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The Supreme Court will hand down their decision on Free Enterprise Fund v. PCAOB before on June 28th. Congressional action may be necessary to reestablish the PCAOB or a comparable regulatory authority within the SEC, if we want to continue independent regulation of the audit firms. I have some recommendations for a new PCOAB law.
Sarbanes-Oxley (SOx) made law what is best practice for all public companies or companies that issue public debt. That includes “smaller” companies.
My new post is up @Going Concern.
“The PCAOB approved Auditing Standard No. 7, Engagement Quality Review on July 28, 2009. They also issued a Concept Release on requiring the engagement partner to sign the audit report. The comment period closed September 11th and boy oh boy were there a lot of comments. The firms came [...]
I was asked by Accountancy Magazine in the UK to write a summary of the Compliance Week Annual Conference for their readers. This article, entitled ”Regulatory Reformation,“ can be found here. Please let me know what you think.
There is at least one person who doesn’t have to worry about having a good job, at KPMG no less. Thomas Ray was the Chief Auditor and Director of Professional Standards for the PCAOB.
According to WebCPA:
Ray is joining KPMG as a partner in the firm’s department of professional practice in New York.
Both are accused of being corrupt.
One gentleman has been under a cloud of suspicion for a while. He’s denied it and dared prosecutors to wiretap his conversations, to come and get him. He hid his activities in plain site. As visible as a major state Governor has to be, he also kept a low profile, [...]
Unfortunately, I was unable to attend the AICPA National Conference on PCAOB and SEC Developments in person. As much as I would have loved to be there live, to ask questions and, perhaps, walk all over the wafflers with my Manolos, it’s not always possible. In this case it may have been just as well. [...]
Every once and a while someone asks me,
“fm, how do you keep up with all the news, the stories? How do you know all this stuff?”
Well…Although I have been accused of conceit, presumption, being “too smart,” being too quick to draw conclusions, painting a whole firm black on very little basis, precociousness, general egotistical behavior [...]
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Those of you who have been reading the blog for a while know that I nominated myself for the Standing Advisory Group last year, and was not chosen. I do not say rejected because, after feeling quite ignored, I later found a nice letter from Tom Ray in my mail, thanking me for [...]
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On March 13, 2008, the U.S. Treasury Advisory Committee on the Auditing Profession (ACAP), co-chaired by former SEC Chairman Arthur Levitt, Jr. and former SEC Chief Accountant Don Nicolaisen, met to discuss the preliminary recommendations of its subcommittees on human capital, [audit] firm structure and finances, and concentration and competition.
Edith Orenstein was quick [...]
 Francine McKenna (@retheauditors) has more than twenty years of experience in consulting and professional services including tenure at two Big 4 firms, both in the US and abroad. For more info, click the "About" page link at the bottom of this page. |
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