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Yahoo
6 days ago
- Business
- Yahoo
PCAOB chair Erica Williams to step down
The Public Company Accounting Oversight Board's (PCAOB) chair Erica Williams has decided to step down from her position. Williams was sworn in as chair in January 2022 and reappointed in October 2024. Williams said: 'With high economic uncertainty increasing the risk of fraud, the PCAOB's mission is as important as ever. It's critical that the expert PCAOB staff continue to be empowered to carry out their work of ensuring American investors are protected.' During her tenure, Williams executed a strategic plan focused on the modernisation of auditing standards, the enhancement of inspection processes, enforcement mechanisms, and the board's operational effectiveness, the PCAOB said in its press statement. Under her leadership, the PCAOB has completed access for the first time to inspect and investigate China-headquartered businesses, resulting in enforcement actions against these entities. Williams' term has been marked by various formal actions, with seven projects covering 24 rules and standards finalised during her tenure. The authority delivered sanctions, with the message that violations that put investors at risk will be met with serious consequences. Williams also oversaw the reconstitution of the Investor Advisory Group and the Standards and Emerging Issues Advisory Group. She also established the PCAOB's first-ever Office of the Investor Advocate. However, Williams' resignation comes amidst media reports suggesting that her departure was requested by Securities and Exchange Commission chairman Paul Atkins. An email sent by Williams to PCAOB staff indicated that she had been asked to resign with Atkins accepting her resignation. The email stated: 'Today, I accepted Erica Williams' offer to resign as chair and a board member of the PCAOB and thanked her for her service. I am grateful she has agreed to stay on until July 22.' Last month, the PCAOB imposed fines totalling $8.5m on the Netherlands member businesses of Deloitte, PwC, and EY for cheating in internal exams. "PCAOB chair Erica Williams to step down " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
01-05-2025
- Business
- Yahoo
PCAOB releases new machine-readable audit inspection datasets
The Public Company Accounting Oversight Board (PCAOB) has released new and enhanced datasets related to its inspection reports, offering stakeholders improved access to detailed audit information. These datasets are now available in machine-readable formats to facilitate analysis across various platforms. Covering Part I.A and Part I.B of PCAOB inspection reports, the datasets are provided in CSV, XML, and JSON formats. They encompass information dating back to 2018 for annually-inspected firms and 2019 for triennially-inspected firms. Updates to the datasets will be issued quarterly, PCAOB said. PCAOB chair Erica Williams said: 'PCAOB inspection reports have always been a data-rich resource for investors and others. 'With the release of these downloadable datasets, we are continuing our efforts to drive audit quality by increasing transparency.' Part I.A of the inspection reports highlights deficiencies in audit firms' evidence supporting their opinions on financial statements and internal control over financial reporting. This dataset includes a description of each deficiency, along with attributes such as the issuer reference key, the role of the audit firm, and the audits affected. Meanwhile, Part I.B discusses noncompliance instances with PCAOB standards or rules not directly related to the sufficiency of evidence obtained by audit firms. This dataset details each Part I.B deficiency and the corresponding auditing standard. Additionally, the PCAOB has updated an existing dataset that provides firm-level information from more than 4,000 published inspection reports. This dataset now includes more detailed information about the audits reviewed during inspections. The PCAOB's efforts to increase the availability of reliable and relevant inspection information align with stakeholders' interests, including those of the PCAOB's Investor Advisory Group and Standards and Emerging Issues Advisory Group. Recently, reports emerged that Republican lawmakers in the US are looking to dismantle the PCAOB and transfer its responsibilities to the Securities and Exchange Commission (SEC). "PCAOB releases new machine-readable audit inspection datasets" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
