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The PCAOB Mission: Improving Audit Quality via Enforcement, Standards, and Inspections (Securities Practice Portfolio Series)

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The PCAOB Mission: Improving Audit Quality via Enforcement, Standards, and Inspections analyzes the role of the Public Company Accounting Oversight Board (PCAOB) in improving audit quality. The Portfolio begins with a discussion of the Sarbanes-Oxley Act of 2002 and the creation of the Board in response to several massive accounting scandals. It discusses the operational structure of the Board and the relationship between the Board and the Securities and Exchange Commission. The Portfolio also reviews the jurisdictional scope of Board oversight, including a discussion of PCAOB authority over foreign audit firms and associated persons.
 
The Portfolio focuses on the core functions of the Board, including standard-setting, audit firm registration, inspections, and enforcement. The analysis includes practical advice for dealing with the registration process, PCAOB inspections, and enforcement activity by the Board, as well as a discussion of significant enforcement cases. Finally, the Portfolio concludes with a review of PCAOB priorities and a discussion of the key issues facing the Board in the future.
 
The Portfolio contains a guide to all PCAOB enforcement actions that have been made public. Additional practice tools, including several examples of PCAOB investigative material and correspondence, enhance the utility of the detailed analysis.

About Bloomberg BNA’s Securities Practice Portfolio Series
This series is a unique library of practice-oriented analysis and tools addressing the full range of securities issues and practice areas. Authored by experienced practitioners, each Portfolio provides concise legal analysis and clear practical guidance to facilitate a quick grasp of the issues, an understanding of the nuances and risks, and the development of an actionable solution. Areas of coverage include securities enforcement, capital formation, regulation of trading and markets, investment management regulation, derivatives and commodities, and more.

About the Authors

Eugene Goldman is a partner in McDermott Will & Emery LLP, where he represents clients, including financial officers and auditing firms, in securities enforcement investigations and proceedings, and private litigation. He also counsels clients on Sarbanes-Oxley and Dodd-Frank issues, FCPA compliance, and trading matters. Mr. Goldman has testified before the Congress on securities enforcement issues. He previously served as senior counsel in the SEC’s Division of Enforcement in Washington, D.C., and law clerk to the Honorable Stanley Sporkin of the U.S. District Court for D.C. The U.S. Attorney for D.C. cited Mr. Goldman’s “particularly valuable assistance … in the most significant insider trading case yet ever referred to the U.S. Department of Justice from the Securities and Exchange Commission.” He received his B.A., with honors, from the American University and his J.D. from the Columbus School of Law at Catholic University.
 
Thomas J. Tynan is an associate in McDermott Will & Emery LLP. He focuses his practice on complex litigation, government investigations, and white-collar defense. Mr. Tynan served as a law clerk to the Honorable James P. Jones of the U.S. District Court for the Western District of Virginia. He received his B.A. from the University of North Carolina at Chapel Hill and his J.D. from Duke University School of Law.
 
Michael S. Stanek is an associate in McDermott Will & Emery LLP. He focuses his practice on white collar and securities defense and complex litigation. He received his B.A. from DePauw University and his J.D., with honors, from George Washington University School of Law.

 

2014/100 pp. Softcover/ISBN 978-1-61746-915-2/Order #5915