Login or Register

Featured Blogger

Facebook Access, Smartphone Options Over Salary?
James Finnan

Red-Hot Thread

"The corporate brand is not only used to improve competitive positioning and express company aspirations, it can also be a powerful tool to motivate employees."

Latest Forum Posts

Chanel handbags autumn
in CFO Profiles & Perspectives by feishusong, 17-11-11 04:48
Re:If Women Were in Charge...
in Your Career by liliwang, 16-11-11 20:23

CFOZone Experts

Opinions and views from expert CFOZone members.

Tag >> PCAOB
Apr 06

Five PwC affiliates fined $7.5 million

Posted by Stephen Taub in Securities and Exchange CommissionSEC enforcement, Satyam, Public Company Accounting Oversight BoardPricewaterhouseCoopersPCAOBIndiacomplianceauditorsauditingaudit

Stephen Taub

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.

Mar 17

PCAOB chairman warns of auditor disciplinary actions

Posted by Stephen Taub in Sarbanes-OxleyPCAOBcomplianceauditors

Stephen Taub
The chairman of the PCAOB said auditors of financial companies that contributed to the financial crisis several years ago are now the subject of pending PCAOB investigations and may lead to disciplinary actions against firms or individuals.

"The PCAOB inspected the audits of many of the issuers that later failed or received federal bail-out funds," said PCAOB chairman James Doty at a PCAOB Investor Advisory Group Meeting on Wednesday. "In several cases - including audits involving substantial financial institutions - PCAOB inspection teams identified what they determined to be audit failures of such significance that, in the inspectors' view, the firm had failed to support its opinion."

Doty stressed that under the Sarbanes-Oxley Act, the accounting watchdog group's disciplinary actions must remain confidential until both its proceeding and any SEC appeal are finished, adding that this will take a long time.

Jan 05

PCAOB focuses on foreign inspections

Posted by Karen1 in secSarbanes OxleyPCAOBAICPA


One item that's high on the To-Do list of the PCAOB (Public Company Accounting Oversight Board) for 2011: foreign inspections. "Robust oversight of audit work done in other countries is critical to the protection of US investors, given that significant operations of many US public companies are located beyond our shores," said Daniel Goelzer, acting PCAOB chair in a December speech at a national conference of the AICPA (American Institute of CPAs). In fact, the US Bureau of Economic Analysis (BEA) reported last year that sales by majority-owned foreign affiliates of U.S. firms came to about $5.5 trillion, or nearly 60 percent of the sales generated by their U.S. parent companies.

What's more, according to Section 106 of Sarbanes-Oxley, non-U.S. auditors of companies who register with the SEC are subject to PCAOB rules to the same extent as U.S. auditors.

Aug 12

Reining in the PCAOB

Posted by Going Concern in Securities and Exchange CommissionSarbanes-OxleyPublic Company Accounting Oversight BoardPCAOBCPAscomplianceBig FourBig 4auditorsauditingauditAccounting

Going Concern

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.

Jul 26

SEC looks to fill auditor oversight board vacancies

Posted by Going Concern in Supreme CourtPublic Company Accounting Oversight BoardPCAOBcomplianceBig 4auditAccounting

Going Concern

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.

Jun 30

Why the spirit of SarbOx will survive continued attack

Posted by dbedell in SarbOxSarbanes-OxleyRiskPCAOBinternal controlsinternal auditIn compliancecontrol


With the Supreme Court ruling to uphold most of SarbOx, and compliance costs decreasing, policymakers and their opponents continue to fight over the relative value of the legislation that first came into effect in 2002. But it may be a non-issue. Even as opponents of SarbOx continued to push for it to be overturned in the run-up to the Supreme Court ruling, it had already become an expected and integral part of the corporate internal audit process.

One lawyer who spoke with CFOZone before the ruling was announced noted that no client has asked him how they could backtrack on controls and other compliance requirements if SarbOx was overturned. Investors now expect that companies will be SarbOx compliant, and in the current environment of compliance conservatism, even if companies could reduce their internal audit requirements under SarbOx, few if any would.

Jun 29

Court decision undermines PCAOB's independence

Posted by Ron F in Supreme CourtSecurities and Exchange CommissionSection 404Sarbanes-OxleyPublic Company Accounting Oversight BoardPCAOBFASBcomplianceauditorsauditingAccountingaccountants

Ron F

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.

Jun 28

Supreme Court strikes down part of Sarbanes-Oxley

Posted by Stephen Taub in WorldcomSarbanes OxleyPublic Company Accounting Oversight BoardPCAOBEnroncompliance

Stephen Taub

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.

Mar 31

PCAOB throws more checklists at auditors

Posted by Going Concern in RegulationPCAOB, Lehman Brothers, Ernst & YoungcomplianceauditorsAccounting

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

Last week the PCAOB announced that it was getting serious about audit committee communication after it was revealed that Ernst & Young kinda sorta didn't think the Repo 105 situation was worth brining up to the Lehman Brothers audit committee. Granted, Dick Fuld is a pretty scary dude and has probably eaten plenty of Big 4 partners for breakfast in his day. But avoiding the awkward conversation this time around almost resulted in everyone fighting over stale hot dog buns in the street.

Copyright © 2009- CFOZone. All rights reserved. CFOZone is a property of PSN, Inc.