PCAOB Has an Extra $20 Million to Spend on Field Trips to China

PCAOB Chairman James Doty shot the breeze with the SEC for awhile today, speaking about, among other things, how the Board would handle this boatload of Chinese filers who don't seem to know their asses from their elbows when it comes to accounting and their auditors who are similarly clueless. Doty assured the Commission that a meeting with the Chinese could happen at any moment and that seemed to be good enough for everyone, as the Board's new budget was approved unanimously. Of the $23 million in extra funds, Reuters reports, "Much […] will go toward expanding the PCAOB's inspections program so it can increase the number of international inspections it performs," which should go a long way in finding countries more likely to play ball with the inspection process. [Reuters]

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

SEC Takes Away Privileges From Another Felon In KPMG/PCAOB Scandal

David Middendorf’s trial buddy, Jeffrey Wada, the now-former PCAOB inspections leader who fed confidential information about upcoming audit inspections to some folks at KPMG, including Middendorf, in the hopes of landing a job at the Big 4 firm, is now prohibited from appearing or practicing before the Securities and Exchange Commission as an accountant. Wada’s […]

Convicted Ex-KPMG Partner David Middendorf Suspended By the SEC

Another “KPMG 5” executive who will be serving prison time for his role in a scheme to steal confidential audit inspection lists from the PCAOB was suspended today from appearing or practicing before the Securities and Exchange Commission as an accountant. The SEC released the following two-page order of suspension against David Middendorf, former national […]