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PCAOB issues stock options alert

PCAOB issues stock options alert

by Rick Turoczy on July 28, 2006

U.S. audit regulators on Friday issued an alert on stock option accounting practices, reminding auditors of their obligations if they observe illegal acts in the course of performing audits.

The Public Company Accounting Oversight Board (PCAOB), overseer of U.S. public company auditors and created under 2002′s Sarbanes-Oxley corporate reform law, reminded auditors to be “alert to the risk that the issuer may not have properly accounted for stock option grants.”

The PCAOB notice says “the incidence of these … practices may have substantially decreased” after the implementation of Sarbanes-Oxley, but auditors were reminded that accounting errors for stock options granted before 2002 may still cause serious errors in current financial statements.

PCAOB issues stock options alert

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