At PCAOB Dulany was in the role of Inspections Specialist and Garbutt as Inspections Leader.
So the PCAOB has asked for public comment and plans to study the issue further.
The broker-dealers that were inspected by the PCAOB were not judged by any new rules.
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The auditor change numbers PCAOB Chairman Doty quoted during the open meeting yesterday were post-Sarbanes fallout.
The PCAOB approved Auditing Standard No. 7, Engagement Quality Review on July 28, 2009.
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The PCAOB, the regulator for the U.S. accounting industry, has taken note of this anomaly.
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The last of those 611 public comments came in to the PCAOB earlier this month.
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Early last year the PCAOB introduced proposed new regulations that would require rotation of auditors.
The SEC and the PCAOB, the audit industry regulator, have said so.
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The PCAOB held its first free public forum for auditors of broker-dealers in October of 2011.
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Broker-dealer auditors are not yet officially required, therefore, to use PCAOB standards for conducting their audits.
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The SEC, and its accounting regulator the PCAOB, crossed several nagging tasks off their to-do lists yesterday.
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The U.S. auditing regulator, the PCAOB, also inspects the largest global audit firms on an annual basis.
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Another founding PCAOB member, Tom Ray, went back to a big job at KPMG in 2009.
The PCAOB also recently announced that it will be streamlining its rules to facilitate more efficient audits.
The goal of this roundtable then was to reaffirm what the SEC and PCAOB have thought all along.
We did hear some good news last week from the PCAOB and its new Chairman Jim Doty.
The SEC and the PCAOB would not confirm that their enforcement actions regarding the Satyam audit were finished.
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Mr. Ferguson returns to the PCAOB where he served for more than three years as their first General Counsel.
The PCAOB is talking about these issues in speeches and sanctions.
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"We know from our own inspection reports that there is a problem, " says James Doty, chairman of the PCAOB.
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However, 3 of the ten audit firms were already registered with the PCAOB because they audit other public companies.
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There is only one independent audit firm in Saudi Arabia registered with the PCAOB and it has never been inspected.
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The Public Company Accounting Oversight Board, or PCAOB, is negotiating with Beijing to allow information-sharing between U.S. and Chinese regulators.
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The disciplinary orders issued by the SEC and PCAOB were merciless in their condemnation of the PW India audit practice.
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The SEC allowed an exemption to the PCAOB registration requirement for auditors of registered broker-dealers until the Madoff fraud occurred.
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Enforce stronger sanctions on a more timely basis and more clearly delineate responsibility for sanctions between the PCAOB and SEC.
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"That doesn't sound like somebody who's going to be independent, objective and skeptical, " says Martin Baumann, chief auditor at the PCAOB.
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More serious scrutiny by the PCAOB and SEC of the large audit firms who cover the largest FCMs is also required.
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According to the PCAOB, there have been 567 additional audit firm registrations since 2009. 517 of those firms audit only broker-dealers.
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