‘Enforcement 40’ for 2020
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The White House would transfer the authority of the Public Company Accounting Oversight Board to the SEC by 2022 in order to eliminate duplication between the two regulators and “reduce regulatory ambiguity,” it said in the budget released Monday. The administration estimates eliminating the board would save an estimated $580 million over nine years. Public […]
SEC Paying Ex-Chairman to Help Audit Regulator, Documents Show
Former SEC Chairman Harvey Pitt is being retained by his former agency through 2024 to advise it on strengthening governance of the Public Company Accounting Oversight Board, almost two decades after his mishandling of the audit regulator’s startup led to his departure. The Republican is doing the work through his Washington-based consulting firm, Kalorama Partners […]
SEC Approves 2020 PCAOB Budget and Accounting Support Fee
The 2020 PCAOB budget totals $284.7 million, an increase of approximately 4.0% from its 2019 budget. The accounting support fee totals $270.2 million, approximately 2.8% more than the 2019 accounting support fee, of which $239.7 million will be assessed on public companies and $30.5 million will be assessed on broker-dealers. The accounting support fee approximates […]
Patrick Bryan Named PCAOB Director of the Division of Enforcement and Investigations
The Public Company Accounting Oversight Board today announced that Patrick Bryan has been named the PCAOB’s Director of the Division of Enforcement and Investigations. In this role, Mr. Bryan will advance the organization’s investigations and litigation of violations of PCAOB rules and other applicable securities regulations. *** Mr. Bryan currently serves as the Assistant General […]
Kenneth Lench Named PCAOB General Counsel
The Public Company Accounting Oversight Board today announced that Kenneth Lench has been named the PCAOB’s General Counsel. In this role, Mr. Lench will provide legal advice and counsel to the Board regarding all PCAOB operations and activities. “Ken brings deep experience in securities law and the capital markets, and will be an excellent addition […]
SEC Appoints Rebekah Goshorn Jurata to PCAOB; Announces Commissioner Hester Peirce to Lead Commission’s Coordination Efforts With PCAOB
The Securities and Exchange Commission today announced the appointment of Rebekah Goshorn Jurata as a Board member of the Public Company Accounting Oversight Board (PCAOB) for a term ending October 24, 2024. via SEC.gov | SEC Appoints Rebekah Goshorn Jurata to PCAOB; Announces Commissioner Hester Peirce to Lead Commission’s Coordination Efforts With PCAOB.
PCAOB Board Member Kathleen Hamm to Complete Term
The Securities and Exchange Commission today announced that Kathleen M. Hamm will leave the Public Company Accounting Oversight Board (PCAOB) after completing her term as a Board member. Ms. Hamm’s term began in January 2018 and expires later this month. via SEC.gov | PCAOB Board Member Kathleen Hamm to Complete Term.
SEC, PCAOB actions against accountants declined steeply in 2018 | Accounting Today
The U.S. Securities and Exchange Commission and Public Company Accounting Oversight Board finalized 45 enforcement actions involving accountants in 2018, marking a significant decline from the 75 finalized actions involving accountants in 2017, according to a new Cornerstone Research report released Wednesday. According to the report, “Regulatory Actions Involving Accountants-2018,” the decrease in SEC actions […]
KPMG Partner, PCAOB Official Guilty Stealing Board Inspection Schedules – SEC ACTIONS
Former KPMG partner David Middendorf and former PCAOB official Jeffrey Wada were each found guilty of conspiring to steal secret Board inspection schedules for KPMG to give the firm an edge in the process. Each was found guilty of conspiracy to commit wire fraud and wire fraud but acquitted of conspiracy to defraud the government. […]
The Person At the PCAOB Who Auditors Feared the Most Is Now Their Friend – Going Concern
Modesti, who was the PCAOB’s first director of enforcement and investigations, has landed at Akin Gump as a partner in the firm’s white-collar defense and government investigations practice in Washington, DC. This is a big-time hire for Akin Gump. Not only did Modesti have a distinguished career at the PCAOB, where he brought the hammer […]