Audits Are Broken. Here’s a Radical Way to Fix Them.
A certain federal agency should take over all public company audits, suggests a former Big Four auditor and current accounting software company CEO.
SEC Names White House Aide to PCAOB
Rebekah Goshorn Jurata replaces Kathleen Hamm, a cybersecurity expert who had been seeking a second term on the board.
Marcum Fined $525K for Touting Audit Clients
The PCAOB says the firm improperly promoted clients that made presentations at investor conferences it hosted.
Watchdog Slams PCAOB Oversight of Big Four
“By failing to hold the Big Four accountable [for audit deficiencies], the board is putting all Americans’ financial futures in jeopardy.”
Microsoft Discloses ‘Critical Audit Matters’
The software giant's auditor, Deloitte, found CAMs related to revenue recognition judgments and uncertain income tax provisions.
SOX Compliance Doesn’t Get Easier With Time
Despite ongoing expectations to the contrary, complying with the Sarbanes-Oxley Act remains a moving target for companies.
Ex-EY Partner Sanctioned Over Inadequate Audit
The PCAOB says William Trainor improperly concluded he did not have to issue an adverse ICFR opinion for Forest Oil.
‘Opinion-Shopping’ Compromises Auditor Independence
While it may serve the interests of struggling companies, shopping for a favorable audit opinion lessens auditor independence and audit quality.
Audit Committees Warned on Meeting with PCAOB
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.
Accounting Watchdog Finds Ongoing Problems at KPMG
The PCAOB’s criticism came in its 2017 inspection report for the firm.
SOX 404(b) Provides Investor Value After All
Study results contradict critics who are trying to water down the Sarbanes-Oxley requirement for auditing internal controls over financial reporting.