Measurement of Audit Quality is the Key This blog is a continuation of one I posted earlier today and follows up on a blog posted a couple of weeks ago. The question of whether audits provide useful information and protect investors has been discussed for many years. It is an important issue because if audits […]
Do Auditors Adequately Assess Audit Quality Read More »
Defective Audits Are Not Being Adequately Dealt With The SEC removed William Duhnke as chairman of the Public Company Accounting Oversight Board (PCAOB), the U.S. audit watchdog, on June 4, 2021. This raises serious questions about the relevance of the PCAOB today and whether it has been operating as intended. In other words, is it
Is the PCAOB Obsolete? Read More »
Indicators of Audit QualityForty percent of the audits inspected by audit firm regulators had at least one finding indicating aserious problem, according to a new survey. A recent report from the International Forum ofIndependent Audit Regulators, a group of national audit regulators including the Public CompanyAccounting Oversight Board (PCAOB) in the U.S. and the Financial
Why Do Audit Reports Have Such a High Deficiency Rate? Read More »
The Lost Art of an Independent Audit The time has come to revisit the issue of whether all nonaudit services should be prohibited for audit clients. The accounting profession continues to struggle with independence issues when both services are provided. The threats and safeguards approach in the AICPA Code does not seem to have reduced
Audit Firms Should Not Be Allowed to Perform Nonaudit Services for Audit Clients Read More »