The Public Company Accounting Oversight Board has proposed rule changes that would make it easier for the Board to hold individual auditors accountable for negligent behavior that contributes to violations at audit firms and that put investors at risk. The PCAOB proposal would amend Rule 3502, Responsibility Not to Knowingly Read More
The Public Company Accounting Oversight Board (PCAOB) has hit audit firm CohnReznick with a censure and a $20,000 civil penalty for alleged failures to timely disclose disciplinary proceedings brought against the firm by the Securities and Exchange Commission, the PCAOB announced. According to the PCAOB’s disciplinary order, CohnReznick failed to Read More
The Public Company Accounting Oversight Board (PCAOB) has imposed the largest civil money penalty in its history when it hit a former audit partner with a $150,000 fine. It says the auditor, Jonathan Taylor, repeatedly misled PCAOB inspectors and investigators during two inspections and a subsequent investigation. It also barred Read More
The Public Company Accounting Oversight Board (PCAOB) has fined four audit firms for failing to file Form APs and, thus, failing to disclose who led specific audits for the firm and whether any other firms were involved in those audits. Failure to file Form APs in a timely manner is Read More
Chinese companies seeking to retain a new accounting firm based in the United States so as to not be delisted from U.S. securities exchanges must remain mindful of their compliance regulatory obligations, the Securities and Exchange Commission’s acting chief accountant warned in a recent statement. According to SEC data, more Read More
The top U.S. audit regulator has signed an agreement with China that marks the first step toward gaining access to complete inspections and investigations of public accounting firms headquartered in mainland China and Hong Kong. The Public Company Accounting Oversight Board inspects and investigates public accounting firms in more than Read More
The Public Company Accounting Oversight Board (PCAOB) adopted amendments to its auditing standards on June 21 to improve lead auditors’ supervision of other auditor’s work. As companies increase their global presence, the use of additional audit firms has become more prevalent in the conduct of external audits. In 2021, 26 percent Read More
