Search Results for: PCAOB
Hong Kong-based audit firm and two accountants charged by SEC
December 18th, 2014
The Securities and Exchange Commission imposed sanctions against a Hong Kong-based audit firm and two accountants for failing to properly audit year-end financial statements of a company that the SEC has charged with fraud. An SEC investigation found that Baker ...
7 risk areas for the 2014 audit cycle
December 5th, 2014
Revenue recognition, internal control over financial reporting, and professional skepticism are among the seven key areas for 2014 audit consideration, according to an alert sent Thursday by the Center for Audit Quality (CAQ). The alert is designed to help ...
New rule will soon be adopted for audit
August 14th, 2014
A new rule that will require accounting firms to disclose the names of individual partners who work on company audits could be adopted as soon as September, the top U.S. audit watchdog said Wednesday. The rule proposed by the ...
Rule Field Test Foretells Crunch in Closing the Audit
June 24th, 2014
Field testing of a proposed expansion of the auditor’s report suggests the new requirements will produce a new crunch in the closing phase of the audit, and auditors will need some additional guidance to assure they focus on the ...
Auditors Favor Curbs on Changes to the Audit Report
June 23rd, 2014
Rather than divulge every worry that kept them up at night during an audit, some auditors feel that they should limit their reporting of “critical audit matters” to the anxieties they’ve reported to the audit committee, according to an ...
Regulators Fear Big Data Threatens Audit Quality
April 16th, 2014
Does audit firms’ emphasis on data analytics mean that audits themselves are suffering? Regulators around the world are worried that a rise in audit firms’ consulting business and a corresponding slowdown in the growth of revenues from traditional audits ...
Regulators suggest firms take deep dive into audit quality
April 11th, 2014
While acknowledging that auditors are under unprecedented scrutiny, an international association of audit regulators is asking audit firms to analyze causes of problems in audits globally in hopes of finding remedies. Lewis Ferguson, chair of the International Forum of ...
EU Enacts 10-Year Auditor Rotation
April 4th, 2014
The European Parliament today enacted new rules requiring public companies to change auditors after a maximum of 10 years. EU member countries can decide to extend the 10-year auditor rotation period for up to 10 more years if companies ...
