Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

PCAOB Warns Auditors to Scrutinize Mortgage Risk

Tammy Whitehouse | December 21, 2010

Auditors are under new pressure from regulators to get even more skeptical about whether companies are telling their investors the full story around any problems they may face as a result of mortgages.

The Public Company Accounting Oversight Board published a year-end staff audit practice alert to remind auditors of their duty to look closely at loss contingencies, disclosures and related items in light of ongoing investigations into shoddy mortgage securitization and foreclosure activities. Martin Baumann, chief auditor of the PCAOB said in a statement accompanying the alert that auditors need to be aware of the risks and costs associated with mortgage-related and foreclosure-related problems, not to mention the audit implications for companies caught in the web of allegations.

The alert...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.