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PCAOB Alert Puts More Emphasis on Internal Control Audits

Tammy Whitehouse | November 5, 2013

Expect auditors to look for more documentation and more evidence that internal controls are effective after regulators issued formal guidance to auditors to enhance internal control audits.

The guidance itself was not necessarily a surprise, especially to Big 4 and other major national firms that the Public Company Accounting Oversight Board has warned to take a closer look at internal controls for the past few years. “The basic themes emphasized in the practice alert are not new,” says Jim DeLoach, managing director at consulting firm Protiviti. “It looks like the board is committed to driving these things until it is satisfied that sufficient consistency is noted in practice.”

What is new is a written directive from the PCAOB, formalized in a staff audit...

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