July 21, 2018

James Doty

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 […]

So Much for the PCAOB Inspecting Audit Firms in China

Welp. After years of negotiation and Chairman Jim Doty saying this past summer that the PCAOB was "very close" to reaching an agreement to inspect audit firms in China, this happened: Last month, a final agreement that would have allowed a U.S. regulator to examine the audits of Chinese companies listed on American stock exchanges […]

Just in Time for the Holidays: A PCAOB Auditor ID Proposal

Auditors are traditionally quiet participants in a company’s final annual report, signing their firm’s name on a form letter with a simple pass or fail grade. But a push to gain more insight into their process is growing globally, meeting demands for more disclosure from both regulators and investors. The Public Company Accounting Oversight Board, the […]

Here’s What You Need to Know About the PCAOB’s Proposed Makeover to the Auditor’s Report

This morning the PCAOB held their open meeting to discuss "Proposed Auditing Standards Regarding the Auditor’s Report and the Auditor’s Responsibilities Regarding Other Information." PCAOB Chairman James Doty called it a "watershed moment for the auditing in the United States." And yeah, I suppose it is. I mean, the auditor's opinion hasn't changed in 70 […]

The PCAOB’s Disappointing Deal with Chinese Regulators

As is its wont, the PCAOB has made a major announcement in very close proximity to a major American holiday. I've been assured in the past that this bad timing is not intentional, but from a PR perspective, it has the tendency to soften the thunder of an important message. But whatever, we'll go with […]

The PCAOB Chairman Is Still Talking About Auditor Rotation

Generally speaking, there are two camps when it comes to the idea of auditor rotation or "term limits" as some like to call it.  There is the camp that sees it as an area worth exploring as part of a larger conversation around auditor independence and objectivity. And then there is the camp that does […]

Auditors Will Be Happy to Know That Term Limits Are Still on the Table

In a keynote speech at the AICPA's National Conference on SEC and PCAOB developments, Chairman Jim Doty passed on the opportunity to mention extremely recent developments and instead focused on things like the importance of independent auditing to "our economic success" and audit firm culture and the PCAOB's current initiatives. In fact, Mr. Doty doesn't mention […]

Mandatory Audit Firm Rotation: Regulatory Sit ‘n’ Spin

It's been about a year since the PCAOB crapped out Release No. 2011-006, "Concept Release on Auditor Independence and Audit Firm Rotation." Some people in the profession think the PCAOB has no real intention of mandating audit firm rotation; rather, these professional skeptics believe the PCAOB just brought it up to appear relevant. The PCAOB […]

Scoring Sarbanes-Oxley

As we pointed out in this morning's roundup, the New York Times' Room for Debate is discussing the success/failure of Sarbanes-Oxley. Sunday marks SarbOx's 10th birthday so naturally people in the accounting and compliance world are getting all nostalgic about it and yeah, okay, nostalgia can be fun sometimes. The Times had four contributors in […]

Congressional Members Seem to Have Their Orders Re: Auditor Rotation

You may remember that last Wednesday I put my grown-up clothes on and attended the PCAOB's open meeting on auditor rotation. It was a good discussion (relatively speaking) and I got chat with some pretty smart people. I can't work a room of old white men like Adrienne (few can), but Chairman James Doty seemed […]