Please ensure Javascript is enabled for purposes of website accessibility

The PCAOB Is at Your Service During the Shutdown

For those wanting a little more clarification, the PCAOB is NOT part of the federal budget. Per the Board's website: 

The PCAOB is funded primarily by assessments collected from public companies and other issuers [e.g. broker-dealers], whether they are located inside or outside of the United States.

HOWEVAH! Part of SEC's "Major Functions That Will Be Discontinued" includes the following:

Oversight of Self-Regulatory Organizations and the Public Company Accounting Oversight Board:
Routine oversight of self-regulatory organizations and the PCAOB.
So if there are any prickly PCAOB liaisons over in Mary Jo White's house, their counterparts at the Board are getting a break.
To reiterate — if your engagement team is scheduled for inspection, you best get backdating any missing mandatory workpapers. Hope that clears up any confusion. 

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

cat on a desk

Friday Footnotes: RTO Isn’t Going So Great; KPMG Wins Something; What Auditors? | 5.19.23

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. See ya. ICYMI I Love Accounting. So I Had to Leave. [GC] Benjamin […]

cat with breakfast in bed

Monday Morning Accounting News Brief: Identical Twins Head to Deloitte; TWO PwC Leaks; VA Tackles 150 | 5.15.23

Good morning and happy Monday! Here’s some stuff happening. Virginia Society of CPAs is tackling the question “is 150 too many?” For nearly the past two decades, prospective CPAs in Virginia have had to undertake 150 hours of education before becoming licensed. But a declining CPA pipeline has accountants asking: Is the 150 now a […]