Views on improving the integrity of global capital markets

Auditors


Take the Survey: Critical Audit Matters

The PCAOB would like to hear from investors and is conducting an investor-specific survey in addition to their general request for comment. The deadline to complete the survey is May 29th.

Audits are not meeting investor expectations

The fact that auditors are not required to predict corporate failure or explicitly detect fraudulent activity has led to a buildup of complacency in audits, whereby red flags are ignored altogether. Consequently, the audit industry’s focus has shifted to improve audit efficiency over audit quality.

The Time to Develop Standards to Audit Digital (XBRL) Filings Has Come

An Inline XBRL (eXtensible business reporting language) filing is a digital filing with two layers of information: one layer of data that can be read by human beings and another layer of data that can be read by machines.

Investors to the Financial Accounting Standards Board: Segment Disclosures Need Improving

Segment reporting information is critical to investors. Despite the US GAAP standard on segment reporting being over 20 years old, the disclosures it produces remain challenging for investors who use the information and regulators who enforce the guidance. Recent… READ MORE ›

Audit Reform—What Is the Optimal Way Forward?

Across the globe over the last 20 years, far-reaching auditor-related reforms have sought to restore confidence in the role of audit in ensuring the reliability of reported company financial information.

Investor Expectations Are High That the New Auditor’s Report Won’t Be Al Capone’s Vault

IAASB’s new standards will live up to the hype — more transparency for investors and key stakeholders to ensure market integrity. How have we helped shape the new standards rolling out in 2017?

Seven’s a Charm for Investors: PCAOB Disclosure of Engagement Partner Finally Reality

Mickey Mantle, the UCLA Bruins, the seven seas — what do they have in common with the Public Company Accounting Oversight Board’s disclosure requirement? What three main changes should investors know?

Audit Inspection Reports Are Like “Groundhog Day” Storylines

About those findings, what are IFIAR and the six largest network firms (including BDO International Ltd., Deloitte Tohmatsu Ltd., and Ernst & Young Global Ltd.) doing to end investors’ audit inspection report 'winter’?

Oregon Ducks’ Football Uniforms: Applying the Hype to Auditor’s Report

Time will tell if the auditor’s report can build a similar expectation with investors after decades of reporting uninformative, stale information.

Is Audit Committee Transparency Improving? Not Really, Despite CAQ Report Headline

Disclosures continue to leave investors in the dark, audit study shows.

Toshiba Scandal: Should Outgoing CFO Have Chaired the Audit Committee?

Should a firm’s outgoing CFO head its audit committee, or should there be a minimal cooling-off period?

With PCAOB Form, Finally Maybe Some Transparency into Identity of US Audit Partner

The just-issued Public Company Accounting Oversight Board plan takes incremental steps to larger objective — transparency for investors.

Toshiba Accounting Scandal: Should Auditor Ernst & Young ShinNihon Get a Mulligan?

Given the sheer size of the financial misstatement, it begs the question: Why was the auditor blind to the accounting irregularities?

Ensuring Audit Quality and Engaging Investors (Video)

Audit quality — how to achieve it, and what it means to the investor, auditor, company, and other stakeholders — is the topic of this interview with KPMG.

Balance in Public Company Audit Priorities Important to Investors

PCAOB should resist pressure from the SEC to shift its focus from important transparency projects.



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