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.”
Investors get more information about the selection and evaluation of large companies' independent auditors.
Companies don't look good for penalizing honest auditors, while other auditors don't look good for rendering slanted opinions.
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.
Study results contradict critics who are trying to water down the Sarbanes-Oxley requirement for auditing internal controls over financial reporting.
New accounting standards, greater M&A activity, and PCAOB documentation requests drove up fees, according to the Financial Executives Research Foundation.
For top executives, managerial experience at an auditing firm is not necessarily a virtue, especially among those who are highly paid, a study finds.
Sarbanes-Oxley compliance costs shot up this year, underscoring the need for companies to automate more of their compliance activities.
