Understanding Sarbanes-Oxley, What Is Different After March 2014 [NOOK Book]

Overview

Today we will start with the priorities of the PCAOB.

Overview of PCAOB Priorities - Jay D. Hanson, Board Member, CBI 10th Annual Pharma/Biotech Accounting & Reporting Congress, Philadelphia, PA

Good Afternoon,

Let me begin by thanking you for inviting me to be here today.

Your work in the exciting and ...

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Understanding Sarbanes-Oxley, What Is Different After March 2014

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Overview

Today we will start with the priorities of the PCAOB.

Overview of PCAOB Priorities - Jay D. Hanson, Board Member, CBI 10th Annual Pharma/Biotech Accounting & Reporting Congress, Philadelphia, PA

Good Afternoon,

Let me begin by thanking you for inviting me to be here today.

Your work in the exciting and fast-paced pharmaceutical, biotechnology, medical device and healthcare industries presents a host of challenging accounting and financial reporting issues.

I am pleased to have been asked to be a part of your discussions.
I would like to talk a little bit about the role of the Public Company Accounting Oversight Board ("PCAOB") and some of our current activities that may affect your work.

Before I go further, I should tell you that the views I express today are my personal views and do not necessarily reflect the views of the Board, any other Board member, or the staff of the PCAOB.

As you know, the PCAOB was created by Congress through the passage of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act") to oversee the audits of public companies in order to protect investors and the public interest by promoting informative, accurate, and independent audit reports.

The PCAOB began operations in April 2003.

I joined the Board in February 2011 after spending over thirty years in public accounting.

Under the Sarbanes-Oxley Act, the PCAOB has four main responsibilities:

- Registration of public accounting firms that audit public companies or broker-dealers;

- Inspections of registered public accounting firms;

- Setting of auditing standards for the audits of public companies and broker-dealers; and

- Investigations and disciplinary proceedings in cases where auditors may have violated certain provisions of the securities laws or applicable standards or rules.

In order to achieve our mission, we have a staff of over 800 employees, which work in in sixteen offices around the country.

The majority of our employees work in our core program areas in the Division of Inspections and Registration, the Division of Enforcement and Investigations or the Office of the Chief Auditor.

In addition to our administrative offices, we also have an Office of International Affairs and an Office of Research and Analysis, both of which provide important information and assistance to the Board and staff.

The PCAOB is led by a five member Board, each of whom is appointed by the U.S. Securities and Exchange Commission ("SEC") to a five year term (with a maximum of two terms permitted).

As mandated by the Sarbanes-Oxley Act, two of the five Board members are Certified Public Accountants, and currently I am one of the two.
We operate under the oversight of the SEC, which, in addition to appointing Board members, must approve our budget and any rules and standards issued by the Board.

Currently, more than 2300 firms are registered with the Board, including over 900 foreign firms from 85 jurisdictions.

The Board has conducted well over 2000 inspections of public company audits, including inspections in 40 jurisdictions outside the United States.

After the Dodd-Frank Wall Street Reform and Consumer Protection Act gave us authority in 2010 to inspect the auditors of brokers and dealers, we commenced an interim program of broker-dealer auditor inspections.

We are evaluating the findings from the interim inspection program and will consider the effects of our recently issued new broker-dealer audit standards in determining the scope of a future permanent inspection program.

On the standard setting front, since its inception, the Board has issued 17 auditing standards — including, for example, standards addressing audit documentation, internal controls, audit planning, engagement quality review, risk assessment and audit committee communications — as well as two attestation standards for audits of brokers and dealers.

We also have substantially amended a number of interim standards ...

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Product Details

  • BN ID: 2940045809955
  • Publisher: George Lekatis
  • Publication date: 4/3/2014
  • Series: Understanding Sarbanes-Oxley , #10
  • Sold by: Smashwords
  • Format: eBook
  • File size: 890 KB

Meet the Author

George Lekatis is the General Manager of Compliance LLC, a leading provider of risk and compliance training and executive coaching in 36 countries.George has more than 17,000 hours experience as a professional speaker and seminar leader. He has worked for more than 18 years as a management consultant and educator and has demonstrated exceptional presentation and communication skills.George is the president of the Basel ii Compliance Professionals Association (BCPA, basel-ii-association.com), the largest association of Basel ii professionals in the world, and the Basel iii Compliance Professionals Association (BiiiCPA, basel-iii-association.com), the largest association of Basel iii professionals in the world.George is also president of the Sarbanes Oxley Compliance Professionals Association (SOXCPA, sarbanes-oxley-association.com), the largest Association of Sarbanes Oxley professionals in the worldGeorge is an expert witness, qualified to investigate and testify about risk and compliance management standards, policies, procedures, best practices, due care and due diligence.
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