PCAOB

The board has a new leader, Erica Williams, after its new chair was sworn in Monday by the Securities and Exchange Commission in a virtual ceremony.

When companies suddenly replace their auditing firms, the required SEC disclosures are often vague and may be a signal of a forthcoming restatement, but timing is a crucial factor.

The updates are mostly technical, but some cover remote-work arrangements for some seconded employees during the pandemic.

The SEC said it would begin identifying companies that are using non-inspected auditors.

Some expressed concerns about lower levels of enforcement, while one suggested the board suffered from a credibility gap.

The Public Company Accounting Oversight Board is regrouping with a slate of new board members recently appointed by the Securities and Exchange Commission, and it approved its fiscal year 2022 budget during a rare open meeting on Tuesday.

The Securities and Exchange Commission has appointed longtime SEC official Erica Y. Williams as the new chair of the Public Company Accounting Oversight Board, and named three new members.

The commission approved a rule to ensure the Public Company Accounting Oversight Board can inspect firms in other countries, especially China.

The board released its 2020 inspection reports Monday for Deloitte, Ernst & Young, KPMG and PwC, showing mixed results.

Deficiencies remained high in 2020, according to a new report from the board.