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Audit

  • PCAOB Inspection Reports to Include Auditor Independence Section

    By:
    S.J. Steinhardt
    |
    May 3, 2023
    The Public Company Accounting Oversight Board (PCAOB) has added a new section on auditor independence to its inspection reports.
  • Report: SEC Increased Accounting and Auditing Enforcement Actions in FY 2022

    By:
    S.J. Steinhardt
    |
    Apr 28, 2023
    The number of accounting and auditing enforcement actions initiated by the Securities and Exchange Commission (SEC) in fiscal year 2022 increased by 55 percent from fiscal year 2021, but remained below pre-pandemic levels, a new report found.
  • PCAOB Finds High Rates of Deficiencies in SPAC Audits

    By:
    S.J. Steinhardt
    |
    Apr 27, 2023
    Inspectors at the Public Company Accounting Oversight Board (PCAOB) have observed relatively high rates of audit deficiencies in special-purpose acquisition companies (SPACs), the Board reported.
  • Apply Professional Skepticism, PCAOB Reminds Auditors

    By:
    S.J. Steinhardt
    |
    Apr 26, 2023

    Auditors must remain vigilant as they perform their work, the Public Company Accounting Oversight Board (PCAOB) has told auditors in a new report.

  • New Oversight Body Launched to Strengthen International Audit and Ethics Standards

    By:
    S.J. Steinhardt
    |
    Mar 28, 2023
    The International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESA) have launched the International Foundation for Ethics and Audit (IFEA), a new oversight body to give the two boards independence from the International Federation of Accountants (IFAC).
  • PCAOB Warns Investors About Proof-of-Reserve Reports from Crypto Companies

    By:
    S.J. Steinhardt
    |
    Mar 9, 2023
    The Public Company Accounting Oversight Board (PCAOB)’s Office of the Investor Advocate  issued an advisory not to “place undue reliance” on "proof of reserve" reports that some cryptocurrency companies have provided to verify assets and liabilities.
  • PCAOB Staff Spotlights Quality Control Remediation

    By:
    S.J. Steinhardt
    |
    Feb 6, 2023

    The staff of the Public Company Accounting Oversight Board (PCAOB)’s Division of Registration and Inspections staff has issued a document that provides additional insights into its remediation process for audit firms whose quality control has been found to be deficient.