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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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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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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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Big Four Suggests Changes to Proposed Expansion of Auditor’s Report

Big Four Suggests Changes to Proposed Expansion of Auditor’s Report

Comment letters from the Big Four accounting firms in response to the PCAOB’s proposed expansion of the auditor’s report were not overly critical of the plan, but the firms still had plenty of suggested changes. The board wants auditors to disclose what they determined to be the critical issues in reviewing a company’s financial statements. […]

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Spike in Consulting Review Leads to Public Debate

Spike in Consulting Review Leads to Public Debate

Regulators are becoming more concerned about audit firms’ growing consulting practices. PCAOB Chairman James Doty thinks the issue needs to be debated in public and said a roundtable will help regulators understand the effect nonattest services are having on audit work. At the same time, SEC officials are reminding public accounting firms of their responsibility […]

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Revised Version of Auditor ID Proposal Is Published

Revised Version of Auditor ID Proposal Is Published

The PCAOB issued a revised version of a proposed rule that its leadership believes will make audit reports more useful to investors and help inform their decision-making on issues such as the annual vote on a company board’s selection of an outside auditor. If the rule is finalized, the name of the lead partner on […]

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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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Member CA Bar Member Orange County Bar US Tax Court Attorney