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Internal Control, Fair Value Plague Audits Globally, IFIAR Says

Tammy Whitehouse | April 11, 2014

It seems the Public Company Accounting Oversight Board is not the only audit regulator troubled by audit quality around internal controls over financial reporting and fair value. It's a big problem in other countries as well, according to a recent survey by the International Forum of Independent Audit Regulators.

IFIAR assembled the inspection findings of 30 member regulators through July 2013 and found internal control testing and auditing fair value measurements proved to the leading areas of deficiency in the audits inspected, consistent with themes emerging from the PCAOB the past few years. Also high on the list: procedures to assess the adequacy of financial statement presentations and disclosures. When aggregating the results, the...

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