PCAOB

Progress hinges in part over the scope of redactions in audit work papers of Chinese companies.

The Public Company Accounting Oversight Board released an overview Thursday of its inspection priorities and areas of focus as the newly revamped board signals a tougher enforcement stance.

The penalty for cheating on CPA ethics exams and misleading investigators was the largest ever levied by the commission against an accounting firm.

The board adopted a set of amendments to strengthen the rules that apply to audits involving multiple audit firms.

The board plans to hold a meeting next Wednesday with its reconstituted Investor Advisory Group, the first meeting in nearly four years with one of its biggest stakeholders.

Several hurdles remain in an impasse over audits on U.S.-listed Chinese companies to avoid forcing them off American exchanges as early as next year, an SEC official said.

The Top 10 Firm is taking steps to improve its audits, including hiring a former official from the PCAOB and creating an Audit Quality Advisory Council.

KPMG and FICPA both name execs to newly created roles; Indiana CPA Society awards eight scholarships; and more CPA news.

The board named the members the Investor Advisory Group and the Standards and Emerging Issues Advisory Group, and scheduled their initial meeting dates.

U.S. regulators expanded the list of businesses that face possible expulsion from American exchanges because of Beijing’s refusal to allow access to the businesses’ audits.