PCAOB

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.

The Public Company Accounting Oversight Board appointed James McNamara as its first-ever chief operating officer

The Public Company Accounting Oversight Board has named Barbara Vanich as its chief auditor after she served as acting chief auditor for nearly two years.

A New York CPA was hit with a $150,000 penalty and barred from association with a registered firm for misleading board inspectors and investigators.

The Public Company Accounting Oversight Board has again rejiggered its standard-setting and research agendas, adding three new projects.

The auditors have agreed to penalties for failing to disclose who led individual audits.

The Top 10 Firm was penalized for improper professional conduct for failing to properly audit a client.

Deloitte's member firm in China agreed to pay a $20 million penalty to settle charges with the Securities and Exchange Commission that the firm asked its audit clients to do their own auditing work.

Switching accounting firms had been seen by some companies as a way to satisfy a 2020 law that threatens to remove businesses from the NYSE and Nasdaq if U.S. officials can't inspect their audit work papers.

The board is asking for public input on modernizing standards, which is one of the key goals for its draft strategic plan.

Just days after American officials arrived in Hong Kong to review the audit work papers of Chinese companies, Washington's watchdog has a stern warning for Beijing: U.S. inspectors must get full access.