Michael Rapoport reports in the Wall Street Journal on the waning James Doty era at the PCAOB and that he will probably exit with unfinished business:
Auditors can hardly wait for self-regulation again.
The big news in international audit firm world today is an announcement by the PCAOB that Deloitte’s Brazil firm audited badly and then covered up that bad auditing, which is also bad.
The election of Donald Trump is likely to transform the Public Company Accounting Oversight Board (PCAOB). While the PCAOB is technically a non-partisan private regulator, it will not likely escape Trump’s commitment to drain the swamp.
The Big 4 has been attempting to bring sexy back to auditing for awhile now with leaders talking about innovation this and technology that.
After nearly seven years since the first concept release, the SEC approved the PCAOB's rules for disclosing the names of audit engagement partners and other participating firms.
Are you an auditor? Do you have any public company clients? Have you recently been notified that the PCAOB will be inspecing the audit of one of those public company clients?
Has it been awhile since we've discussed a egregious independence violation committed by an audit firm? Yes, I think it has.
PCAOB Chairman James Doty had the pleasure of presenting a budget to the SEC today and it probably could've gone better.
SEC Chair Mary Jo White said that she'll wait until two new commissioners are appointed before deciding on whether James Doty will remain the head of the PCAOB.