Regulation of the auditing world is shifting gears, moving beyond the early, intense focus on internal controls to find new ways to improve auditing more broadly. Yet a pall of uncertainty remains over where that oversight of the profession should go next.
Conflicts in international law are confounding efforts to enforce U.S. audit rules, and a U.S. Supreme Court decision coming later this spring could unravel the existing regulatory framework. The Public Company Accounting Oversight Board is waiting for new appointees to form a new majority, and the financial crisis has placed significant new focus on how auditors should spot and ...