SEC Chief Accountant James Schnurr says that, although "there's room for improvement" audit quality "is getting better" and the PCAOB has "deepened their expertise" and "their inspection process has matured." This explains why we've seen more deficiencies, he says. I'm sure KPMG appreciates the vote of confidence. [AT]
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This seems like ages ago but back in October 2019, the Wall Street Journal revealed what was written in a one-page whistleblower complaint—written by a group of current and former PCAOB employees—that alleged some serious problems going on at the PCAOB under chairman William Duhnke, a Republican who was appointed to that role in December […]
On March 18, the UK government weighed in with its long-promised consultation paper (the “Consultation), “Restoring Trust in Audit and Corporate Governance.” Ninety-eight questions, spread over 232 pages, contain much that is cautious and little that is innovative. The problem is, what is cautious would not innovate, and what would innovate is not cautious. For another day, […]