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2013 Reports Will Show Progress, Gaps in Audit of Controls

Tammy Whitehouse | May 20, 2014

The next round of audit inspection reports will show leading audit firms have made progress in their audit of internal controls over financial reporting, but often are still missing the final step in assuring controls are effective, according to Jay Hanson, a member of the Public Company Accounting Oversight Board.

Speaking at Compliance Week 2014, Hanson said 2013 inspection reports, which the board will begin publishing soon, will show audit firms in some cases are not closing the loop in their assessment and testing of controls to assure the controls are actually effective in preventing or detecting material misstatements in financial statements. “The new phrase that concludes the new failure deficiency is the firm did not assess whether the control operated at a level of precision that would detect a...

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