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PCAOB Proves It Has Teeth
While some companies are unfamiliar with the Public Company Accounting Oversight Board (PCAOB), it has recently been making its presence known. PCAOB is a private-sector nonprofit corporation created by the Sarbanes-Oxley Act of 2002 (SOX), whose stated purpose is to “oversee the audit of public companies that are subject to the securities laws, and related matters, in order to protect the interests of investors … ” Section 101(a). Although some questioned whether PCAOB would ultimately have any real-world impact on accounting firms and the public issuers they audit, PCAOB has proven that it has the authority, ability and appetite to shape the heightened environment in which companies now operate following passage of SOX and its focus on restoring investor confidence in companies' financial reporting.
PCAOB's duties include:
- registering public accounting firms that prepare audit reports for issuers;
- establishing auditing, quality control, ethics, and independence standards;
- conducting inspections of the registered accounting firms; and
- enforcing compliance with the Sarbanes-Oxley Act, professional standards and the securities laws relating to the issuance of audit reports, including bringing disciplinary proceedings and imposing sanctions for violations. Section 101(c). Although it is too soon to know how aggressive PCAOB will be in enforcement, it has been extremely active since its conception in carrying out its registration, establishment of standards and inspection responsibilities.
Accounting Firms Flock to PCAOB Registration
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.