With the Public Company Accounting Oversight Board putting the screws to external audit firms to get tougher on internal controls, it was only a matter of time before that pressure was passed on to the companies they audit.
It appears that time is here, as internal auditors and audit committee members say they are feeling the squeeze.
“It stands to reason that if the PCAOB is finding reasons to be critical of the work external auditors have done in controls or financial reporting, the auditors would place expectations on the company and turn to internal auditors to provide additional support,” says Hal Garyn, vice president of the Institute of Internal Auditors. “Anecdotally, that's what we're hearing.”
The PCAOB has delivered a steady stream of criticism to all major audit firms in their inspection reports during the past two years, calling for more audit... To get the full story, subscribe now.
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