Ex-Deloitte Partner, His Son to Pay $1.1 Million for Insider Trading in Audit Client Securities

Thomas P. Flanagan, a former Deloitte & Touche LLP partner, and his son Patrick Flanagan agreed Aug. 4 in the U.S. District Court for the Northern District of Illinois to pay…

PCAOB Members Removable at Will by SEC, but Board Won’t Be Abolished, Supreme Court Rules

The dual layers of good-cause protection from presidential firing enjoyed by the members of the Public Company Accounting Oversight Board violate…

House-Passed Final Financial Reform Bill Would Exempt Small Issuers From Sarbanes-Oxley Section 404

On a 237-192 vote, the House June 30 approved the final version of a financial regulatory reform bill that among numerous other matters would exempt…

PCAOB Issues Staff Guidance Targeting Registration Process for Some Non-U.S. Firms

The Public Company Accounting Oversight Board June 1 issued updated staff guidance on the registration process for audit firms applying to register with the PCAOB from non-U.S. jurisdictions in…

Chinese Bar Against PCAOB Inspections Poses Risk for U.S. Investors, Acting Chairman Says

Prohibitions against the Public Company Accounting Oversight Board inspecting the work of auditing firms in China raise the possibility that, as more Chinese companies operate and file financial reports in…

BNA INSIGHTS: Imputation and the In Pari Delicto Defense in Auditor Liability Cases: The Pennsylvania Supreme Court Preserves but Narrows the Traditional Defense

Bankrupt companies regularly sue their outside professionals for contributing to the bankruptcy. The parties in these cases often clash over a question that can be decisive: To defend itself, can a professional firm…

PCAOB Issues Staff Audit Practice Alert on Addressing ‘Unusual Transaction’ Risks

The Public Company Accounting Oversight Board April 7 issued a staff audit practice alert to remind public company auditors about their responsibilities to evaluate and respond to…