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Internal Control Audits Improving, to a Point

Tammy Whitehouse | August 11, 2015

Audits of internal control over financial reporting are starting to improve somewhat, but it’s still too early to say if audit practice has turned the corner as fully as regulators are demanding.

Franzel-jeanette-0315Jeanette Franzel, a member of the Public Company Accounting Oversight Board, says 2015 inspections are ongoing, but not far enough along to identify any trends. “While our staff has seen more examples where auditors have gotten the auditing of ICFR right, they also continue to identify frequent findings in this area,” she said during a recent speech at a conference of the American Accounting Association.

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