A certain federal agency should take over all public company audits, suggests a former Big Four auditor and current accounting software company CEO.
Rebekah Goshorn Jurata replaces Kathleen Hamm, a cybersecurity expert who had been seeking a second term on the board.
The PCAOB says the firm improperly promoted clients that made presentations at investor conferences it hosted.
“By failing to hold the Big Four accountable [for audit deficiencies], the board is putting all Americans’ financial futures in jeopardy.”
The software giant's auditor, Deloitte, found CAMs related to revenue recognition judgments and uncertain income tax provisions.
Despite ongoing expectations to the contrary, complying with the Sarbanes-Oxley Act remains a moving target for companies.
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.
