Intelligence

Is Public Company Accounting Oversight Board Doing a Good Job of Overseeing Auditors?

Reporter: David Katz

Publication: CFO

Contact: iq@fullyvested.com

Deadline: Jun 2, 2017 4:00 pm

At CFO, we think it is time for a journalistic re-assessment of the Public Accounting Oversight Board –PCAOB– and are in the market for well-written op-ed-style pieces whether the Public Company Accounting Oversight Boardis doing a good job. We are looking for 500 to 750 word articles appropriate for an audience of senior corporate finance executives. We need to have the opinion pieces by June 12. Originally created to bring independent oversight to the auditors of public companies, replacing the self-regulation administered by the American Institute of Certified Public Accountants, the Public Company Accounting Oversight Board has undoubtedly improved audit quality in its 15 years of existence. In April, however, the world of independent auditing was shaken by the revelation that KPMG had gotten warning of when the Public Company Accounting Oversight Board would do its next inspection of the firm from a Public Company Accounting Oversight Board employee. To add fuel to the fire, information was received by a KPMG employee who had formerly worked at the Public Company Accounting Oversight Board. More recently, in connection with the Wells Fargo scandal, Sens. Elizabeth Warren and Edward J. Markey also asked if the Public Company Accounting Oversight Board holds auditors responsible for reporting illegal or inappropriate activity by their clients. These are recent examples of the kinds of negative news the oversight board has been hit with since it was created by the Sarbanes-Oxley Act. Are the board’s procedures for inspecting audit firms in need of a revamp? Is the board transparent enough about the results of its inspections? Is the form of independent regulation it practices superior to the audit industry’s previous system of self-regulation? Whatever your opinions, we would like to hear your thoughts.

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