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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...

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