Tag: Auditors

Auditors Pan Bid to Report Their Own Financials as Too Rigid

US accounting firms want more flexible rules for how they disclose details about their own finances, operations, and audit performance, calling proposals to expand mandatory reporting too rigid and costly. Firms want to continue reporting details about major changes in their business and their financial results as part of routine audit inspections to ensure sensitive or competitive details remain confidential,…

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PCAOB Expands Liability for Auditors Involved in Firm Violations – WSJ

The Public Company Accounting Oversight Board expanded liability for individuals involved in firm violations and proposed tighter rules around one of the ways auditors gather evidence to detect financial misstatements. The U.S. audit watchdog on Wednesday voted, 5-0, to change the threshold for liability for contributors to accounting firms’ violations of auditing standards, lowering it to negligence from recklessness. The…

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‘Audits matter.’ AmTrust shareholders get US SEC backing in bid for appellate redo on BDO claim | Reuters

The U.S. Securities and Exchange Commission told an appeals court last week that investors place significant faith in auditors’ certifications of corporate financials, calling on the court to reconsider the dismissal of securities fraud claims against auditor BDO USA by shareholders of the insurer AmTrust Financial Services. The SEC laid out its views in an amicus brief that was requested…

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