In Brief Examinations or audits of an organization's quality control assurance system (QCAS) are not presently required, despite the fact that defective products or services…
Reforming the Auditing Profession
Improving Quality, Transparency, Governance, and Accountability
In Brief Independent audits of public company financial statements are a cornerstone of the global financial system. Recent events, however, demonstrate that these audits are…
Improving Audit Quality
Highlights from the 13th Annual Baruch College Audit Conference
The 13th Annual Audit Conference, hosted by Baruch College in New York City on December 4, 2018, once again brought together auditors, regulators, standards setters,…
For the first time since the [PCAOB's] creation in 2003, we have a completely new board. Its new strategic plan, which was approved on November…
ICYMI | How Many Engagement Inspections Is Too Many?
Streamlining the Scope of Quality Control Inspections
The inspection process is a critical part of any audit firm's accounting and auditing quality control (QC) system. The lack of precise guidance in the…
Identifying Deficiencies in Single Audits
Preparing for the Audit Quality Study
In Brief Under its Single Audit Quality Study, the Office of Management and Budget will soon be reviewing single audit engagements. To help auditors enhance…
In Brief For many companies, an audit is a necessary part of business operations. For others, however, it is not, and such businesses are increasingly…
FASB News Nine Members Appointed to Advisory Council The Financial Accounting Foundation (FAF), FASB’s parent organization, has appointed nine members to the accounting board’s Financial…
2018 PCAOB Budget Cuts Spending By 3.2 Percent
PCOAB/AICPA/IASB News
PCAOB News 2018 PCAOB Budget Cuts Spending by 3.2 Percent On November 16, the PCAOB unanimously approved its 2018 budget of $259.9 million, an $8.6…
How Many Engagement Inspections Is Too Many?
Streamlining the Scope of Quality Control Inspections
The inspection process is a critical part of any audit firm's accounting and auditing quality control (QC) system. The lack of precise guidance in the…
Before I talk about the state of audit quality, I want to provide a quick snapshot of the PCAOB. The Sarbanes-Oxley Act [of 2002] was,…
Transforming the PCAOB’s Agenda
Keynote Address
Reliable financial reporting and high quality auditing is very important; it's critical to investor protection, critical to trust in our system, and critical to the…
What is the state of audit quality today? There are a number of different ways to interpret, as well as answer, that question. The variety…
Improving Audit Quality through Auditor Communication
Charting Recent Progress and Looking Ahead
The state of audit quality is strong—and getting stronger. Annual tallies of financial restatements have dropped dramatically from post—Sarbanes-Oxley Act of 2002 peaks and have…
Audit Quality and the Expectations Gap
It’s Time for a Model that Fits the Data
Leaders of the profession have conflicting views on the state of audit quality today. According to current SEC Chair Mary Jo White, “investor confidence in…