Auditing Standard No. 5

Restatements, Weaknesses Drop Again in 2009

Tammy Whitehouse February 02, 2010

Restatements and material weaknesses took a sharp dive in 2009, but it’s not entirely clear whether that means companies are making fewer mistakes or just catching and reporting fewer mistakes.In 2009, only 75 companies with markets capitalizations of at least $250 million restated their financial statements, according to data from...

CAQ Wraps Up AS5 Series for Smaller Companies

Tammy Whitehouse September 18, 2009

In the third of its three-part Webcast series on auditing internal control over financial reporting, the Center for Audit Quality provides some expert insight into how auditors should evaluate control deficiencies and wrap up the audit process.While that may be old hat for companies that have already experienced a few...

No Deferrals Expected for 404b Audits, CAQ Says

Tammy Whitehouse June 19, 2009

Smaller public companies looking for yet another deferral of the internal control auditing requirements of Sarbanes-Oxley should focus their efforts instead on getting ready for the audit.That’s the message from the Center for Audit Quality as it continues a three-part Webcast next week to help smaller companies’ auditors get up...

Audit Costs Rise Slightly, but More for Private Companies

Tammy Whitehouse June 18, 2009

Companies saw a slight increase in their audit fees in 2008, but public companies fared better than private, according to the latest survey data from Financial Executives Research FoundationOn average, publicly held companies paid $3.7 million in total audit fees in 2008 for a 2.2 percent increase over 2007 fees....

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