Audit standards

The board is asking for public input on modernizing standards, which is one of the key goals for its draft strategic plan.

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.

PCAOB sanctions Canadian firm over noncooperation with inspections

The board sanctioned the Big Four firm's member firm in South Korea and two of its former auditors for violating quality standards.

The board aims to modernize standards, enhance inspections, strengthen enforcement and improve organizational effectiveness.

Gary Gensler has been encouraging the PCAOB to update more of the standards to take into account the way firms are working today.

The board's chair, Erica Williams, said the PCAOB is working on updated auditing standards and stricter enforcement and inspections.

Regulators from the two countries have been locked in negotiations over granting U.S. auditor watchdogs complete and open access to the audit work papers of about 200 Chinese companies.

The PCAOB is being urged to update older standards more quickly.

There’s a simple technical fix for the exam cheating that landed Ernst & Young with a $100 million fine from the SEC, but the problems go deeper.

The Big Four firm admitted that dozens of its audit personnel cheated on the ethics portion of the exam, and that it misled regulators probing the misconduct.

The board adopted a set of amendments to strengthen the rules that apply to audits involving multiple audit firms.

The board plans to hold a meeting next Wednesday with its reconstituted Investor Advisory Group, the first meeting in nearly four years with one of its biggest stakeholders.

The revamped board updated its standard-setting and research agendas Wednesday as it takes on new projects.

The institute is continuing a tradition that dates back to the 1990s as a way to highlight the work of the profession.

The board released its 2021 annual report on Thursday, highlighting its main accomplishments as it transitioned to a mostly new board.

The International Auditing and Assurance Standards Board released a revised standard Thursday to focus on the special considerations that apply to audits of group financial statements.

For now, it’s technology, but soon it will be more about demand from markets — and society as a whole.

The board approved charters for the membership and activities to revive its old Investor Advisory Group and set up a new Standards and Emerging Issues Advisory Group.