Soyoung Ho

2 weeks ago | tax.thomsonreuters.com | Soyoung Ho

The AICPA on April 7, 2025, published Statement on Standards for Accounting and Review Services (SSARS) No. 27, Applicability of AR-C Section 70 to Financial Statements Prepared as Part of a Consulting Services Engagement, to clarify that a practitioner does not have to apply AR-C Section 70 when financial statements are prepared as a by-product of client advisory services (CAS).

2 weeks ago | tax.thomsonreuters.com | Soyoung Ho

The Senate Banking Committee on April 3, 2025, voted 13 to 11 to advance the nomination of Paul Atkins to be the chair of the Securities and Exchange Commission (SEC).

3 weeks ago | tax.thomsonreuters.com | Soyoung Ho

The quality of public company audit is improving—at least according to Public Company Accounting Oversight Board (PCAOB) inspection results. After year-over-year increases in the audit regulator’s deficiency rates that culminated in Part I.A deficiency rate of 46% during the 2023 inspections cycle, the rate decreased to 39% in 2024, according to a new report that summarizes inspections performed last year.

4 weeks ago | tax.thomsonreuters.com | Soyoung Ho

The average number of accounting and auditing enforcement actions initiated per year during Jay Clayton’s tenure as Securities and Exchange Commission (SEC) chair was higher than during Gary Gensler’s, according to an analysis by Cornerstone Research. During the Clayton era, 74 actions per year were initiated on average, compared to Gensler’s 60, a 19% decrease. Clayton, appointed by President Trump during his first term, served at the SEC from May 2017 to December 2020.

4 weeks ago | tax.thomsonreuters.com | Soyoung Ho

Public Company Accounting Oversight Board (PCAOB) member Christina Ho said she is giving the board “a low grade” for standard-setting “because it has lost its focus in multiple respects.”She shared her views at the PCAOB’s forum for auditors of small businesses and broker-dealers in Miami on March 18, 2025. And her speech centered on the need for the PCAOB to rethink its approach to help small public company auditors.