With a full year of audit firm inspections under their belt, auditing regulators issued a report last week offering advice on how accounting firms can audit more efficiently and effectively in the post-Sarbanes-Oxley world.
The Public Company Accounting Oversight Board acknowledged the significant challenges companies and their auditors faced in the first year of implementing Auditing Standard No. 2—its controversial standard that governs an audit of internal control over financial reporting—but said it expects the audit process and its effect to improve.
