PCAOB

Herbein + Co. promotes 33 staff members; the IFRS Foundation appoints five new trustees; and more accounting news.

From firm splits and the entry of private equity into the field to ESG and the war for talent, these are the biggest developments in tax and accounting over the past 12 months.

They can now be kicked off U.S. exchanges after just two years, not three.

The $1.7 trillion bill contains Secure 2.0, and changes in the Holding Foreign Companies Accountable Act and conservation easement rules, but it's missing some much desired tax breaks.

The Securities and Exchange Commission voted to approve the Public Company Accounting Oversight Board's 2023 budget and annual accounting support fee ahead of the holidays.

Plus, the Institute of Internal Auditors expressed serious concerns about a recent board proposal on audit confirmations.

The new standard for audit confirmations would replace an interim standard that hasn't changed for two decades.

The board released its latest inspection reports on Deloitte & Touche, PricewaterhouseCoopers, KPMG and Ernst & Young, plus BDO USA and Grant Thornton.

The board voted yesterday that local authorities are not obstructing its ability to conduct inspections in the mainland and Hong Kong.

The board is stepping up its enforcement activities with a mostly new slate of board members.

As PCAOB inspections in China move forward, U.S. auditors should use caution in engagements with Chinese-based companies.

Auditing firms have been relying increasingly on outside specialists for audit engagements since the Public Company Accounting Oversight Board unveiled a new standard governing their use.

The board is finding deficiencies in about one-third of the audits it inspected in 2021.

The average number of critical audit matters per audit report has declined over time, while the proportion of audit reports that communicate only a single CAM has increased.

The board levied sanctions and fines totaling $7.7 million against three of KPMG's member firms in the U.K., India and Colombia.

Auditing firms can expect enhanced inspections, strengthened enforcement and higher penalties, says Public Company Accounting Oversight Board Chair Erica Williams.

The board announced the launch of its new Technology Innovation Alliance working group, meant to advise the audit overseer on issues with emerging technology.

The Public Company Accounting Oversight Board proposed significant changes in the requirements for firms' QC systems, modernizing standards in place for decades.

Officials from the two boards discussed their work on upcoming auditing and accounting standards as they adjust to changing agendas and expectations.

Dozens of Public Company Accounting Oversight Board inspectors are set to leave Hong Kong as soon as this weekend.