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PCAOB Explores Tension Over Internal Control Audits

Tammy Whitehouse | November 20, 2015

The Public Company Accounting Oversight Board apparently is taking seriously complaints that its inspection process is driving unnecessary audit work, and therefore a burden on companies answering unnecessary audit requests, although it's not yet offering any concrete answers.

Hanson-jay-1014At a recent conference of financial executives, PCAOB member Jay Hanson said the board has studied its inspection process to assure inspectors are reviewing audit work against applicable auditing standard and is comfortable that inspections are not imposing new audit requirements beyond those contained in auditing standards. Still, he said, “we cannot rule out” concerns that findings around internal control over financial...

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