Auditor Independence

The Public Company Accounting Oversight Board plans to hold an open meeting to discuss its proposed regulations calling for greater auditor independence and mandatory rotation of audit firms.

The PCAOB will consider a “concept release” that would solicit public comments on ways to enhance the independence, objectivity and professional skepticism of audit firms. Among the proposals the PCAOB plans to consider is one requiring mandatory audit firm rotation.

How to recognize a troubled debt restructuring

With the recent economic downturn still currently in focus, the Financial Accounting Standards Board has noted that creditors have significantly increased the volume of debt they are restructuring or modifying. Read more at http://news.cpamerica.org/salberg/newsletter/article.asp?a=98

IFRS Updates

As the Securities and Exchange Commission moves closer to deciding whether to incorporate International Financial Reporting Standards, debate intensifies over how it should -- and, more fundamentally, whether it should. Some fear that politics will influence international standards setting. Another argument against the international standards is that accounting transparency in the U.S. has attracted international investors, and it would be foolish to give up that advantage.

PCAOB Issues Concept Release

PCAOB Issues Concept Release
On Auditor's Reporting Model

The Public Company Accounting Oversight Board today issued a concept release to discuss alternatives for changing the auditor's reporting model. The Board also announced that it will convene a public roundtable to discuss the concept release in the third quarter of 2011.

PCAOB Adopts Interim Inspection Program for Broker-Dealer Audits

The Public Company Accounting Oversight Board (PCAOB) adopted without material change a proposed temporary rule that establishes an interim inspection program for audits of securities brokers and dealers as permitted by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The board said that insights gained through the interim program will inform the eventual determination of the scope and elements of a permanent program, which the board expects to propose by 2013.

New PCAOB Guide

The PCAOB has released its new "In Depth Guide to Public Company Auditing". You can access it at:

http://www.thecaq.org/publications/In-Depth_GuidetoPublicCompanyAuditing.pdf

If you need auditing services for your public company contact Salberg & Company, P.A. at 561-995-8270 or email at info@salbergco.com.