Inspectors who have demanded auditors meet stringent documentation requirements are now struggling to meet their own documentation requirements imposed by the Securities and Exchange Commission.
The Public Company Accounting Oversight Board submitted its annual internal performance review to SEC Chairman Mary Schapiro with a significant focus on how the Division of Registration and Inspections is suffering some angst over documentation policies implemented in 2010. Inspection staff is starting to suffer some morale issues as a result of challenges in scheduling, timekeeping, and allocation of resources to meet the new documentation requirements, Acting Chairman Daniel Goelzer told Schapiro.
