Tag: PCAOB

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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PCAOB Sanctions PwC Australia for Violations Related to Reporting and Quality Control Monitoring Requirements | PCAOB

The Public Company Accounting Oversight Board (PCAOB) today announced a settled disciplinary order(PDF) sanctioning PricewaterhouseCoopers LLP (“PwC Australia” or the “Firm”) for violations of PCAOB rules and quality control standards. Specifically, the sanctions address the Firm’s failure to timely report the initiation and conclusion of proceedings against the Firm by the Australian Tax Practitioners Board (TPB). The TPB proceedings related…

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Anonymous Audit Firm Sues PCAOB to Block ‘Excessively Intrusive and Burdensome’ Investigative Demand

An audit firm subject to a PCAOB investigation over the auditing of crypto assets on March 27, 2024, sued the board in US district court to halt what it framed as an ‘excessively intrusive and burdensome’ document demand. *** The complaint describes the plaintiff as a registered public accounting firm that has received six accounting board demands (ABDs) from the…

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The accounting crisis everybody seems to ignore, and the regulator fighting to fix it | Fortune

Erica Williams wants the accounting industry to know that there’s a new sheriff in town, and she’s rolling up her sleeves to deal with what her organization has called a “completely unacceptable” rate of accounting errors. Williams is an outsider brought in to police an audit industry that collects about $5.4 billion in fees from S&P 500 companies each year,…

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New NCLA Lawsuit Exposes Public Company Accounting Oversight Board’s Star Chamber Proceedings – New Civil Liberties Alliance

Today, the New Civil Liberties Alliance filed a Complaint in the U.S. District Court for the Middle District of Tennessee challenging the Public Company Accounting Oversight Board’s (PCAOB) secret, unaccountable, and inherently biased prosecutorial processes. PCAOB has investigated and brought a secret prosecution aiming to brand NCLA’s client a wrongdoer, strip away his livelihood and impose severe financial penalties against…

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Anonymous Accountant Challenges Structure of US Audit Regulator

An unnamed Tennessee-based accountant is suing the US audit regulator, arguing its actions against him are an unconstitutional overreach. The Public Company Accounting Oversight Board “is not a ‘court’ ordained and established by Congress,” the accountant said in a complaint filed Tuesday in the US District Court for the Middle District of Tennessee. “Congress ordained and established the Board as…

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Overworked SPAC Auditor’s Lapses Lead to $2 Million Fine

WithumSmith+Brown PC agreed to pay $2 million to settle charges that it shirked US audit rules as it churned out audits of blank-check companies that briefly were Wall Street’s favorite way to take companies public. The Public Company Accounting Oversight Board said in an order Wednesday that the New Jersey firm’s internal safety checks meant to deliver high-quality audits buckled…

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