What Will Audit Firms Do On Their PCAOB Annual Reports?

June 18, 2010

David Nelson, Big4.com

June 30, 2010 is rapidly approaching, and it is a key deadline for US audit firms.

The Public Company Accounting Oversight Board (PCAOB) requires all its registered firms (over 2,200 of them) to file an annual report with the Board, with the first annual reports due June 30, 2010. The report (in Form 2) covers the 12-month period ending March 31, 2010; and contains general information on the firm plus some very interesting numbers which may be available to the public for the first time (we believe) in a consolidated summarized format in one place.

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Blankfein Continues At Goldman, And So Does $100 Million for PwC

Today May 7, 2010, the Goldman Sachs (NYSE: GS) shareholders meeting was probably the most watched and scrutinized in all its history. With the SEC filing suit against the investment bank on April 16th, criminal charges being investigated, with Blankfein going to Capital Hill to be deposed in front of some tough Senators, and the stock down 20%+ from just weeks ago, this is mildly put, a very difficult time for Goldman Sachs....

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E&Y Has Big Growth Plans for China

Ernst & Young wants to increase its Chinese staff from 8,000 to a whopping 32,000 in ten years, a nearly 400% increase. The hot Chinese economy is creating terrific demand for Big Four services and Big Four personnel. Every Big Four accounting firm is bursting at the seams with demand and business, moreover job hopping is becoming common, and companies are complaining about the shortage of experienced audit personnel...

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