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Harmonizing Liability Standards For Auditing Firms And Associated Persons, SEC Commissioner Jaime Lizárraga, Washington D.C., Aug. 20, 2024
Date 20/08/2024
Nearly two decades ago, the PCAOB (the “Board”) adopted an auditing standard as part of a package of proposed ethics and independence rules, setting out the liability of persons associated with registered public accounting firms.
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Statement On AS 1000, General Responsibilities Of The Auditor In Conducting An Audit, SEC Commissioner Mark T. Uyeda, Washington D.C., Aug. 20, 2024
Date 20/08/2024
Thank you, Chair Gensler, and thank you to the staff for your presentation. The second item on today’s agenda is a new auditing standard on the general responsibilities of the auditor in conducting an audit.
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SEC Approves New And Updated PCAOB Audit Standards And An Amendment To The PCAOB’s Contributory Liability Rule - Changes Address General Responsibilities Of An Auditor Conducting An Audit As Well As Technology-Assisted Analysis And Contributory Liability Rule For Associated Persons
Date 20/08/2024
The Securities and Exchange Commission today announced that it has approved two Public Company Accounting Oversight Board (PCAOB) proposals updating audit standards regarding general responsibilities of the auditor and use of technology-assisted analysis in conducting an audit. The SEC also approved a proposal amending a PCAOB ethics rule governing the liability of an associated person when they directly and substantially contribute to audit firm violations.
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Statement In Support Of Amendments To Update Accountability For Contributing To Firm Violations, SEC Commissioner Caroline A. Crenshaw, Washington D.C., Aug. 20, 2024
Date 20/08/2024
I am happy to be here today to discuss three important rules coming out of the Public Company Accounting Oversight Board (“PCAOB”). The work of auditors is crucial to investor confidence in the market. Auditors are external accountants that provide the public with assurance that a company’s financial statements, and the controls that produce those statements, are reliable. They exercise due professional care, skepticism, and are subject to independence requirements to mitigate conflicts of interest—conflicts that exist by virtue of clients paying them to conduct audits. Because the work of auditors is such an important cornerstone of market confidence and integrity, it is equally important that we have in place a meaningful system of rules and regulations for the audit profession. Without such rules, the accuracy and reliability of financial statements would disintegrate – eroding with it investor trust in our entire market. The PCAOB, with its specialized expertise, independently oversees that system of rules, and in so doing, also provides a crucial market function.
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Statement On General Responsibilities Of Auditors, SEC Chair Gary Gensler, Washington D.C., Aug. 20, 2024
Date 20/08/2024
Today, the Securities and Exchange Commission is considering whether to approve the final standard and related amendments updating the general responsibilities of auditors when conducting an audit. I am pleased to vote in support of approving this final standard because it would modernize and streamline the core obligations required of auditors.
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Statement On Technology-Assisted Data Analysis In Auditing, SEC Chair Gary Gensler, Washington D.C., Aug. 20, 2024
Date 20/08/2024
Today, the Securities and Exchange Commission is considering whether to approve final amendments regarding the use of technology-assisted data analysis in audit procedures. I’m pleased to approve these amendments because they would provide auditors with modernized guidance regarding use of these tools.
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Statement On Contributory Liability In Auditing, SEC Chair Gary Gensler, Washington D.C., Aug. 20, 2024
Date 20/08/2024
Today, the Securities and Exchange Commission is considering whether to approve an amendment to the Public Company Accounting Oversight Board’s (PCAOB) ethics rule related to the liability of individuals who directly and substantially contribute to a registered public accounting firm’s violations. I am pleased to support this rule amendment because it would strengthen accountability for individual auditors who fail to uphold their responsibilities to the investing public.
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CFTC Orders Unregistered Pool Operator And Its Managing Member To Pay More Than $520,000 For Fraud Violations
Date 20/08/2024
The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against Get Money Tradez LLC (GMT), and its managing member, Jeffrey Carmon, Jr. a/k/a Jeffery Carmon, Jr. (Carmon), both based in the Houston, Texas area. The order finds the respondents violated anti-fraud and registration provisions of the Commodity Exchange Act (CEA) by fraudulently soliciting 19 pool participants to participate in two forex trading pools the respondents controlled and operated.
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ETFGI Reports There Were 27 New Product Launches And 9 Product Closures In The Global ETFs Industry During The Week Of August 12th
Date 20/08/2024
ETFGI, a prominent independent research and consultancy firm specializing in providing subscription research on trends in the global ETFs industry, reported today that there were 27 new product launches and 9 product closures during the week of August 12th, resulting in a net increase of 18 new products.
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Tel Aviv Stock Exchange: An Innovative Market-Making Reform Kicked Off, Focusing On Shares Included In The TA-90 Index
Date 20/08/2024
TASE Continues to Develop the Capital Market in Alignment with International Standards - An innovative market-making reform kicked off, focusing on shares included in the TA-90 index. TASE will manage the market making program, to which it will dedicate NIS 6 million; the market-making parameters will be determined competitively
