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Tag: PCAOB
PCAOB Is Giving You a Second Chance to Tell Them How Much You Love the Idea of Auditor Rotation
Yesterday, Monday Morning Auditor that everyone loves to hate, the PCAOB, announced that they would […]
An Open Letter To the PCAOB From the Going Concern Comment Section
I believe this particular PCAOB-hostile grunt has spoken: Dear Mr. G – I hate to […]
PwC Japanese Affiliate Has Two of Its Ugly Audits Exposed
Today, Bloomberg's Jonathan Weil wrote his fourth column exposing clients of a Big 4 audit […]
Ernst & Young Settles a $2 Million Slap on the Hand With the PCAOB
And no, before anyone asks, this has nothing to do with Lehman. According to the […]
Jeanette Franzel, CPA, CIA, CMA, CGFM, Is Your New Public Company Accounting Oversight Board Member UPDATE: And Not Everyone Is Impressed!
The overlords at the SEC have spoken and sweet Jesus in a manger, they like […]
Senator Carl Levin Wants Auditor Names
Back in October, the PCAOB officially proposed that audit partners be required to slap their […]
PCAOB Has an Extra $20 Million to Spend on Field Trips to China
PCAOB Chairman James Doty shot the breeze with the SEC for awhile today, speaking about, […]
Almost Everyone Thinks Mandatory Auditor Rotation is an Awful Idea
Back in August, the PCAOB issued a concept release on audit firm rotation and invited […]
Here’s the Ernst & Young PCAOB Inspection Report for Your Reading Pleasure
Yesterday, we discussed Deloitte stinking up the joint with its PCAOB inspection report. While the […]
As it Stands Right Now, Deloitte Was the Worst Big 4 Audit Firm in 2010
Yesterday, the regulatory love child of Paul Sarbanes and Michael Oxley, the PCAOB, issued its […]
PCAOB Reminds Auditors That It’s Still Ugly Out There
Just when you thought the economy was looking up, out peeks the PCAOB with a friendly reminder to the auditors out there that current economic conditions warrant a tad more due care than usual.
Kids, allow us to introduce you to Staff Audit Practice Alert No. 9.
The Public Company Accounting Oversight Board today published a Staff Audit Practice Alert to assist auditors in identifying matters related to the current economic environment that might affect the risk of material misstatement in financial statements and, therefore, require additional audit attention.
“Today’s volatile economic environment may affect companies’ operations and financial reporting, which has implications for audits,” said PCAOB Chairman James R. Doty. “The alert reminds auditors of their responsibilities under these conditions.”
Staff Audit Practice Alert No. 9: Assessing and Responding to Risk in the Current Economic Environment, updates Staff Audit Practice Alert No. 3, which was issued in December 2008, in light of current global economic conditions and recent enhancements to PCAOB standards.
Many of the matters discussed in Practice Alert No. 3, Audit Considerations in the Current Economic Environment — including fair value measurements, accounting estimates, going concern, and financial statement disclosures — continue to be critical in audits of 2011 financial statements. Certain of the PCAOB standards referenced in that alert regarding assessment of, and response to, risk, however, were superseded in 2010 with the Board’s adoption of eight new risk assessment standards (Auditing Standard Nos. 8-15).
“This practice alert discusses issues posed by the current economic situation and highlights certain requirements in the new risk assessment standards. Auditors should be alert to the new requirements contained in the risk assessment standards and how those requirements relate to audits performed in the current economic climate,” said Martin F. Baumann, PCAOB Chief Auditor and Director of Professional Standards.
We know you guys cannot wait to read this one, so by all means, knock yourselves out.
If you’re too busy to take the three minutes to read it, I’ll sum it up thusly: we’re doomed, so maybe SALY isn’t such a good idea after all.
So glad we’re all clear on that. Now, back to the JIT for all of you…