PCAOB

The Public Company Accounting Oversight Board swore in its new chairman William D. Duhnke III on Tuesday, along with a new board member, Kathleen M. Hamm, at the headquarters of the Securities and Exchange Commission.

The board’s staff are offering additional information on determining auditor tenure.

The Public Company Accounting Oversight Board said Wednesday it has imposed a $1.5 million civil penalty against Grant Thornton LLP and censure the firm for violations of quality control standards and for audit failures.

The Securities and Exchange Commission has appointed William Duhnke to succeed James Doty at the Public Company Accounting Oversight Board.

The Public Company Accounting Oversight Board has released staff guidance on the new audit reporting standard and is hosting webinars to help auditors with preparing the new reports.

The American Institute of CPAs’ Auditing Standards Board has released three exposure drafts proposing ways to improve the usefulness of the auditor’s report, in response to recent standards from the Public Company Accounting Oversight Board and the International Auditing and Assurance Standards Board.

The Public Company Accounting Oversight Board has approved a reduced budget for fiscal year 2018 of approximately $259.9 million along with a strategic plan for 2017-2021, plus a smaller accounting support fee and staff.

The Public Company Accounting Oversight Board is finding many of the same problems at auditing firms during its most recent inspections that it has admonished firms for in the past, according to a new report.

The Public Company Accounting Oversight Board has signed a cooperative agreement with the Irish Auditing and Accounting Supervisory Authority, allowing them to cooperate on joint inspections and oversight of auditing firms subject to of both organizations’ regulatory jurisdiction.

The Public Company Accounting Oversight Board is likely to issue guidance on the use of blockchain and data analytics technology as more auditing firms weigh the benefits and drawbacks of them.