By Dan Goelzer On June 6, the Public Company Accounting Oversight Board issued for public comment a proposed new standard related to the auditor’s responsibility to uncover instances of company noncompliance with laws and regulations (NOCLAR) as part of an audit of the company’s financial statements. In her public statement…

By Dan Goelzer On March 28, the Public Company Accounting Oversight Board issued for comment a proposed new auditing standard, AS 1000, General Responsibilities of the Auditor in Conducting an Audit. If adopted, AS 1000 would reorganize and consolidate existing PCAOB standards that address the core principles of auditing and…

By Dan Goelzer On January 25, Senators Elizabeth Warren and Ron Wyden wrote to PCAOB Chair Erica Williams raising serious questions about the work of accounting firms that have issued reports on companies engaged in the cryptocurrency industry. They point, for example, to FTX CEO Sam Bankman-Fried’s public assertions that…

By Dan Goelzer On January 25, Senators Elizabeth Warren and Ron Wyden wrote to PCAOB Chair Erica Williams raising serious questions about the work of accounting firms that have issued reports on companies engaged in the cryptocurrency industry. They point, for example, to FTX CEO Sam Bankman-Fried’s public assertions that…

By Dan Goelzer The Public Company Accounting Oversight Board recently asked for the public’s views on the application and use of the Board’s interim attestation standards. The standards are currently something of a dead letter, and the role that they were intended to play in advancing the PCAOB’s mission of…

By Dan Goelzer The Public Company Accounting Oversight Board recently asked for the public’s views on the application and use of the Board’s interim attestation standards. The standards are currently something of a dead letter, and the role that they were intended to play in advancing the PCAOB’s mission of…

Supercharging PCAOB Enforcement May Encounter Some Speedbumps On September 22, Public Company Accounting Oversight Board Chair Erica Williams addressed the Council of Institutional Investors Fall Conference. In her remarks, Chair Williams announced that the Board intends to ramp up the use of its enforcement powers and to approach enforcement “with…

By Dan Goelzer On June 4, the SEC announced that it had removed William Duhnke from his position as Chair of the Public Company Accounting Oversight Board. One of the other Board members, Duane Desparte, was appointed Acting Chair. The SEC simultaneously announced that it intended to seek candidates to…

By Daniel L. Goelzer The SEC is signaling that disclosure concerning climate change, and ESG issues broadly, will be a priority in 2021. Public company managements and audit committees should start preparing now. New SEC Chair Gary Gensler was sworn in on April 17. On May 6, in testimony before…