PCAOB

The board's chair, Erica Williams, said the PCAOB is working on updated auditing standards and stricter enforcement and inspections.

Regulators from the two countries have been locked in negotiations over granting U.S. auditor watchdogs complete and open access to the audit work papers of about 200 Chinese companies.

The PCAOB is being urged to update older standards more quickly.

The clock is ticking to avoid a 2024 deadline for kicking businesses off the NYSE and Nasdaq unless U.S. regulators get full access to inspect their audit work papers.

The board has given $19 million in awards since 2011.

U.S. and Chinese officials have been negotiating for more than two years to ensure staff from the PCAOB can access the audit papers of Chinese companies traded in the U.S. 

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.

The revamped board updated its standard-setting and research agendas Wednesday as it takes on new projects.

The board imposed monetary penalties and sanctions Tuesday against two firms that had been working with unregistered Chinese auditors.

The board released its 2021 annual report on Thursday, highlighting its main accomplishments as it transitioned to a mostly new board.

The CSRC called for faster implementation of a new rule surrounding overseas listings that may remove a hurdle for U.S. regulators.