Audit preparation

The board is stepping up its enforcement activities with a mostly new slate of board members.

As PCAOB inspections in China move forward, U.S. auditors should use caution in engagements with Chinese-based companies.

Auditing firms have been relying increasingly on outside specialists for audit engagements since the Public Company Accounting Oversight Board unveiled a new standard governing their use.

The board is finding deficiencies in about one-third of the audits it inspected in 2021.

Audit committees are including more disclosures within proxy statements, but there's a disconnect between what investors expect and what companies are willing to disclose.

Cole was convicted of a single count each of securities fraud and improperly influencing an audit, plus six counts of making false filings with the SEC.

Prager Metis CPAs LLC, an auditor for FTX, was sued by an investor, who also sued Armanino LLP, an auditor for FTX US, FTX's co-founder Sam Bankman-Fried and others.

The Public Company Accounting Oversight Board proposed significant changes in the requirements for firms' QC systems, modernizing standards in place for decades.

A recent study found that when municipal governments are assigned a random auditor, versus one they appoint themselves, financial performance improves.

Average audit fees rose a slight 2.5% from $2,600,677 in 2020 to $2,666,659 in 2021, reflecting increased demands on auditors.