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The SEC has scheduled a meeting for December 13, 2023, to consider approving the PCAOB’s 2024 budget of $384.7 million, which is a significant increase of 11% over its revised 2023 spending plan of $347.3 million. This follows unanimous approval by the board for its 2024 budget on November 16. The SEC, as the securities […]
The culture at six of the largest US audit firms is under scrutiny as their regulator aims to understand how firm leadership and internal policies might hinder their work vetting corporate revenue and balance sheets. The review will be part of the six firms’ routine inspections and will extend through 2024, Christine Gunia, acting inspections […]
The SEC and US audit board plan to combine their enforcement resources to target serious audit violations and auditors with a history of repeated missteps, officials with the two regulators said Tuesday. “There are firms that just continually come up in our space,” Ryan Wolfe, chief accountant for the Division of Enforcement at the Securities […]
The US accounting oversight board plans to hire more inspectors next year to vet the work of auditors around the world as the agency tries to combat a rise in the rate of audits that fall short of core standards, under its 2024 budget approved Thursday. The $384.7 million spending plan the Public Company Accounting […]
A lone error in judgment could kill auditors’ careers under a proposal that would lower the bar for certain disciplinary actions, audit firms and other stakeholders warned the US accounting oversight board. The proposed rule changes would have a chilling effect on the profession, curbing collaboration among audit leaders and team members while crimping interest […]
The Securities and Exchange Commission today announced the appointment of George Botic, CPA to a term as a Board Member of the Public Company Accounting Oversight Board (PCAOB). Source: SEC.gov | SEC Appoints George Botic to the Public Company Accounting Oversight Board
Public Company Accounting Oversight Board (PCAOB) inspectors outlined their priorities for 2023 inspections in a new PCAOB staff report(PDF) out today. The report outlines plans to increase the focus on fraud-related audit procedures, continue prioritizing risks related to material digital assets, and continue selecting audits in the financial services sector for inspection, among other priorities. […]
The Public Company Accounting Oversight Board (PCAOB) today announced the appointment of Robert E. Rice as Director of the organization’s Division of Enforcement and Investigations (DEI), effective March 31, 2023. In this role, he will oversee and direct the PCAOB’s investigations and enforcement of violations of its rules, professional standards, and other applicable securities regulations. […]
Sen. Elizabeth Warren (D-Mass.) and another prominent colleague urged the U.S. auditing watchdog to take action against “sham audits” of crypto companies, citing the contribution of such audits to the recent stresses in the U.S. banking system. The Public Company Accounting Oversight Board (PCAOB), which is authorized and overseen by the U.S. Securities and Exchange […]
Proof-of-reserve reports routinely touted by crypto firms to assure customers that their financial transactions are in secure hands shouldn’t be trusted, according to the U.S. organization that oversees auditing standards. The Public Company Accounting Oversight Board (PCAOB) – an industry-funded watchdog working under the authority of the Securities and Exchange Commission – said the reports […]