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.
In response to the financial crisis, the quality of bank audits has been in the regulatory reform spotlight.
FASB proposal would make warnings about a company’s failing financial health the responsibility of firm management.
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.
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.
News of New York State Attorney General Andrew Cuomo’s decision to file a civil lawsuit against Ernst and Young LLP for its role as auditor to Lehman Brothers is just the latest crack to develop in the… READ MORE ›
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