Michael Piwowar made a funny:
SEC Chief Accountant James Schnurr says that, although "there's room for improvement" audit quality "is getting better" and the PCAOB has "deepened their expertise" and "their inspection process has matured."
The SEC's fiscal year wrapped on September 30, so naturally, they wanted to take a victory lap with their enforcements results.
John White, a prominent lawyer with Cravath, Swaine & Moore, sits on the PCAOB's Standing Advisory Group. His wife, Mary Jo, chairs the SEC. She, along with the other commissioners, will choose the next PCAOB chair. Some people don't like how that looks:
Things are looking pretty good for someone who will not be named in the matter of something that will not be mentioned:
Chief Accountant James Schnurr let it slip that the Commission is preparing a concept release that will, "[seek] formal feedback from investors about whether they are getting enough information from audit committees."
Here's a story of hedge fund of fund guys doing hedge fund of fund guy things -- onshore fund, offshore fund, master fund, an investment advisor, along with a couple other affiliated companies -- and not being very good at some of the finer details:
What exactly do you think "settlement" means?
Oooh, that $500,000 is *really* going to hurt. Not.
Let's just say the SEC identified some deficiencies in the PCAOB's efforts.