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Tag >> Public Company Accounting Oversight Board
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Posted by Stephen Taub in Securities and Exchange Commission, SEC enforcement, Satyam, Public Company Accounting Oversight Board, PricewaterhouseCoopers, PCAOB, India, compliance, auditors, auditing, audit
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Five India-based affiliates of PricewaterhouseCoopers (PwC) agreed to pay $7.5 million to regulators to settle charges of conducting deficient audits of Satyam Computer Services and other firms. The PW India affiliates agreed to pay a $6 million penalty to settle the SEC's charges, the largest ever by a foreign-based accounting firm in an SEC enforcement action.
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Posted by Going Concern in Securities and Exchange Commission, Sarbanes-Oxley, Public Company Accounting Oversight Board, PCAOB, CPAs, compliance, Big Four, Big 4, auditors, auditing, audit, Accounting
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Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs. The PCAOB has had a pretty good run of late. It all started with the SCOTUS handing them a loss that was really a win and the Board has, most recently, gotten ambitious with new risk assessment standards. What's more is the call of acting Chair Dan Goelzer to have the Board's enforcement inspections held publicly so audit firms can't get all mysterio about what they did and did not do to warrant said inspection.
Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs. Since the PCAOB is here to stay, the SEC figured it was probably best that they get some people sit on this thing to, ya know, help protect the investors, the public at large, so on and so forth. The problem, as it appears to us, is that Mary Schapiro and the gang are plumb out of ideas for nominations. Accordingly, they're out there looking for help from some of the best and beardest, including the Beard, acting PCAOB chair Dan Goelzer, AICPA President and CEO Barry Melancon and a few other noted notables.
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Posted by Ron F in Supreme Court, Securities and Exchange Commission, Section 404, Sarbanes-Oxley, Public Company Accounting Oversight Board, PCAOB, FASB, compliance, auditors, auditing, Accounting, accountants
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We're not quite as sure as others are that yesterday's Supreme Court decision regarding SarbOx is so utterly meaningless regarding the future of the Public Company Accounting Oversight Board. Sure, the court said the law is still fully in effect, blah, blah, blah.
In a major, stunning, but not totally unexpected ruling, the Supreme Court struck down part of the Sarbanes-Oxley Act that was created in the aftermath of a rash of corporate scandals in the early 2000s. The High Court ruled 5-to-4 that the Act violates the Constitution's separation of powers mandate since the president is unable to remove members of The Public Company Accounting Oversight Board, which was created to oversee the outside accounting firms that audit public companies.
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