June 24, 2018

PCAOB

Report: Court Documents Name KPMG Audit Clients Caught Up in PCAOB Leak Fiasco

MarketWatch reporter and friend of Going Concern’s, Francine McKenna, wrote an outstanding article today after digging through court documents obtained by MarketWatch that name the audit clients caught up in the KPMG audit inspection conspiracy. And there are some pretty big names. The Justice Department in January brought criminal charges against five former KPMG executives […]

pcaob-nominees-sec-jay-clayton

We Might Have New PCAOB Member Nominees Soon, Someday, Maybe

Just keeping it warm. Dave Michaels reports at The Wall Street Journal that SEC Chairman Jay Clayton’s preferred choice to lead the PCAOB is rumored to be the same person everyone thought it would be: SEC Chairman Jay Clayton wants William Duhnke to become the PCAOB’s next chairman, according to one of the people familiar […]

Big 4 Auditors Are Probably Looking Forward to More Amiable PCAOB

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: Mr. Doty, chairman of the Public Company Accounting Oversight Board, may only have months left to pursue his wish list, including a change that would require auditors to tell […]

PCAOB Inspectors Find IT Auditors on the Struggle Bus

In case you missed the news earlier this month, all of the PCAOB reports are out for the Big 4's 2015 cycle of inspections. What schadenfreude awaits us? Let’s take a look. Big picture — regarding overall deficiency rate — PwC is the winner this year. Even if PwC is only slightly ahead, the firm […]

Exposure Drafts: It’s PCAOBeginning To Look A Lot Like Christmas

Exposure Drafts appears every other Wednesday. Send comments and suggestions to [email protected]

Deloitte’s Brazil Firm Covered Up a Couple of Bad Audits

The big news in the 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 whole thing involved a dozen auditors including the Brazil firm’s former Audit Practice Leader, former Risk and Reputation Leader and former […]

The Trump Administration Will Drain the PCAOB Swamp

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. Jim Doty’s term as PCAOB chairman expired in October of 2015. The PCAOB chairman is nominated by the SEC […]

PCAOB Unsure About Motives Behind Audit Firms’ Fancy New Thingamajigs

The Big 4 has been attempting to bring sexy back to auditing for awhile now, with leaders talking about innovation this and technology that, data this and 100% testing that. And that's cool, auditing needed the confidence boost, since advisory's been strutting around getting all the attention for the last decade. So yeah, we've noticed […]

Comp Watch ’16: PCAOB

PCAOB Chairman James Doty had the pleasure of presenting a budget to the SEC today and it probably could've gone better. I'd say that any time you're asking people for money it can be a little nerve-wracking, but this is the federal goverment! There's virtually no chance that you won't offend someone no matter how […]

PCAOB Unanimously Approves Auditor Disclosure Rule

Update below specifies the timing of the rule’s effect. As promised, the PCAOB is dropping its auditor disclosure rule with 9 shopping days left until Christmas. It's been quite a haul as the Board has been working this project since 2008 after the Treasury Department's Advisory Committee on the Accounting Profession recommended that audit partners […]