Audit Transparency – Rating the Raters

On May 1, 2012, the Public Company Accounting Oversight Board (PCAOB) announced changes to its website (www.pcaobus.org) where site visitors can now review certain public information provided by audit firms, which includes registration, annual and special reporting, disciplinary proceedings and inspection reports.

The PCAOB was created in 2002 as a result of the Sarbanes-Oxley Act.  As required by the act, auditors of US public companies are subject to external and independent oversight, by the PCAOB.  The SEC maintains authority over the PCAOB, with respect to rules, standards and budgets.

As of April 25, 2012, there were 2,378 registered firms (foreign and domestic), as well as 42 pending applications.  As of May 7, 2012, information for 1,627 inspection reports was provided, including 118 “QC criticisms now public.”  A quick review of the Big 4 Audit firms showed –

Firm Entity Reports QC Criticisms
Deloitte & Touche 18 1
Ernst & Young 30 0
PriceWaterhouse 32 0
KPMG 35 0

This type of information can only benefit companies/issuers that are looking for a new auditor for their private or public concern.

Please let me know how useful this information was to you, by Commenting.

Author: Regis Quirin
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Regis Quirin is a financial executive with 23 years of corporate experience, i.e. New York Stock Exchange, JP Morgan Chase, and GMAC ResCap; and 15 years working with small and medium-sized entities, i.e. joint ventures, start-up entities, established businesses. In 2014, Regis published "Redesign to Turnaround Underperforming Small and Medium-Sized Businesses" available via Amazon.
© Copyright 2012 Regis Quirin, All rights Reserved. Written For: CFO Tips - What you need to know, to be a CFO TODAY!

Regis Quirin

Regis Quirin is a financial executive with 23 years of corporate experience, i.e. New York Stock Exchange, JP Morgan Chase, and GMAC ResCap; and 15 years working with small and medium-sized entities, i.e. joint ventures, start-up entities, established businesses. In 2014, Regis published "Redesign to Turnaround Underperforming Small and Medium-Sized Businesses" available via Amazon.

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