PCAOB

The Public Company Accounting Oversight Board released a staff publication highlighting problems it's seeing with audits of journal entries.

The Public Company Accounting Oversight Board revoked SS Accounting and Auditing's registration and barred its owner and sole partner for violating rules and quality control standards.

The Public Company Accounting Oversight Board found specific deficiencies in the testing of internal controls and accounting estimates, and in engagement quality reviews.

Hindering the audit marketplace creates risk for the investing public, says the AICPA's Sue Coffey.

The Public Company Accounting Oversight Board ramped up enforcement, modernized standards, enhanced inspections and expanded engagement in 2024.

Auditing firms are asking the SEC to reject the Public Company Accounting Oversight Board's recent standards on firm and engagement metrics and firm reporting.

The PCAOB will be able to address situations in which a registered firm has ceased to exist, is nonoperational, or no longer wishes to remain registered.

In a comment letter, the institute says the board's new requirements could drive smaller auditing firms out of the market.

The Public Company Accounting Oversight Board's 2025 budget totals $399.7 million, and the accounting support fee totals $374.9 million.

The average audit fee increased to $3.01 million in 2023, up from $2.83 million in the previous cycle, according to a new report.