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PCAOB

Going concern staff paper scheduled for publication in first half of 2016

Going concern staff paper scheduled for publication in first half of 2016

The PCAOB is planning to issue a consultation paper on the audit standard on going concern warnings in the first half of 2016. Investors believe the current guidance is flawed and want earlier warnings when companies are in such deep financial trouble that their survival is in doubt. The PCAOB is planning to issue a […]

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Disclosure Rule For Audit Firm Tenure May Resurface In Audit Committee Reports

Disclosure Rule For Audit Firm Tenure May Resurface In Audit Committee Reports

The PCAOB wants to provide investors information about how long an audit firm has served a particular client, but it’s not clear how much support the regulatory board can gain for issuing a final rule. Audit firms and companies believe the information should be in a proxy statement’s audit committee report, which is part of […]

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Chinese Audit Firm Inspection Agreement Appears ‘Very Close’

Chinese Audit Firm Inspection Agreement Appears ‘Very Close’

The PCAOB may be close to reaching an agreement with Chinese authorities that will let board inspectors review audit firms in China whose clients trade on U.S. stock exchanges. China bars direct access for foreign regulators, and the PCAOB has been negotiating for years to overcome the ban. PCAOB Chairman James Doty said on June […]

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PCAOB inspection reports cite audit problems at six firms

PCAOB inspection reports cite audit problems at six firms

The PCAOB’s most recent round of inspections found audit deficiencies at six firms of the 18 inspected. The audit watchdog also made additional information public on previous inspections for four firms that did not adequately address quality control issues. The PCAOB on April 28, 2015, released 18 inspection reports, faulting six firms for lapses in […]

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Auditors Continued to Mishandle Internal Control Reviews in 2014

Auditors Continued to Mishandle Internal Control Reviews in 2014

Helen Munter, the director of the PCAOB’s Division of Registration and Inspections, said audit firms are still having problems when they review clients’ financial reporting controls. Some firms have addressed the issue, and audit regulators have noted some improvement. But the firms still have more work to do to fully address the problems. The PCAOB’s […]

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SEC Pressure May Roll Back Auditor Independence Agenda

SEC Pressure May Roll Back Auditor Independence Agenda

SEC officials want the PCAOB to shift direction and forego its work on its planned independence standards. The officials prefer that the audit regulator focus its efforts on standards dealing with the matters that auditors regularly encounter instead of imposing rules the accounting firms have fought strenuously for years. SEC Chief Accountant James Schnurr, in […]

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Audit Inspections In 2015 To Focus On Range Of Issues

Audit Inspections In 2015 To Focus On Range Of Issues

The PCAOB is planning its audit inspections for 2015, and board officials want to pay special attention to the audit work concerning a number of high-profile issues, including merger accounting, income taxes, computer security and big data, and falling oil prices. Inspection teams will be focusing on auditors’ reviews of clients’ financial reporting controls for […]

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Investors Back Plan To Identify Lead Partner In Auditor Reports

Investors Back Plan To Identify Lead Partner In Auditor Reports

The PCAOB plans to issue a request for additional comments on its rule proposal to identify lead partners on client engagements. At the same time, the audit regulator is facing stiff resistance from the audit firms that will be subject to the rule. Investors who back the effort to name the lead audit partner are […]

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Official Says Manufacturers Should Make Clear Conflict Minerals Disclosure

Official Says Manufacturers Should Make Clear Conflict Minerals Disclosure

Based on early observations of conflict minerals reports, companies could do a better job making clearer disclosures, the director of the SEC’s Division of Corporation Finance said. The Dodd-Frank mandated rule requires companies to disclose sources of minerals from the war-torn Democratic Republic of the Congo. Manufacturers could do a better job disclosing information about […]

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Staff Alert Warns Auditors About Problems with Revenue Reporting

Staff Alert Warns Auditors About Problems with Revenue Reporting

The PCAOB warned audit firms to pay more attention to their clients’ reporting of revenue. The audit regulatory board said it continues to find problems with how accounting firms treat the reporting of revenue, including the way auditors test a client’s revenue from contracts. The PCAOB warned audit firms on September 9, 2014, to pay […]

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Budget Drops 3 Percent To $250.9 Million For 2015

Budget Drops 3 Percent To $250.9 Million For 2015

The PCAOB approved a budget of $250.9 million for 2015, a 3 percent decrease that the audit regulatory board’s leadership said reflected as better use of funds and limited staffing. The board also approved its 2014-2018 strategic plan which lays out the direction for its programs and operations. The PCAOB unanimously approved a $7.5 million […]

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Auditors May Have to Give More Details About Firms That Assist Them

Auditors May Have to Give More Details About Firms That Assist Them

The PCAOB plans to soon adopt rules requiring accounting firms to identify firms they hire for portions of their work for public company clients. The requirement may move forward in September as part of a planned standard to provide more information to investors about the audit work. The PCAOB plans to soon adopt rules requiring […]

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Chinese Audit Firm Inspections May Start by Year-End

Chinese Audit Firm Inspections May Start by Year-End

The PCAOB’s leadership expects to begin inspecting Chinese audit firms in the People’s Republic as soon as this year. The resurgent market in Chinese company initial public offerings (IPO) on U.S. stock exchanges gave the audit regulatory board an extra incentive to reach a deal. PCAOB Chairman James Doty said on July 15, 2014, that […]

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Plan for Fraud Task Force Gets Sidelined

Plan for Fraud Task Force Gets Sidelined

The PCAOB decided not to form a task force on accounting fraud for its Standing Advisory Group. Board officials felt they could address the issue via confidential exchanges of ideas in small group settings. The PCAOB has decided against forming a task force for its Standing Advisory Group (SAG) to help auditors detect financial reporting […]

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Doty Calls Inspection Reports a Key Part of Investor Protection Regime

Doty Calls Inspection Reports a Key Part of Investor Protection Regime

PCAOB inspectors continue to find serious problems when they review the work public accounting firms do for their clients. The inspection reports that provide details about the problems aren’t always well received, but the audit regulatory board’s leadership believes that the revelations about flawed audit work are needed to shield investors from the harm done […]

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Broker-Dealer Audit and Attestation Standards Finalized

Broker-Dealer Audit and Attestation Standards Finalized

The PCAOB published its audit and attestation standards related to the Dodd-Frank Act. The standards, which were approved by the SEC in February, outline an auditor’s responsibility for the information that accompanies a broker-dealer’s audited financial statements; set rules for auditors examining broker-dealer compliance reports; and establish requirements for a review of a broker-dealer’s claim […]

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Broker-Dealers and Investment Companies Resist Plans to Expand Auditor’s Report

Broker-Dealers and Investment Companies Resist Plans to Expand Auditor’s Report

Broker-dealers and investment companies are worried about the PCAOB’s proposal to expand the auditor’s report in company regulatory filings and require auditors to alert investors to critical issues they uncover while reviewing a client’s financial statements. In their view, the extra information will confuse investors and give the false impression that something is seriously wrong […]

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Proposed Expansion of Auditor’s Report Garners Some Support

Proposed Expansion of Auditor’s Report Garners Some Support

The PCAOB plans to make the auditor’s report more useful to investors by requiring auditors to communicate the critical issues they uncover when reviewing client financial statements. Despite the opposition of some auditors, the plan is garnering support from some groups, judging from the tenor of the discussion at a public forum the regulatory board […]

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Broker-Dealer Inspection Program May Be Tailored to Fit Audit Firms

Broker-Dealer Inspection Program May Be Tailored to Fit Audit Firms

PCAOB Chairman James Doty told the SEC that his agency is looking at the different business models of the accounting firms that serve the brokerage industry and considering how it may scale its inspections of the audit firms. The PCAOB has been inspecting audit firms for the brokerage industry under a temporary program for almost […]

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Board Member Hanson Wants Term ‘Audit Failure’ Eliminated

Board Member Hanson Wants Term ‘Audit Failure’ Eliminated

During a recent speech, PCAOB member Jay Hanson said he wants the board to eliminate the term “audit failure” because it confuses investors and audit committees about what it means. He believes that some take audit failure to mean that there was financial misstatement when that may not be the case. The board uses it […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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