Regulatory actions and programs

A recent report from the federal accounting industry watchdog agency, the Public Company Accounting Oversight Board, found that the incidence of deficient audits performed by the Big Four accounting firms doubled in 2010, reaching a horrifying 33 percent.

Public Company Accounting Oversight Board chairman James Doty told an audience of auditors that the public is expecting more from the audit profession and warned firms against skimping on audit quality.

President Obama has named SEC commissioner Elisse B. Walter as the new chair of the Securities and Exchange Commission, succeeding Mary Schapiro.

Mary L. Schapiro, who has led the Securities and Exchange Commission for four years, said Monday that she plans to step down from her post on Dec. 14, 2012.

The Securities and Exchange Commission issued an order Wednesday providing regulatory relief to accountants, publicly traded companies, investment companies, transfer agents, and others affected by Hurricane Sandy.

Officials with the Securities and Exchange Commission are taking a wait-and-see attitude toward incorporating International Financial Reporting Standards into the U.S. financial system, even as an increasing number of foreign companies file their financial reports with the SEC using IFRS.

The Public Company Accounting Oversight Board has released a new inspection report of PricewaterhouseCoopers LLP from last year in which it identified deficiencies, including three instances of what it terms “audit failures.”

The Securities and Exchange Commission said it is preparing relief measures that would extend filing deadlines for individuals and entities who have been affected by Hurricane Sandy and its aftermath.

The Center for Audit Quality has released a guide to help auditing firms cope with the Public Company Accounting Oversight Board inspection process.

In response to the disruptions caused by Hurricane Sandy, the Financial Accounting Standards Board is extending the deadline for comment on a staff paper that outlines an approach for deciding whether and when to modify U.S. GAAP for private companies.

The American Institute of CPAs has released an exposure draft of its proposed Financial Reporting Framework for Small- and Medium-Sized Entities for comment.

Accounting Today's updated round-up of Hurricane Sandy news, as its aftermath continues to impact the profession. For more updates, follow the #Sandy hashtag on our Twitter accounts @AccountingToday, @TaxProToday and @ATomorrow.

Highlights from the previous month in Assurance

It's time to jettison the idea that international standards are coming

Is it time to consider a new form of financial reporting?

The staff of the Public Company Accounting Oversight Board has put a set of frequently asked questions relating to issues connected to the implementation of the board’s funding rules as they related to brokers and dealers.

The Public Company Accounting Oversight Board is currently in the midst of disciplinary proceedings against 19 auditing firms, and the PCAOB is considering ending the registrations of up to 870 firms that have not been auditing public companies or broker-dealers, according to a PCAOB official.

In an exclusive interview with Accounting Today, Leslie Seidman chair of the Financial Accounting Standards Board, detailed the current status and likely future timeline for the four main remaining part of the board’s convergence agenda with the International Accounting Standards Board.

The Public Company Accounting Oversight Board held a public meeting in Houston to hear feedback on its proposals for mandatory audit firm rotation and auditor independence.

The Financial Accounting Foundation’s recently created Private Company Council plans to host its initial public meeting on December 6.