All Preparer Updates

A new staff report provides observations from the PCAOB’s target team, a group of inspectors who focus on emerging audit risks and other topics.

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In a new staff report, the PCAOB’s staff has outlined 2024 inspection priorities, with a focus on driving improvements in audit quality.

Imposing $7.9 million in fines, the PCAOB has sanctioned three China-based firms and four individuals in historic settlements.

Chair Williams issues statement on the PCAOB’s enforcement orders against China-Based firms.

The PCAOB has sanctioned three firms for failing to make required Form AP disclosures, or to do so on a timely basis.

The PCAOB has sanctioned three firms for failing to make required disclosures on Form 3, or to do so on a timely basis.

The PCAOB approved its 2024 budget to carry out its strategic plan’s goals and protect investors.

About the PCAOB

The PCAOB has sanctioned six audit firms for violating PCAOB rules and standards related to audit committee communications.

The PCAOB has sanctioned Somerset CPAs, P.C. and three of its partners for violations of PCAOB rules and audit standards.

The PCAOB has sanctioned KPMG AZSA LLC for quality control violations.

The PCAOB has fined PwC Greece $3 million for audit violations.

The PCAOB has announced the agenda for the November 2 meeting of its Standards and Emerging Issues Advisory Group.

About the PCAOB

The PCAOB has sanctioned Smythe LLP for improper use of unregistered firms in four audits.

The PCAOB staff has issued a new resource to address high and increasing rates of audit deficiencies related to engagement quality reviews.

The PCAOB announces the agenda for the October 10 meeting of its Investor Advisory Group.

About the PCAOB

The PCAOB has adopted a new standard for the auditor’s use of confirmation.

A new Spotlight publication provides highlights from conversations with more than 200 audit committee chairs that PCAOB staff held in 2022.

Audit Committees

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The PCAOB has sanctioned BDO USA, P.C. and two of its partners for violations of PCAOB rules and audit standards.

The PCAOB will hold an open meeting at 2:00 p.m. ET on Thursday, September 28, 2023, to consider adoption of a new standard for the auditor’s use of confirmation.

On October 26, 2023, the PCAOB will livestream its Forum on Auditing in the Small Business Environment and on Auditing Broker-Dealers.

Broker-Dealers & Small Businesses