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The new standard is designed to drive registered public accounting firms to significantly improve their quality control systems.
Approved changes include updates to auditing standards and a critical rule change that will lower the standard of culpability for individual misconduct.
Auditors face a greater chance of being held personally liable for negligent missteps under adjusted PCAOB rules.
BF Borgers and owner Benjamin Borgers charged by the SEC in case affecting more than 1,500 SEC filings.
The PCAOB has issued the largest civil money penalty in its history.
Rash of cases prompts global standard setter for corporate audits to propose stricter oversight rules for auditors.
PwC affiliates in Hong Kong and China and another Chinese audit firm will pay fines in “first-ever” settlement actions brought by the PCAOB.
The firm’s systems were manually overridden by staff to change working paper sign-off dates in breach of rules.