Matt Waldron is a director of financial reporting policy at CFA Institute. He drafts position papers and comment letters, representing membership interests regarding financial reporting and disclosure proposals issued by the FASB, the IASB, and others.
The debate continues regarding the PCAOB proposal to require disclosure of the name of the engagement partner in the auditor’s report.
A recent PCAOB proposal intends to enhance transparency and thus improve audit quality through the engagement partner’s increased sense of accountability — a move that has strong investor support.
Investors are closely following separate initiatives of the FASB and the PCAOB to improve the way both company management and the independent auditor report the company’s future financial health.
Investors support a converged model and enhanced disclosures given their desire for comparable and consistent financial statements.
FASB proposal would make warnings about a company’s failing financial health the responsibility of firm management.
Will the alleged insider trading scandal involving ex-KPMG partner Scott London compel the Public Company Accounting Oversight Board to finally require disclosure of the lead partner on public company audits?
Two articles on the US$6 billion London Whale trading loss saga show how the obfuscation of facts and alleged untruths played leading roles in the debacle.
The PCAOB recently updated its 2009 and 2010 inspection reports for PricewaterhouseCoopers (PwC) covering audit years 2008 and 2009. Originally, the PCAOB identified quality control deficiencies associated with those audit years and gave PwC 12 months from the date of each report to implement corrective action.
Have you seen Senator Elizabeth Warren’s recent grilling of the heads of the Securities and Exchange Commission, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Commission, and others posted on YouTube?
Recently the Financial Reporting Council (FRC), which sets the U.K. standards for accounting and auditing, announced that it would open an investigation into Hewlett-Packard’s $8.8 billion write-down of its acquisition of Autonomy.
Are you the trusting sort? How about when it comes to trusting banks some six years after the financial crisis? You should consider reading The Atlantic’s recent article “What’s Inside America’s Banks?” on why many in the investment world, and the general public, still don’t trust banks.
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