Sarbanes-Oxley established heightened standards for the boards and management of both public companies and public accounting firms.
FORBES: The Dodd-Frank Act's Robust Whistleblowing Incentives
The Big Four public accounting firms all provide services to growth companies that might one day go public.
FORBES: How Zynga, Facebook and Groupon's Go-To Auditor Rewrites Accounting Rules
The Senate bill would establish the Public Company Accounting Oversight Board to conduct regular inspections of public accounting firms.
The global network structure of the largest public accounting firms sells a brand image of strength, confidence, and cross-border seamless service delivery.
FORBES: Is PwC Conspiring To Evade Liability For Frauds In Iceland and India?
In many smaller public accounting firms, unlicensed accounting graduates are paid overtime.
FORBES: Auditors Want Overtime: California Lawsuit Against PwC Could Change Model
The global public accounting firms have organization and process flow charts that describe governance structures and communications protocols within their global network structure.
FORBES: Is PwC Conspiring To Evade Liability For Frauds In Iceland and India?
The Public Company Accounting Oversight Board, which regulates auditing firms, is asking whether long tenure might lead to complacency.
WSJ: The Intelligent Investor: One Cure for Accounting Shenanigans
The Public Company Accounting Oversight Board, which regulates US audit firms, disclosed private portions of a Deloitte inspection report for 2007 that highlighted poor quality and administrative controls.
FORBES: Deloitte and Standard Chartered Bank: In Service To Profit Above All
Once one of the elite five big accounting firms, it could no longer do audits for public companies.
Any mature tech start up near a public offering would have already been through at least several years of annual audits with accredited accounting firms.
Scientific-Atlanta, which the Supreme Court will hear Tuesday, is a big deal--at issue is whether third parties like accounting firms, investment banks and vendors can also be held liable when a public company commits fraud.
Some private equity firms, like Blackstone, are public companies and are required under SEC rules to have a registered public accounting firm audit.
FORBES: Did Deloitte Compromise Independence in McClellan Insider Trading Scandal?
If Deloitte still refuses to respond, America's accounting regulator, the Public Company Accounting Oversight Board (PCAOB), could even decertify Deloitte's Chinese affiliate from signing financial statements for firms listed in America.
ECONOMIST: A dreadful choice: whether to annoy America or China
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