Quality is at the heart of what we do and it is instilled in our staff as the foundation of our approach to audit, tax and accounting concerns. Our multiple SEC partners and SEC staff work and train together on the rules and interpretations of SEC and PCAOB full-time, giving us the best possible understanding of compliance results without guesswork. We anticipate your needs and your frequent deadlines and work within those parameters to always be there for you.
It all begins and ends with the quality of our audits as delivered from the newest intern to the most experienced partner.
Allan Dulany, Audit Partner
MaloneBailey is a registered public accounting firm that is in exclusive company as one of only nine firms in the world required to undergo an annual Public Company Accounting Oversight Board (PCAOB) inspection.
The PCAOB was created by the Sarbanes-Oxley Act of 2002. It is a private-sector, non-profit corporation whose stated purpose is to “oversee the auditors of public companies in order to protect the investors and further the public interest in the preparation of informative, fair and independent audit reports.” The Board has five members, each appointed by the U.S. Securities and Exchange Commission.
Section 104 of the Sarbanes-Oxley Act of 2002 requires the Board to conduct inspections of registered certified, public accounting firms. In those inspections, the Board assesses compliance with the Act, the rules of the Board, the rules of the Securities and Exchange Commission and professional standards in connection with the firm’s performance of audits, issuance of audit reports and related matters involving issuers. The Act requires the Board to conduct those inspections annually for firms that provide audit reports for more than 100 issuers and at least triennially for firms that provide audit reports for fewer issuers.
The Quintessence of Audit Quality
Our 2011 annual visit with the PCAOB has come and gone. With the exit, we received the least amount (fewest number) of engagement findings (four in total) to date of all of our six inspections from 2004 to 2011. We support the PCAOB's inspection process to identify areas where we should improve and enhance our audit quality.
Our goal continues to be zero written findings from the PCAOB, which requires continued strides toward higher audit quality from everyone. It all begins and ends with our quality of audits as delivered from the newest intern to the most experienced partner. Our audit quality will continually sustain and reward us.
2010 PCAOB Inspection Report (most recent report issued)