| 07/01/09 -- Adoption of PCAOB Release No. 2009-003 Sets Stage for
Delay of Some Foreign Inspections
As discussed in the article entitled "Adoption of Release No. 2009-003
Sets Stage for Delay of Some Foreign Inspections" in the June 30, 2009,
issue of Accounting & Compliance Alert, the PCAOB adopted the proposed
amendment to Rule 4003 it first detailed in December 2008.
The rule will allow the PCAOB to postpone, for up to three years, the
first inspection of any foreign-registered public accounting firm that
the board is otherwise required to conduct before the end of 2009 and
is in a jurisdiction where the board has not conducted an inspection before
2009.
In addition, the board also announced in Release No. 2009-003, Final
Rule Concerning the Timing of Certain Inspections of Non-U.S. Firms, and
Other Issues Relating to Inspections of Non-U.S. Firms, that it plans
to implement certain transparency measures related to the its international
inspections program.
Rule 4003(g) will take effect upon approval by the SEC. The rule was
proposed in December 2008 in Release No. 2008-007, Rule Amendments
Concerning the Timing of Certain Inspections of Non-U.S. Firms, and Other
Issues Relating to Inspections of Non-U.S. Firms.
06/23/09 -- PCAOB To Consider Another Amendment to Rule 4003
As discussed in the article entitled "PCAOB To Consider Another Amendment
to Rule 4003" in the June 22, 2009, issue of Accounting & Compliance Alert,
the PCAOB will hold an open meeting June 25 to consider adopting an amendment
to Rule 4003, Frequency of Inspections.
The amendment relates to the timing of certain inspections of registered
non-U.S. firms that board rules require the PCAOB to conduct in 2009.
Previously in Release No. 34-59991, Public Company Accounting Oversight
Board; Order Approving Proposed Amendment to Board Rules Relating to Inspections,
issued on May 28, the SEC approved a proposed amendment to PCAOB rules
concerning inspections of non-U.S. audit firms. PCAOB members voted in
December 2008 to adopt the amendment to Rule 4003 and issue a separate
proposed amendment to the rule for public comment.
Rule 4003(f), which the board adopted, extended the deadline for the
first inspection of 21 of 52 non-U.S. firms by one year to 2009 from 2008.
At the time, the board had conducted or planned to conduct the other 31
inspections in 2008.
04/24/09 -- PCAOB Addresses FASB's Amended Fair Value Rules in Staff
Audit Practice Alert No. 4
As discussed in the article entitled "Amended Fair Value Rules Are Addressed
in Staff Audit Practice Alert No. 4" in the April 23, 2009, issue of Accounting
& Compliance Alert, the PCAOB issued Staff Audit Practice Alert (APA)
No. 4, Auditor Considerations Regarding Fair Value Measurements, Disclosures,
and Other-Than-Temporary Impairments.
The alert covers the changes to U.S. GAAP in three pieces of guidance
issued by the FASB on April 9:
- Final FASB Staff Position (FSP) No. FAS 157-4, Determining Fair
Value When the Volume and Level of Activity for the Asset or Liability
Have Significantly Decreased and Identifying Transactions That Are Not
Orderly;
- Final FSP No. FAS 115-2 and FAS 124-2, Recognition and Presentation
of Other-Than-Temporary Impairments; and
- Final FSP No. FAS 107-1 and APB 28-1, Interim Disclosures about
Fair Value of Financial Instruments.
The alert also deals with:
- Reviews of interim financial information;
- Audits of financial statements, including integrated audits;
- Disclosures; and
- Auditor reporting considerations.
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