Download or read book The Effect of PCAOB Disclosure Regulations on the Structure of the Small Public Company Audit Market written by Michael Ettredge and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Three recent PCAOB releases increase PCAOB registrant's disclosure requirements. Form 2 (2009) requires audit firms to file an annual report to facilitate analysis and inspection by the PCAOB; Form 3 (2009) requires timely reporting of disciplinary, administrative and other proceedings related to a registrant's audit practice; and Form AP (2017) requires disclosure of the identity of the engagement partner and of other firms playing a significant role in an audit. The Forms include previously undisclosed information, aggregations of disclosures provided elsewhere, and information potentially detrimental to firm reputation, thereby imposing direct and indirect costs on PCAOB registrants. We examine the effects of these disclosure requirements on the pool of firms available to audit SEC Smaller Financial Reporting companies, a market segment important to the U.S. capital markets, and a pool that often is audited by small and medium-sized accounting firms. We document that initiations of both Form 2/3 and of Form AP reporting are accompanied by significant shrinkage in the pool of smaller PCAOB registered audit firms. Using hand-gathered data we further investigate the following issues. What effect do the new required disclosures appear to have had on concentration in the small audit firm market? What do the characteristics and subsequent histories of the de-registering audit firms suggest about their motives for de-registration and their strategies? How has audit quality changed? ​

Download or read book Audits of Public Companies written by United States. General Accounting Office and published by Nova Publishers. This book was released on 2008 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines (1) concentration in the market for public company audits, (2) the potential for smaller accounting firms' growth to ease market concentration, and (3) proposals that have been offered by others for easing concentration and the barriers facing smaller firms in expanding their market shares.

Download or read book Financial Gatekeepers written by Yasuyuki Fuchita and published by Brookings Institution Press. This book was released on 2007-02-01 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and Nomura Institute of Capital Markets Research publication Developed country capital markets have devised a set of institutions and actors to help provide investors with timely and accurate information they need to make informed investment decisions. These actors have become known as "financial gatekeepers" and include auditors, financial analysts, and credit rating agencies. Corporate financial reporting scandals in the United States and elsewhere in recent years, however, have called into question the sufficiency of the legal framework governing these gatekeepers. Policymakers have since responded by imposing a series of new obligations, restrictions, and punishments—all with the purpose of strengthening investor confidence in these important actors. Financial Gatekeepers provides an in-depth look at these new frameworks, especially in the United States and Japan. How have they worked? Are further refinements appropriate? These are among the questions addressed in this timely and important volume. Contributors include Leslie Boni (University of New Mexico), Barry Bosworth (Brookings Institution), Tomoo Inoue (Seikei University), Zoe-Vonna Palmrose (University of Southern California), Frank Partnoy (University of San Diego School of Law), George Perry (Brookings Institution), Justin Pettit (UBS), Paul Stevens (Investment Company Institute), Peter Wallison (American Enterprise Institute).

Download or read book Public Company Update written by BDO USA and published by John Wiley & Sons. This book was released on 2020-09-01 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Developed for corporate financial reporting managers and independent auditors, this book will help them stay abreast of changes and modifications to the requirements for public companies, their management, and auditors. Included are: The latest pronouncements, regulations, and guidance issued by the SEC and PCAOB as they apply to the filings and audits of this reporting cycle. What these organizations are planning and/or saying about the future. Key developments which may affect your company or auditing firm. In addition, emerging issues, trends, and new resources are provided so that accountants and financial managers can stay out front.

Download or read book Fair Value Measurements written by International Accounting Standards Board and published by . This book was released on 2006 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Government Auditing Standards 2018 Revision written by United States Government Accountability Office and published by Lulu.com. This book was released on 2019-03-24 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: Audits provide essential accountability and transparency over government programs. Given the current challenges facing governments and their programs, the oversight provided through auditing is more critical than ever. Government auditing provides the objective analysis and information needed to make the decisions necessary to help create a better future. The professional standards presented in this 2018 revision of Government Auditing Standards (known as the Yellow Book) provide a framework for performing high-quality audit work with competence, integrity, objectivity, and independence to provide accountability and to help improve government operations and services. These standards, commonly referred to as generally accepted government auditing standards (GAGAS), provide the foundation for government auditors to lead by example in the areas of independence, transparency, accountability, and quality through the audit process. This revision contains major changes from, and supersedes, the 2011 revision.

Download or read book The Audit Market Effects of Disputing a GAAP Deficient PCAOB Inspection Report written by Lawrence J. Abbott and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: As part of its charter, the Public Company Accounting Oversight Board (PCAOB) has the authority to inspect and review the workpapers of all accounting firms that provide auditing services to publicly-traded companies. The PCAOB summarizes their findings in publicly-available inspection reports available on its website. Prior research suggests that the accessibility, variation and source creditability of the inspection reports creates a publicly-available audit quality signal that is used by various auditor choice stakeholders. This is particularly true for triennially-inspected auditors that receive a GAAP-deficient report. In a GAAP-deficient inspection report, the PCAOB alleges that the auditor failed to identify departures from generally accepted accounting principles (GAAP) in the clients' financial statements. In this paper, we investigate whether and to what extent the auditor's response - which is also encapsulated in the inspection report - impacts the reaction to GAAP-deficient inspection reports. Using a sample of 59 GAAP-deficient auditors and their 466 audit clients, we find auditors that dispute the PCAOB findings are less likely to be dismissed by their audit clients and that this effect is magnified when a client has a CPA on its audit committee. Collectively, our results indicate that auditor choice stakeholders weigh both the PCAOB- and auditor-assessments of auditor performance.

Download or read book The Impact of PCAOB Type Regulations on Auditors Under Different Legal Systems written by Minlei Ye and published by . This book was released on 2017 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the impact of Public Company Accounting Oversight Board (PCAOB)-type regulatory oversight on audit quality, audit value, and the audit market under different legal systems. Conventional wisdom suggests that regulatory oversight may be just a simple addition to a legal system as an alternative discipline mechanism. According to this perspective, the addition of another disciplinary mechanism does not necessarily increase audit effort, since once effort meets the auditing standards, auditors have no incentive to provide a higher level of effort. In this case, a strong legal system is a sufficient deterrent and regulatory oversight can impose an extra burden on auditors without enhancing audit value. Our analysis, in contrast, suggests that regulatory oversight can improve audit value even when the legal system is strong. This is because auditors will provide higher assurance by improving their effectiveness in detecting material misstatements. When the legal system is weak, regulatory oversight can improve audit value, but it cannot substitute for a strong legal system completely. This is the first study that analyzes the possible effects of an audit regulator on auditors, and our results enhance understanding of the complex relationship between regulatory oversight, legal system strength, and audit value.

Download or read book Accounting and Auditing Oversight written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets and Government Sponsored Enterprises and published by . This book was released on 2013 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book PCAOB Standards and Related Rules written by AICPA and published by John Wiley & Sons. This book was released on 2017-04-10 with total page 1712 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This compilation contains certain standards and releases that have been adopted by the PCAOB. This compilation also contains standards and other materials that have been adopted by the AICPA. Pursuant to PCAOB rules, some of these AICPA materials, to the extent they have not been superseded or amended by the PCAOB, serve as the PCAOB's interim standard. If a provision of a PCAOB standard addresses a subject matter that also is addressed in the interim standards, the affected portion of the interim standard should be considered superseded or effectively amended. The organization and form of this publication is the work of the AICP and has not been approved by, and does not represent the action of, the PCAOB."--Page iii.

Download or read book Public Accounting Firms written by Jeanette M. Franzel and published by DIANE Publishing. This book was released on 2004-03 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following major failures in corp. financial reporting, the Sarbanes-Oxley Act of 2002 was enacted to protect investors through requirements intended to improve the accuracy and reliability of corp. disclosures and to restore investor confidence. The act strengthened auditor independence and improved audit quality. Mandatory audit firm rotation (setting a limit on the period of years a public accounting (PA) firm may audit a particular company's financial statements) was considered as a reform to enhance auditor independence and audit quality during the hearings that preceded the act, but it was not included in the act. This report studies the potential effects of requiring rotation of the PA firms that audit public companies registered with the SEC.

Download or read book Sarbanes Oxley at Four written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2007 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Sarbanes Oxley Act written by and published by . This book was released on 2006 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book External Audit Arrangements at Central Banks written by Mr.Atilla Arda and published by International Monetary Fund. This book was released on 2018-09-11 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper takes stock of external audit arrangements at central banks. Its focus is on the annual audit of central bank financial statements, as well as legal and institutional measures that support audit quality and independence. The paper outlines good practices in these areas and provides a summary of actual practices observed based on a review of audited financial statements and central bank legislation. While the audit frameworks for central banks differ depending on their legal and institutional circumstances, central banks’ external audits increasingly follow international standards. Most of them are audited by auditors with international affiliations and embrace modern governance structures that provide for audit oversight. However, the paper also notes that a sizeable number of central banks do not publish the audit results in a timely manner, which leaves room for improvement in transparency practices.

Download or read book SOX 404 for Small Publicly Held Companies written by Robert J. Sonnelitter, Jr. and published by CCH. This book was released on 2007 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: CCH's SOX 404 for Small, Publicly Held Companies enables you to successfully and efficiently make the internal control assessment required by Section 404 of the Sarbanes-Oxley Act. In particular, this book will help non-accelerated filers-those companies that have outstanding securities with a market value of less than $75 million-with the challenging and time-consuming SOX 404 requirements. This addition to the CCH reference library gives you the tools for the evaluation, planning documentation, risk assessment, testing, and reporting necessary for successful compliance with Section 404. It focuses on the SEC's rules for an assessment of internal controls and the PCAOB's requirements for independent auditors. The free, companion CD-ROM accompanying this book includes workpapers and checklists as well as primary source material from the SEC and PCAOB to make your research and reporting as quick and cost-efficient as possible. SOX 404 for Small, Publicly Held Companies and the accompanying CD-ROM address all that is necessary to perform an assessment of internal controls over financial reporting as well as an assessment of disclosure controls. Book jacket.

Download or read book Counseling the Corporate Board Audit Committee in an Era of Change written by James R. Doty and published by . This book was released on 2002 with total page 728 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The PCAOB Speaks written by and published by Practising Law Institute. This book was released on 2004-01-01 with total page 720 pages. Available in PDF, EPUB and Kindle. Book excerpt: