governance Authority, a more powerful regulator created in response to a series of major accounting scandals over the past few years. 
  • GAO Gives Facelift to Government Audit Standards, Clarifies Key Points

    By:
    Chris Gaetano
    |
    Dec 14, 2018

    In July, the U.S. Government Accountability Office (GAO) released its latest revision of Generally Accepted Government Auditing Standards (GAGAS)—also called the Yellow Book—which supersedes the 2011 version. Yellow Book standards are used for audits of governmental agencies, usually on the federal level, as well as for audits of the private entities that contract with them. Susan M. Barossi, chair of the NYSSCPA’s Government Accounting and Auditing Committee, said that the major difference between the 2011 and 2018 versions involves presentation.

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