Daily Compliance News: June 25, 2025, The PCAOB Elimination Hits Roadblock Edition
Shout Outs and Rants: Episode 153, The CW 25 Edition
Compliance into the Weeds - SOX Compliance, PCAOB Inspections and Audits
FCPA Compliance Report-Episode 449, Francine McKenna with an update on the KPMG-PCAOB Scandal
Compliance into the Weeds: Episode 144-Changes at the PCAOB
Episode 25 -- Unraveling the KPMG Audit Scandal
Compliance into the Weeds-Episode 51, the PCAOB and Compliance
Despite the future of the Public Company Accounting Oversight Board coming under threat, the PCAOB continues to release guidance, implement rules, conduct inspections and pursue enforcement actions....more
The PCAOB’s Division of Enforcement and Investigations’ 2024 first quarter activity continued the blistering pace of enforcement since Erica Williams became the Board’s Chair. While the Board’s first quarter enforcement...more
On June 6, 2023, the Public Company Accounting Oversight Board (“PCAOB”) proposed new auditing standards that would substantially broaden auditors’ responsibilities for considering an audit client’s noncompliance with laws...more
As year-end fast approaches, there has been no shortage of regulatory developments relevant to the upcoming financial reporting season. Several of these developments are summarized below....more
U.S. capital markets are beginning to experience the effects of the passage of the Holding Foreign Companies Accountable Act (HFCAA). Amid continuing tensions between the United States and China, then-President Trump signed...more
On December 30, 2019, the Chair of the Securities and Exchange Commission, the SEC’s Chief Accountant, and the Director of the SEC’s Division of Corporation Finance issued a joint statement regarding the role of audit...more
The PCAOB has just released a new resource for audit committees about critical audit matters, designed to “inform audit committees as they engage with their auditors on the new CAM requirements.” The new auditing standard for...more
The PCAOB posted to its website a staff guidance document, A Deeper Dive on the Communication of CAMs, developed to support implementation of the new critical audit matter requirements....more
Last week, the Public Company Accounting Oversight Board published new staff guidance to support implementation of the impending critical audit matters (CAMs) disclosure requirements, which first become effective later this...more
As you may recall, auditors of large accelerated filers will be required to report on CAMs—critical audit matters—in their auditor’s reports for fiscal years ending on or after June 30, 2019 and in auditor’s reports for all...more
On October 23, 2017, the Securities and Exchange Commission (“SEC”) unanimously approved (the “Approval Release”) the Public Company Accounting Oversight Board’s (“PCAOB”) proposal to adopt a new auditing standard, AS 3101,...more
On October 23, 2017, the Securities and Exchange Commission approved the Public Company Accounting Oversight Board’s (“PCAOB”) proposal to adopt a new auditing standard, AS 3101....more
For better or worse, auditors' reports at public companies are going to become more interesting. How this will impact interactions between auditors, companies, audit committees and shareholders is not yet clear. ...more
The U.S. Securities and Exchange Commission (SEC) announced Monday that it will now require publicly traded companies to disclose remarks or inquiries made by independent auditors regarding critical audit matters....more
The SEC has approved the Public Company Accounting Oversight Board’s (“PCAOB”) new standard for audit reports on public company financial statements. The new auditor reporting standard will require more information about the...more
The SEC has approved the Public Company Accounting Oversight Board's (PCAOB) new standard for audit reports on public company financial statements. The new auditor reporting standard will require more information about the...more
The PCAOB has issued an alert to discuss certain significant matters relating to the application of PCAOB standards relevant to auditing the implementation of the new accounting standard for revenue from contracts with...more
The staff of the Public Company Accounting Oversight Board recently published a Staff Inspection Brief regarding its 2017 inspections of registered audit firms. As described in the corresponding news release, the goal of the...more
A nearly $5 billion deal between French energy company Total and the oil and gas arm of Danish shipping giant Maersk is making waves this morning. Total will also assume a few tankers-full of Maersk Oil’s debt....more
The Public Company Accounting Oversight Board adopted a new auditor reporting standard that will require more information about the audit. The new standard is subject to SEC approval....more
In a recent speech, SEC Enforcement Director Andrew Ceresney confirmed the SEC’s continued pursuit of investigations and enforcement actions relating to issuer reporting and disclosure, an area that remains a high priority...more
The PCAOB’s Chief Auditor issued a new standard-setting agenda on September 30 (the Updated Agenda), which notes the following future requests for comments, but no substantive adoptions, between October 2014 and March 2015....more
On December 11, 2013, the public comment period will close on two new auditing standards proposed by the Public Company Accounting Oversight Board (PCAOB) to improve the informational value of the auditor’s report. These...more
PCAOB’S MISSION - For two years, the Public Company Accounting Oversight Board (PCAOB) has been reviewing the work of auditors of broker-dealers, with a view to assessing their work and enabling the PCAOB to develop a...more
As a result of ongoing efforts to improve the informational value of the auditor’s reporting model, on August 13, 2013, the Public Company Accounting Oversight Board (PCAOB) proposed two new auditing standards for public...more