PCAOB

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.

EY Americas vice chair John King discusses the impact and history of one of the most influential pieces of financial legislation of the past 50 years. 

Some of the standards were inherited two decades ago from the AICPA and don't take into account ever-changing technology.