The PCAOB approved its 2014 fiscal-year budget of approximately $258.4 million.
The PCAOB settled disciplinary orders against three audit firms and three individuals associated with those firms, charging that they violated the federal securities laws and PCAOB auditing standards and rules in the audits of 10 public companies.
The Vatican has hired Ernst & Young to handle an audit of its internal finances.
Judge Patricia Summe ordered Grant Thornton to pay William and Martha Yung $4.68 million in compensatory damages and $55 million in punitive damages. A family trust, the 1994 William J. Yung Family Trust, was awarded $14.6 million in compensatory damages, and $25 million in punitive damages.
The PCAOB is establishing a Center for Economic Analysis to study the role and relevance of the audit in capital formation and investor protection.