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: Public Company Accounting Oversight Board (PCAOB)

PCAOB Issues Concept Release On Auditor Independence; Comments Due Dec. 14
On August 16, 2011 the PCAOB voted to issue a Concept Release on Auditor Independence.
PCAOB Issues Concept Release On Auditor's Reporting Model; Comments Due Sept. 30
On June 21, 2011 the PCAOB voted to issue a Concept Release on the Auditor's Reporting Model. The comment period ends September 30. SEC Launches 'Financial Reporting Series' On Risks In Financial Reporting System
In remarks at USC's 30th Annual SEC and Financial Reporting Institute, SEC Chief Accountant Jim Kroeker announced that the SEC will launch a series of roundtables "to facilitate a balanced discussion of existing pressures or emerging issues in financial reporting." PCAOB To Consider Mandatory Audit Firm Rotation
PCAOB Chairman Jim Doty stated last week that PCAOB will consider the issue of potentially requiring mandatory audit firm rotation. SEC, PCAOB News Roundup As Of April 27, 2011
This summary is made available as a benefit of membership to FEI members only. COSO Update For PCAOB SAG - March 24, 2011
FEI Express Public Company Edition #88
FEI Express Private Company Edition #84
FEI Express Public Company Edition #84
SEC Exempts Small Cos. From Internal Control Audits
On Sept. 15, 2010 the SEC issued a Final Rule exempting small companies from Section 404(b) of the Sarbanes-Oxley Act. SEC, PCAOB News Roundup: July 1, 2010 - August 4, 2010
This summary of recent developments at the SEC and PCAOB is provided as a benefit of membership for FEI members only. Supreme Court Decides PCAOB Unconstitutional; Recommends A Cure
Earlier today, the U.S. Supreme Court issued its opinion in the Free Enterprise Fund et al. v. PCAOB et al. case. SEC, PCAOB News Roundup June 1, 2010 - June 23, 2010
This summary of recent developments at the SEC and PCAOB is provided as a benefit of membership for FEI members. SEC, PCAOB News Roundup May 1, 2010 - June 9, 2010
This summary of recent developments at the SEC and PCAOB is provided as a benefit of membership for FEI members. FEI Responds To PCAOB Proposal On Communication With Audit Committees
On May 28, 2010 FEI's Committee on Corporate Reporting filed a comment letter in response to the PCAOB's proposal on communication with audit committees. SEC, PCAOB News Roundup May 1, 2010 - May 26, 2010
This summary is available to FEI members only. SEC, PCAOB News Roundup - April 1, 2010 - May 12, 2010
This summary of highlights of developments relating to the SEC and PCAOB is prepared as a membership benefit for FEI members. SEC, PCAOB News Roundup April 1, 2010 - April 29, 2010
This summary of recent developments at the SEC and PCAOB is provided as a beneft of membership for FEI members. SEC, PCAOB News Roundup March 1, 2010- April 14, 2010
This summary of recent news from the SEC and PCAOB is provided as a benefit of membership to FEI members. SEC, PCAOB News Roundup March 1, 2010-March 31, 2010
This summary of recent developments at the SEC and PCAOB is provided as a benefit of membership for FEI members. PCAOB Proposes Auditing Standard On Communications With Audit Committees
On March 29, 2010 the PCAOB released for public comment a proposed auditing standard on Communications With Audit Committeees. SEC, PCAOB News Roundup - Feb. 1, 2010 - March 17, 2010
This summary of recent developments at the SEC and PCAOB is provided as a benefit for FEI members. PCAOB Publishes Staff Q&As On AS7: Engagement Quality Review
On Feb. 19, 2010 the PCAOB published staff Q&As on AS7, Engagement Quality Review. SEC, PCAOB News Roundup - Feb. 1, 2010-Feb. 17, 2010
This summary of recent developments at the SEC and PCAOB is provided as a benefit of membership to FEI members. SEC, PCAOB News Roundup Jan. 7, 2010-Feb. 3, 2010
This summary is provided as a benefit of membership to FEI members. SEC, PCAOB News Roundup Feb. 1, 2010 - March 3, 2010
This summary of recent developments at the SEC and PCAOB is provided as a benefit of membership for FEI members. SEC, PCAOB News Roundup Jan. 7, 2010 - Jan. 20, 2010
The following summary is provided as a benefit of membership for FEI members only. PCAOB AS7, Engagement Quality Review, Approved By SEC
On Jan. 15, 2010 the PCAOB announced that the SEC has approved PCAOB's AS7, Engagement Quality Review. SEC, PCAOB News Roundup Dec. 7, 2009 - Jan. 6, 2010
The following summarizes developments at the SEC and PCAOB from Dec. 7, 2009 to Jan. 6, 2010. This summary is provided as a benefit of membership for FEI members. PCAOB Reproposes Risk Assessment Standards; Comment Deadline March 2, 2010
On Dec. 17, 2009 the PCAOB voted to repropose a suite of seven auditing standards on risk assessment. The 75-day comment period will end March 2, 2010. SEC, PCAOB News Roundup Dec. 3, 2009-Dec. 16, 2009
This summary is provided as a benefit for FEI members. Accounting Standards And Audit-Related Provisions Of H.R. 4173
The following summary of accounting standards and audit related provisions of H.R. 4173, the Wall Street Reform and Consumer Protection Act, is provided for FEI members only. House Passes Financial Regulatory Reform Bill
On Dec. 11, 2009 the House of Representatives passed by a 223-202 vote, its version of a comprehensive financial regulatory reform bill, entitled H.R. 4173, the Wall Street Reform and Consumer Protection Act. SEC, PCAOB News Roundup Nov. 19, 2009 - Dec. 2, 2009
This summary of recent developments at the SEC and PCAOB is provided as a benefit of membership to FEI members only. PCAOB Approves Budget; Awaits Supreme Court
On Nov. 30, 2009 the PCAOB approved a $183 million budget for 2010. The budget awaits approval by the SEC. On Dec. 7, oral argument begins in a Supreme Court case in which the constitutionality of the PCAOB is being challenged. SEC, PCAOB News Roundup Nov. 5, 2009 - Nov. 18, 2009
Following are selected highlights of new documents issued by, and other developments taking place at the SEC and PCAOB. SEC, PCAOB News Roundup Oct. 22, 2009 - Nov. 4, 2009
Following is an update on recent activity at the SEC and PCAOB. SEC, PCAOB News Roundup Oct. 8, 2009-Oct. 21, 2009
Following is an SEC, PCAOB news update for the period Oct. 8, 2009-Oct. 21, 2009. Highlights Of PCAOB SAG Meeting - Day 2
Following are highlights of Day 2 of the PCAOB's Oct. 14-15, 2009 PCAOB Standing Advisory Group meeting. Highlights Of PCAOB SAG Meeting Include Standard-Setting Agenda
The PCAOB's Standing Advisory Group held a two-day meeting on Oct. 14-15, 2009 at which the SAG was presented with the PCAOB's standard-setting agenda for the upcoming year, and SAG input was sought on a number of focused topics, including fair value, use of specialists, communication with audit committees, and related parties. Highlights Of PCAOB SAG Meeting - Day 1
Following is a summary of Day 1 of PCAOB's 2-day SAG meeting convened on Oct. 14-15, 2009. SEC, PCAOB News Roundup Sept. 24, 2009-Oct. 7, 2009
Following are selected highlights of new documents issued by, and other developments taking place at, the SEC and PCAOB. SEC, PCAOB News Roundup Sept. 10, 2009-Sept. 23, 2009
This summary is available to FEI-members only as a benefit of membership. SEC, PCAOB News Roundup
The following news roundup is posted as a member benefit for FEI members-only. House Passes Promoting Transparency In Financial Reporting Act
On Sept. 9, 2009 the U.S. House of Representatives passed the Promoting Transparency in Financial Reporting Act of 2009. The bill now awaits Senate action. Charles Niemeier Stepping Down From PCAOB Post
Charles Niemeier announced on Sept. 2, 2009 that he intends to leave PCAOB in the near future. PCAOB Approves AS7; Issues Concept Release On Engagement Partner Signature
At its July 28, 2009 board meeting, the PCAOB approved Auditing Standard No. 7, Engagement Quality Review. Additionally, the PCAOB agreed to release for public comment a Concept Release on Requiring the Engagement Partner to Sign the Audit Report. Panel Addresses Regulatory Reform: The New World Order
FEI Responds To PCAOB Proposal On Engagement Quality Review
On April 23, 2009 FEI's Committee on Corporate Reporting sent a comment letter on the PCAOB's proposed standard on Engagement Quality Review. PCAOB Issues Staff Practice Alert On Fair Value
On April 21, 2009 the PCAOB issued Staff Audit Practice Alert No. 4, Auditor Considerations Regarding Fair Value Measurements, Disclosures and Other-Than-Temporary Impairments. PCAOB Issues Concept Release on Audit Confirmations; Baumann Named Chief Auditor
On April 14, 2009 the PCAOB board voted unanimously to issue for public comment a Concept Release on Audit Confirmations. Separately, Marty Baumann was named Chief Auditor of the PCAOB. PCAOB Votes To Re-Propose Standard On Engagement Quality Review
At its March 4, 2009 board meeting, the PCAOB voted unanimously to re-propose its Engagement Quality Review standard. There will be a 45 day comment period. FEI Comments On PCAOB’s Proposed Standards On Risk Assessment
SEC, FASB, PCAOB Remarks At AICPA Conference
The chairman of the SEC, FASB and PCAOB made keynote remarks, along with other SEC and PCAOB staff, at the AICPA's annual conference on current SEC and PCAOB developments Dec. 8-10, 2008. Highlights of PCAOB Chairman Mark Olson’s Speech At AICPA Conference
Following are highlights from PCAOB Chairman Mark Olson's keynote address at the AICPA National Conference on Current SEC and PCAOB Developments, Dec. 8, 2008. PCAOB Issues Audit Practice Alert On Current Economic Environment
On Dec. 5, 2008 the PCAOB issued Audit Practice Alert 3: Audit Considerations in the Current Economic Environment. Other recent releases from the PCAOB are also described below. PCAOB Unanimously Approves 2009 Budget
On Nov. 25, 2008 the PCAOB voted to approve its 2009 budget, and directed its staff to submit the budget to the U.S. Securities and Exchange Commission for approval in accordance with Sarbanes-Oxley Act Section 109. FEI CFRI Conference Features Panel On Fair Value
Fair value accounting was the subject of a breakfast panel at Financial Executives International’s (FEI’s) Current Financial Reporting Issues conference on Nov. 18, 2008. The panel, presented by SmartPros Ltd., featured Kenneth N. Goldmann of J.H. Cohn LLP, and Michael R. Young of Willkie Farr & Gallagher, and Colleen Cunningham of Resources Global Professionals. Highlights of PCAOB SAG Meeting
Following are highlights from the Oct. 22-23, 2008 Public Company Accounting Oversight Board (PCAOB) Standing Advisory Group (SAG) meeting. PCAOB Proposes Seven New Auditing Standards On Risk; 120-Day Comment Period
On Oct. 21, 2008, the Public Company Accounting Oversight Board voted unanimously to release for a 120 day comment period, a suite of seven proposed risk assessment standards, and related conforming amendments to other interim standards. Treasury Advisory Committee On Auditing Profession (ACAP) Issues Final Report
On Sept. 26, 2008 the U.S. Treasury Department’s Advisory Committee on the Auditing Profession (ACAP) voted to release its Final Report. SEC Approves PCAOB Rules On Communication With Audit Committees, Tax Services
PCAOB Receives Favorable Court Ruling On Constitutional Challenge
The PCAOB issued a statement noting the Court of Appeals ruled today in their favor in a case involving a challenge to the PCAOB’s Constitutionality. Directors, Financial Execs. Invited To Special Session At PCAOB Small Business Forum
PCAOB Adopts Successor Firm Rule, SEC Approval Next
On July 29, 2008, the PCAOB voted to adopt final rules and a corresponding form (“Form 4”) that govern when an audit firm would be allowed to succeed to the registration status of a predecessor firm following a merger or other change in the registered firm’s legal form. PCAOB Adopts Rules On Annual, Special Reporting By Audit Firms; Next Step: SEC Approval
The PCAOB approved on June 10, 2008 final rules on annual and special reporting by audit firms. The rules are subject to SEC approval. Steven B. Harris Appointed PCAOB Board Member
COSO Releases ED On Monitoring Internal Control
PCAOB, IRS Seek Nominations For Advisory Groups
Treasury Committee On Audit Profession Publishing Draft Report For Comments
PCAOB Amends Tax Services Rule; Adopts Communication With Audit Committee Rule
On April 22, 2008, the PCAOB amended its tax services rule and adopted a new rule on communications with audit committees. SAG Members Warn CiFIR Professional Judgment Framework Could Become Litigation Trap
Some members of PCAOB's Standing Advisory Group warned during their meeting on Feb. 27, 2008 that a Professional Judgment Fraemwork recommended by the SEC's Advisory Committee on Improvements to Financial Reporting (CIFiR) could become a litigiation trap. PCAOB Proposes Tightening of Engagement Quality Review
The PCAOB voted on Feb. 26, 2008 to release for public comment a proposed auditing standard to tighten the requirements for auditors to conduct an Engagement Quality Review (EQR) – commonly referred to as a concurring partner or second partner review – by requiring all registered audit firms to conduct EQRs for all engagements conducted under PCAOB standards. PCAOB Adopts AS6 on Consistency of Financial Statements, Agrees To Move GAAP Hierarchy
At its board meeting today, the PCAOB voted to adopt AS6, "Evaluating Consistency of Financial Statements" in light of FAS 154 on Accounting Changes and Error Corrections. PCAOB also agreed to amend its standards to move the GAAP Hierarchy from audit to accounting standards. Proposals Adopted At SEC CIFR Meeting
Following is a list of proposals adopted at the January 11, 2008 meeting of the SEC Advisory Committee on Improvements to Financial Reporting (CIFR). Accounting Roundup: Year In Review 2007, By Deloitte
Deloitte's Heads Up summarizes major events for 2007 at FASB, IASB, PCAOB, SEC, etc. SEC Approves PCAOB Budget; Commissioner Atkins Dissents Over Board Salaries
On Dec. 18, 2007, the SEC voted to approve the 2008 budget of the PCAOB. The SEC also approved the related accounting support fee charged to public companies which funds the PCAOB. FEI Comments On PCAOB Preliminary Staff Views On Small Co Audits
FEI CEO's Top Challenges For Financial Executives In 2008
SEC, PCAOB, FASB Leaders Speak At 35th Annual AICPA Conference
On Dec. 10-12, 2007, leaders from the SEC, PCAOB and AICPA spoke at the AICPA's 35th annual National Conference on Current SEC and PCAOB Developments. PCAOB Issues Audit Practice Alert On Fair Value, Specialists
On Dec. 10, 2007, the Public Company Accounting Standards Board (PCAOB) issued Audit Practice Alert (APA) No. 2, entitled “Matters Relating to Auditing Fair Value Measurements and the Use of Specialists.” PCAOB Announces 2008 Standing Advisory Group (SAG)
PCAOB names 2008 Standing Advisory Group (SAG), which includes FEI members PCAOB Forum: Auditing In The Small Business Environment
Highlights from PCAOB Oct. 18, 2007 Forum on Auditing in the Small Business Environment Summary of PCAOB SAG Meeting-Part One: Standard Setting Priorities
Summary of Part 4 of PCAOB SAG Meeting
Following is a summary of Part 4 (emerging issues/subprime issues) of the Oct. 18, 2007 PCAOB SAG meeting. Summary of Part 1 of PCAOB SAG Meeting
This is a summary of Part 1 (standard-setting priorities) of the Oct. 18, 2007 PCAOB SAG meeting. PCAOB SAG Meeting: 'Start With A Clean Slate,' Says Hanish
Following are highlights from the PCAOB SAG meeting held Oct. 18, 2007. Summary of Part 3 of PCAOB SAG Meeting
Following summarizes Part 3 (restatements study) of PCAOB's Oct. 17, 2007 SAG meeting. Summary Of Part 2 of PCAOB SAG Meeting
Following is a summary of Part 2 (IFRS) of the Oct. 18, 2007 PCAOB SAG meeting. Highlights of PCAOB SAG Meeting - FOR FEI BLOG
FEI BLOG summary: This version of FEI's summary of the Oct. 17, 2007 PCAOB SAG meeting is made available to FEI blog readers. It links to detailed summaries of Parts 1,2,3 and 4 of the SAG meeting which are available to FEI members only. PCAOB Board Member Kayla Gillan Stepping Down
PCAOB CIO Ray Schmidt Leaving PCAOB
Ray Schmidt has resigned his position as chief information officer of the Public Company Accounting Oversight Board on Sept. 1. Marc Stewart, deputy director, Office of Information Technology, will act as interim CIO until a permanent CIO is appointed. PCAOB Votes To Release Proposals On Tax Services, Independence
At its board meeting on July 24, 2007, the PCAOB voted to issue two proposals for a 45 day public comment period. One is a proposed rule amendment on tax services and independence, the other is a proposed new rule on communication with audit committees on independence (superceding ISB 1). Auditing Fair Value Accounting – PCAOB Observations
The following observations of PCAOB Chairman Mark Olson regarding Auditing Fair Value were made in a speech by Olson on June 7, 2007. Changes Made to Auditing Standard 5 (AS5) vs. AS2
Following is a summary of changes made to PCAOB Auditing Standard No. 5 (AS5) on internal control audits, vs. the standard it supercedes, AS2. This information is based on a speech given by PCAOB Chairman Mark Olson on June 7, 2007. PCAOB Chairman On AS5, Fair Value; SAG Meeting Announced
Changes made in Auditing Standard No. 5 (AS5) on internal control audits, vs. AS2, and issues relating to Auditing Fair Value Accounting, were outlined in a speech by PCAOB Chairman Mark Olson on June 7, 2007. Also on June 7, PCAOB announced its next SAG meeting will be June 21. PCAOB Votes To Approve AS5, More; Next Up: SEC Review
At its meeting on May 24, 2007, the Public Company Accounting Oversight Board (PCA)B) adopted Accounting Standard No. 5 (AS5), “An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements,” to replace its previous internal control auditing standard, AS2. PCAOB To Vote May 24 On Internal Control Audit Standard Replacing AS2
The PCAOB announced May 16, 2007 it will vote May 24 whether to adopt a final internal control audit standard that would supercede AS2. Deputy Chief Auditor Laura Phillips Departing PCAOB
The PCAOB announced today that Laura J. Phillips, Deputy Chief Auditor, will leave the Board later this year. Ms. Phillips has been responsible for providing technical direction on the development of the Board’s standards, including ensuring that standards and guidance were communicated to auditors of public companies and other interested parties. PCAOB Proposes Audit Standard And Concept Release
On April 3, 2007, the PCAOB voted to release a proposed auditing standard and concept release for public comment. See PCAOB's press release at: www.pcaobus.org . Additional details follow. PCAOB To Consider Standards On Consistency, GAAP Hierarchy, Tax
On March 29, 2007, the PCAOB announced it will hold an open board meeting on Tuesday, April 3 at 9:30 am to consider releasing two proposed standards and a concept release. PCAOB SAG February 22 Meeting Highlights
On Feb. 22, 2007, the Public Company Accounting Oversight Board’s (PCAOB) received input from its Standing Advisory Group (SAG) on the PCAOB’s proposed internal control audit standard, AS5. Separately, the SAG heard from a panel on, and discussed, forensic audit procedures. PCAOB Chairman Addresses Tax Council Policy Institute, Speaks on Global Regulation
On Feb. 2, 2007, Public Company Accounting Oversight Board (PCAOB) Chairman Mark Olson delivered a speech on “Global Risk and Regulation - The Role of the PCAOB” to the Tax Council Policy Institute. Olson focused his remarks on the importance of regulatory coordination across borders. PCAOB SAG to Discuss Proposed Revisions to AS2, Forensics
On Feb. 7, 2007, the Public Company Accounting Oversight Board (PCAOB) announced it has scheduled its next Standing Advisory Group (SAG) meeting for February 22. Topics to be discussed included proposed revisions to AS2 and forensic audit procedures. PCAOB Issues Report On Auditors’ Responsibility To Detect Fraud
On Jan. 22, 2007, the Public Company Accounting Oversight Board (PCAOB) announced the issuance of a report on the auditors’ responsibility to detect fraud. PCAOB Proposes New Internal Control Audit Standard, ´AS5´
On Dec. 19, 2006, the Public Company Accounting Oversight Board (PCAOB) voted unanimously to propose a new internal control audit standard - already dubbed by some to ultimately be issued as "AS5," replacing the current standard, AS2. There will be a 70-day comment period, and related proposals were also approved. Highlights follow. PCAOB To Consider New Internal Control Audit Rule On Dec. 19
PCAOB Board To Vote On 2007 Budget
PCAOB Small Business Forum Aimed At Auditors Of Smaller Cos.
Accounting Roundup, October 2006, By Deloitte
PCAOB Delays Prohibition Of Tax Services To Certain Finance Execs
PCAOB Announces 2007 Standing Advisory Group
PCAOB Guidance On Auditing Fair Value Of Share Options
Summary of PCAOB Proposed Standard Setting Activities for 2007
SAG Urges PCAOB To Focus on Fraud, Audit Quality
At its Oct. 5, 2006 meeting, members of the Public Company Accounting Oversight Board’s (PCAOB’s) Standing Advisory Group (SAG) urged the PCAOB to make audit standards relating to fraud detection a high priority, and recommended audit quality be used to measure the PCAOB’s performance. PCAOB 2007 Standard-Setting Priorities
SAG To Discuss PCAOB Performance, Small Bus. Issues On Oct. 5
Accounting Roundup, August 2006, By Deloitte
Review of developments from FASB, GASB, AICPA, SEC, PCAOB, IASB, COSO for August 2006, by Deloitte LLP. Accounting Roundup, By Deloitte-August 2006
PCAOB Names Deputy Directors In Enforcement And Investigations
PCAOB On Timing and Accounting For Stock Options Grants
Mark Olson Named PCAOB Chair, Gillian Reappointed
PCAOB SAG Discusses AS2 Amendments, Stock Options Backdating
Agenda, Briefing Papers For June 12-13 2006 SAG Meeting
Staff Q&As: Adjustments To Prior-Period Financial Statements Audited By Predecessor Auditor
PCAOB Proposes Rules for Registered Audit Firms’ Annual, Special Reporting to PCAOB
PCAOB Proposes Reporting Rules For Audit Firms, Successor Firm Matters
PCAOB To Consider Rules For Periodic Reporting By Registered Accounting Firms
Sarbanes-Oxley Section 404 `Next Steps,` By SEC, PCAOB
Highlights from SEC-PCAOB May 10 Internal Controls Roundtable
FASB, SEC, PCAOB Updates Key Issues
FEI President, Other Panelists Announced for May 10 SEC/PCAOB Roundtable
PCAOB Accounting Support Fee, Funding Process: FAQ dated 4.06
SEC Approves PCAOB Rules On Auditor Ethics, Independence, Tax Services
PCAOB Adjusts Implementation Schedule for Ethics, Independence Rules Awaiting SEC Approval
PCAOB Names Phillips and Rand Deputy Chief Auditors
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