Newsroom
PCAOB to Push Auditors
Compliance Week (Subscription required for full article)
June 17, 2008
Compliance Week's Tammy Whitehouse reported that the Public Company Accounting Oversight Board (PCAOB) has adopted two new rules, one of which requires firms to provide a comprehensive report of their doings to the PCAOB annually. The rules apply to all 1,800 firms currently registered to audit public companies in the United States. The annual report would include information about audit reports issued by the firm during the year, certain disciplinary history information about persons who have joined the firm, and information about fees billed to public company audit clients, in various categories of services, as a percentage of the firm’s total fees billed. The story quoted CAQ Executive Director Cindy Fornelli as saying the new reporting structure provides a good foundation should the PCAOB consider requiring any new information from audit firms in the future. “In the CAQ’s view, any additional disclosures should be meaningfully linked to audit quality,” she told the publication.
