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CAQ Echoes Regulatory Warnings for Year-End Audits

Tammy Whitehouse | October 13, 2015

The Center for Audit Quality has given auditors a new alert on where they should focus their most intensive audit attention this year, given regulatory and market developments that have heightened risk for both companies and auditors alike.

Professional skepticism and internal control over financial reporting top the CAQ’s list of areas where auditors should remain vigilant, along with risk assessments and audit planning, supervision of other auditors and multi-location engagements, testing of data and reports prepared by issuers, cyber-security, revenue recognition, accounting estimates, and related parties.

Those are the same areas the Public Company Accounting Oversight Board has been pounding auditors to button...

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