The PCAOB says William Trainor improperly concluded he did not have to issue an adverse ICFR opinion for Forest Oil.
While it may serve the interests of struggling companies, shopping for a favorable audit opinion lessens auditor independence and audit quality.
When the PCAOB asks to speak with an issuer's audit committee, it "may be a gateway to enforcement activity," note attorneys from Stinson Leonard Street.
The PCAOB’s criticism came in its 2017 inspection report for the firm.
Study results contradict critics who are trying to water down the Sarbanes-Oxley requirement for auditing internal controls over financial reporting.
The sudden failure of U.K. construction firm Carillion exposes the limits of public company auditing and sparks discussion of reforms.
How does an auditor figure out whether a matter involves especially "challenging, subjective, or complex judgment?"
The case alleging two former senior partners failed to stop the alteration of documents "exemplifies the deep ethical rot in auditing today."
The audit overseer is seeking help in identifying "the most promising opportunities to enhance the PCAOB's relevance to the capital markets."
The foreign firms participated in audits that skirted the full oversight of the Public Company Accounting Oversight Board.
Grant Thornton assigned two partners in its Philadelphia office to audits even though the firm had concerns about the quality of their auditing work.
The SEC cleans house at the Public Company Accounting Oversight Board.
