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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInAudit Regulator Steps Up Enforcement Under New Leader – WSJ
The U.S. audit regulator is getting tougher on rule-breaking accountants after years of criticism for its alleged light touch. But there are limits to how much it can change. The shift is being led by the new chair of the Public Company Accounting Oversight Board, Erica Williams, who said, “When people cheat, you need to…make […]
SEC Should Absorb PCAOB Functions, Says Commissioner Peirce
Securities and Exchange Commission member Hester Peirce in a speech said that it may serve the public better if the PCAOB were eliminated and its functions incorporated into the commission—an idea which had been debated from time to time in the past but never became a reality. In Peirce’s view, the current construct is flawed. […]
Statement on Agreement Governing Inspections and Investigations of Audit Firms Based in China and Hong Kong
This agreement announced today brings specificity and accountability to effectuate Congress’s intent. It provides the standards against which to judge whether auditors of Chinese issuers have complied with the requirements of U.S. law, including PCAOB auditing standards. I thank Congress for their attention to these important matters. In particular, Chinese authorities have committed to four […]
‘Peekaboo prosecution’ turns 20 | The Hill
Imagine a dystopian world where Congress empowers a private corporation to secretly investigate and punish members of a particular profession — say, auditors. Think of a private version of the Securities and Exchange Commission (SEC), but with evergreen funding that never requires an appropriation from Congress and with lavishly compensated personnel who are exempt from laws […]
SEC Appoints New Chairperson and Board Members to the Public Company Accounting Oversight Board
The Securities and Exchange Commission today announced the appointments of Erica Y. Williams as Chairperson and Christina Ho, Kara M. Stein, and Anthony (Tony) C. Thompson as Board members of the Public Company Accounting Oversight Board (PCAOB). Duane DesParte will continue his service as a Board member and will remain Acting Chairperson until Ms. Williams […]
SEC Investigating Former Chair of Auditing Industry Regulator – WSJ
The Securities and Exchange Commission is investigating whether the recently dismissed chairman of the auditing industry’s oversight board violated any rules in his handling of internal complaints at the regulator, according to people familiar with the matter. The SEC’s enforcement investigation is examining the actions of William Duhnke, who was dismissed from his job as […]
Progressives tell SEC chair to fire Trump-era audit board – POLITICO
Progressive groups and consumer advocates called on SEC Chair Gary Gensler to fire members of the Public Company Accounting Oversight Board, the nation’s accounting auditor, saying the board has “collapsed into a pattern of non-enforcement and retaliation against whistleblowers“ and had lost important staff members under former President Donald Trump. Source: Progressives tell SEC chair […]
Standing Up the PCAOB: A Discussion with PCAOB’s Founding Board Members and Audit Profession. | SEC Historical Society
This live broadcast will focus on the early history of the PCAOB and provide a first-hand understanding of the challenges and opportunities of being a new regulator (Panel I) and newly regulated (Panel II) in the environment of the just-passed Sarbanes-Oxley Act. Our confirmed guests include: Panel I – Founding PCAOB Board Members Kayla J. […]
Remember Enron? It Could Happen Again on Biden’s Watch
There are several relatively straightforward steps the Biden administration could take. They involve the Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB). Some would require legislation, and some assume the new administration can muster a working majority at the SEC. But to really make a difference, the Biden administration will […]
Trump Administration Would Shift Audit Watchdog Role to SEC
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 […]