Top Reasons Form AP is a Step in the Right Direction

Posted by Alexa Foxon Thu, May 12, 2016 @ 01:11 PM

SEC Approves PCAOB, Form AP, on Disclosing Engagement Partner Name

PCAOB rules for disclosing the name of the engagement partner and information about other firms participating in audits have been approved by the SEC. Starting January 31, 2017, auditors will be required to fill out Form AP with the PCAOB disclosing all engagement partners working on public audits and information about other audit firms participating in the audit. This information will be searchable by engagement partner name, audit firm, or public company on a public database. 

Read More

Tags: PCAOB News & Information, external audit, Public Company Accounting Oversight Board, SEC approval, Reputation, auditor, Form AP, Vibato, PCAOB, SEC

Congress Passes PCAOB Prohibition on Mandatory Audit Rotation

Posted by Teresa Bockwoldton Fri, Jul 12, 2013 @ 01:49 PM

 

Read More

Tags: PCAOB News & Information, audit, congress, PCAOB

New Audit Compliance Standard (No. 16) Released by PCAOB

Posted by Bill Bockwoldton Thu, Aug 16, 2012 @ 05:07 PM

The PCAOB has released Audit Standard No. 16 - Communications with Audit Committees. This new standard is designed to establishe requirements that enhance the relevance, timeliness, and quality of the communications between the auditor and the audit committee. This new standard supersedes Interim Standards AU sec. 380 (Communication with Audit Committees) and AU sec. 310 (Appointment of the Independent Auditor), the transitional amendments to AU sec. 380, and related amendments to PCAOB standards.

Read More

Tags: Internal Controls, PCAOB News & Information, audit, audit committee, PCAOB

What is the Value of a 'Big 4' Audit?

Posted by Teresa Bockwoldton Wed, Nov 23, 2011 @ 11:33 AM

We wanted to pose a question to our readers - aside from the perceived investor value added by selecting a Big 4 audit firm (PwC, KPMG, E&Y, or Deloitte), what other value does selecting these large audit firms add over a smaller firm?  

Read More

Tags: Internal Controls, Sarbanes-Oxley Articles & Information, PCAOB News & Information, audit, audit costs

Why Does my Audit Take so Long and Cost SO MUCH??!

Posted by Teresa Bockwoldton Mon, Oct 17, 2011 @ 04:03 PM

Let's just get down to the skinny of it, audits in any form are painful. We get that.

Read More

Tags: PCAOB News & Information, 404 audit, audit scope, external auditing, PCAOB

Auditors Losing the Right to Audit and What this Means for Your 10Q/K

Posted by Teresa Bockwoldton Fri, Oct 14, 2011 @ 04:36 PM

 Google SAS 104-115 and you will find mostly articles by us (Vibato) discussing the need for auditors to pay special attention to internal controls as part of their audit. Why? Because the AICPA & the PCAOB dictates standards that the auditors must adhere to in order to perform their audits. Parts of these requirements include reviewing your internal controls and this applies to ANY COMPANY THAT IS AUDITED – public, private, non-profit; it doesn’t matter. If you are audited, your auditors must look at your internal controls as part of your audit. If you do not have any documented internal controls then be prepared for a higher audit bill because your auditors will have to go looking for internal controls at your company on your dime year-over-year. Moreover, due to independence issues, they are not allowed to share their work with you to use going forward so they will do this work each year and all you will see for it is a higher bill. Period.

Read More

Tags: PCAOB News & Information, financial risk, Accounting Tip of the Day, 404, audit, AICPA, Controls Testing, 10k, Internal Control Education

PCAOB Considers New Auditor's Report, Mandatory Audit Firm Rotation

Posted by Nancy Johnsonon Fri, Aug 26, 2011 @ 04:01 PM

The Public Company Accounting Oversight Board (PCAOB) is considering making significant changes in two key areas of public company audits.

Read More

Tags: PCAOB News & Information

PCAOB Issues Concept Release on Auditor Communication

Posted by Nancy Johnsonon Tue, Jun 21, 2011 @ 01:24 PM

The public is invited to comment on a PCAOB concept release, issued June 21, 2011, that proposes significant changes to the way auditors report their findings. 

Read More

Tags: PCAOB News & Information

PCAOB Release No. 2010-008 PROPOSED TEMPORARY RULE FOR AN INTERIM PROGRAM OF INSPECTION RELATED TO AUDITS OF BROKERS & DEALERS

Posted by Bill Bockwoldton Thu, Dec 16, 2010 @ 12:59 PM

New ruling from the PCAOB yesterday.  Here is a tidbit and the entire link to the ruling is below: 

Read More

Tags: PCAOB News & Information, compliance, external auditing