Regulatory actions and programs

The Center for Audit Quality and the Institute for Corporate Responsibility at the George Washington University School of Business are teaming on a new initiative on rethinking financial disclosures in response to recent comments from Securities and Exchange Commission chair Mary Jo White to streamline the existing Form 10-K disclosure requirements.

A majority of accounting and finance executives in the U.S. and Canada are anticipating that their companies’ compliance burden will increase in the years ahead, though less than half expect the cost of compliance to grow.

The Public Company Accounting Oversight Board has announced settled disciplinary orders against two audit firms and four individuals for violating federal securities laws, including one case of fraud, and violating PCAOB rules and auditing standards relating to auditor independence, quality control and audit documentation.

Public Company Accounting Oversight Board chairman James Doty said in a speech Thursday that he is concerned about cuts in audit fees having an impact on the quality of audits as the auditing practice becomes a declining part of the revenue at accounting firms.

Professors Miller & Bahnson argue that it's time to finally reject IFRS and the IASB for the U.S.

A roundup of recent audit and attest news.

Experts weigh in on proposed changes to the auditor's report

Only a little over half of small businesses understand and are prepared for the changes required by the Affordable Care Act, according to a new survey.

The International Auditing and Assurance Standards Board has released for re-exposure an enhanced International Standard on Auditing that clarifies the auditor’s reporting responsibilities for the information included in corporate annual reports.

A U.S. Securities and Exchange Commission rule requiring companies like Boeing Inc. and Apple Inc. to disclose whether any “conflict minerals” are used in their products violates their free-speech rights, an appeals court in Washington said.

Public company audits worldwide suffer from persistent deficiencies in critical audit areas, raising concern among international audit regulators, according to a new report released Thursday by the International Forum of Independent Audit Regulators.

CVS Caremark has agreed to pay $20 million to settle charges from the Securities and Exchange Commission that the drug store giant misled investors about significant financial setbacks and used improper accounting that artificially boosted its financial performance.

PricewaterhouseCoopers LLP’s acquisition of consulting firm Booz & Co., completed this week, has U.S. regulators eyeing the potential for conflicts of interest in the auditing industry—again.

The European Parliament endorsed a draft agreement Thursday on legislation to open up the audit services market in the European Union beyond Big Four firms.

The Public Company Accounting Oversight Board held a public meeting Wednesday to solicit feedback from experts on its proposals for changing the auditor’s reporting model.

The FAF's 'gift' to the IASB: An unfortunate event that could have a silver lining

The Public Company Accounting Oversight Board has entered into a cooperative agreement with the Supervisory Board of Public Accountants of Sweden on the oversight of audit firms in both regulators’ jurisdictions.

The results of inspections conducted by Canada's audit regulator showed signs of improvement last year, but the risk of restatements remained too high at some firms, the Canadian Public Accountability Board said in a report released Monday.

Public Company Accounting Oversight Board member Steven Harris said the major auditing firms should begin providing their own financial statements to the PCAOB.

Public Company Accounting Oversight Board member Jeanette Franzel described a “perfect storm” of issues that auditors are facing with the internal controls of organizations today during a speech at an auditing conference.