CFA Institute recently responded to
the Public Company Accounting Oversight Board’s (PCAOB) Concept Release, Potential Approach to Revisions to
PCAOB Quality Control (QC) Standards.
Regarding communication, the
Concept Release says,
Electronic signatures on audit reports should not just be permitted but, indeed, be required. Introducing e-signatures is a useful step toward increasing the digital usability and security of reports.
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 findings in "New Public Company Auditor Disclosures: Who Audits the Company You Invest In? How Long Have They Been the Auditor," were compelling, particularly on gender diversity.
The use of data analytics in auditing is key for more effective and efficient overall financial reporting process, which better serves investors.
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’?
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?
KPMG study: Expanded auditor report helps close “expectation gap” between auditors and investors.
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