I view successful
litigation against negligent auditors and strong
enforcement of sanctions for auditor malpractice as positive developments.
This is a view many of my readers would disagree with. However, I've learned
over the last four years not to get too excited by any one positive development...
In the last few weeks, I've written two very different
stories about Deloitte:
One, published as media criticism by the Columbia
Journalism Review , skewers new Deloitte Global CEO Barry Salzberg - and The
New York Times - for misdirecting readers from real world issues with a puff
by David Tate
Many comments have already been made about the speech by
James Doty (Chair, PCAOB) on June 2, 2011 at the SEC and Financial Reporting
Institute 30 th Annual Conference. See the speech at http://pcaobus.org/News/Speech/Pages/06022011_DotyKeynoteAddress.aspx
I lend some of my thoughts...
Don't get me wrong.
I'm thrilled that there's a lot of traffic in my lane.
What I mean is, it's good for everyone that we're talking about these issues
and that someone other than me and a few other broken records are playing these tunes.
Fairly new PCAOB Chairman Jim Doty...
On June 21, 2011, the Public Company Accounting Oversight
Board (PCAOB) issued a concept release seeking input on possible changes to
auditors' reports. These changes, if adopted, have the potential to increase
both the cost of required audit services and the legal liability faced by both
On August 19, 2013, the Public Company Accounting Oversight Board, the audit industry regulator, released its second report on its interim inspection program for auditors of brokers-dealers registered with the Securities and Exchange Commission.
The PCAOB’s second “progress” report...
On December 4 the PCAOB re-proposed a rule to require public companies to disclose the engagement partner’s name for the most recent period’s audit and the names, locations, and extent of participation of other public accounting firms that supported the completion of the audit.
Over at Medium.com I’ve written about a new academic study, Shared Auditors in Mergers and Acquisitions , that documents an interesting, rarely commented on auditor conflict of interest. The data suggests that when an acquiring company and its target share the same auditor, the audit firms favor...