Adrian Johnson
TLDR:
Key Points:
- 2023 marked a significant year for audit enforcement
- Important updates on PCAOB enforcement, SEC cybersecurity rules, and more
Read on for a comprehensive summary of the Accounting Firm Quarterly Update for Q4 2023 by Gibson Dunn.
Article:
We are pleased to provide you with Gibson Dunn’s Accounting Firm Quarterly Update for Q4 2023. The update covers a range of important topics in the accounting industry that we believe are of interest to you.
One of the key highlights of 2023 was the focus on audit enforcement, with the PCAOB publishing enforcement orders against China-based firms and Congress considering further action. Additionally, the SEC’s cybersecurity disclosure rules went into effect, and the SEC approved the 2024 PCAOB budget.
Other notable updates include the SEC Chief Accountant’s statements on cash flow reporting and professional skepticism, as well as the Second Circuit limiting the SEC’s ability to seek disgorgement. The Canadian Public Accountability Board provided insights on the audit quality assessment results, and the UK Economic Crime and Corporate Transparency Act 2023 went into effect.
The update also covers personnel changes at the PCAOB, staff priorities for 2024 inspections and interactions with audit committees, and FinCEN corporate transparency reporting going into effect. Furthermore, it outlines recent SEC and PCAOB enforcement and regulatory developments.
