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Countering the Effects of Unconscious Bias in Audits

Jose Tabuena | October 20, 2015

Jose Tabuena Icon - 0815Recent discussions around undisclosed material weaknesses have raised questions about the true state of internal controls over financial reporting among public companies.

The Public Company Accounting Oversight Board has observed that the volume of restatements following clean audit opinions “show that often a material weakness is not identified even when a known misstatement occurs and suggest that there may be undisclosed material weaknesses in the internal control over financial reporting.” The data seems to support earlier Securities and Exchange Commission suspicions...

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