Auditing February 27, 2025
PCAOB Quizzes Auditors on New Confirmation Standard
This latest knowledge check, or informal quiz, highlights various aspects of the new confirmation standard, which was approved by the PCAOB in September 2023.
Auditing February 27, 2025
Being Uncooperative During an Inspection Lands Audit Firm Partner in Hot Water With the PCAOB
Natalie Murphy, a now former audit partner at Heaton & Co., was censured and fined $50,000 by the Public Company Accounting Standards Board for violating U.S. auditing rules and standards, including failing to cooperate with an inspection.
Auditing February 26, 2025
PCAOB Cranked Up Enforcement Activity in 2024
Total monetary penalties levied by the Public Company Accounting Oversight Board set a new record for the third consecutive year in 2024 as the number of enforcement actions reached levels not seen since 2017, according to a new report released on Feb. 26 by Cornerstone Research.
Auditing February 13, 2025
PCAOB Checks Auditors’ Knowledge on New Quality Control Standard
The Public Company Accounting Oversight Board has posted a new series of knowledge checks designed to help auditors gauge their understanding of important aspects of the regulator's new quality control standard, QC 1000, A Firm’s System of Quality Control.
Auditing February 12, 2025
PCAOB Pulls Rules on Audit Firm Metrics
The Public Company Accounting Oversight Board on Feb. 11 filed a notice with the SEC to withdraw its new standard on audit firm reporting of standardized firm and engagement metrics for approval—a victory for those that opposed the rules, including many of the largest accounting firms in the U.S. and the AICPA.
Auditing February 11, 2025
PCAOB Punishes Audit Partner for Altering Workpapers, Thwarting Processes
The audit regulator on Feb. 11 imposed a permanent bar and a $10,000 fine on audit partner and CPA Heber Maughan for improperly altering workpapers before providing them to PCAOB inspectors in two inspections and to enforcement staff during a related investigation.
Auditing October 4, 2023
PCAOB Reaches Rule-Making Milestone Under Erica Williams’ Administration
The new standard on confirmations is the first project the board saw through from start to finish with Williams as PCAOB chair.
Auditing September 26, 2023
BDO USA, Two Audit Partners Tagged with Fines for Breaking PCAOB Rules
BDO USA was fined $2 million and two of the firm’s partners were fined a total of $60,000 for failures in the 2017 audit of AAC Holdings.
Auditing September 19, 2023
PCAOB Looks to Amend Rule on Auditors’ Liability for Audit Firm Violations
The proposal would hold auditors and others more accountable when they negligently cause their firm to violate auditing standards.
Accounting September 14, 2023
Marcum’s Ex-Quality Control Overseer Was Fined By the SEC for Bad Quality Control Oversight
Marcum audit partner Alfonse Gregory Giugliano was slapped with a $75,000 fine for failing to fix problems in the firm's QC system.
Accounting September 12, 2023
Businesses Focus on Automation to Achieve SOX Compliance
Organizations need to focus on areas including data governance, change management and upskilling when pursuing these new technologies.
Auditing September 5, 2023
Warren Averett Was the Recipient of a First-Ever Penalty From the PCAOB
The top 50 firm was fined $200,000 for auditor independence violations related to its membership in an accounting alliance.