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.
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.
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 ›
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?
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?
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’?
Time will tell if the auditor’s report can build a similar expectation with investors after decades of reporting uninformative, stale information.
The just-issued Public Company Accounting Oversight Board plan takes incremental steps to larger objective — transparency for investors.
Given the sheer size of the financial misstatement, it begs the question: Why was the auditor blind to the accounting irregularities?
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.
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