With the recent swearing in of Duane M. DesParte as the final new board member at the PCAOB, and hitting its 15 year anniversary, the oversight agency is heavily promoting its public survey aimed at external parties. 106 more words
Tags » PCAOB
In light of the recent fraud charges against audit firm partners and the PCAOB, what questions should audit committees ask their outside auditors?
Recent civil and criminal fraud charges against partners at KPMG and staffers at the PCAOB, arising out of “their participation in a scheme to misappropriate and use confidential information relating to the PCAOB’s planned inspections of KPMG,” have led some managements and audit committee members to consider whether there is more they should be doing to ensure that their outside audit firms are not plagued by similar concerns. 845 more words
Auditors consider misstatements or omissions in financial statements to be material if they could influence the economic decisions of financial statement users. Additionally, materiality affects how auditors plan and perform an audit and evaluate identified misstatements. 917 more words
Happy Friday! We’re currently working on a post about the practical, legal, and financial considerations surrounding employee theft cases, how to avoid them, and how to deal with them if you are unfortunate enough to have one crash-land in your universe. 1,226 more words
Yesterday, the SEC filed charges against six CPAs, including former staffers at the PCAOB and former partners of KPMG, arising out of “their participation in a scheme to misappropriate and use confidential information relating to the PCAOB’s planned inspections of KPMG.” All have now been separated from KPMG or the PCAOB, and the U.S. 415 more words
In what were surely unprepared remarks to the American Institute of CPAs conference on SEC and PCAOB developments, as reported by Bloomberg BNA, SEC Chair Jay “the Dude” Clayton commented on the impact he expects the new form of auditor’s report could have on his mood: “‘If it results in quality, I’ll be happy….And if it results in boilerplate, I’ll be really bummed out.’” 865 more words