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Year-End Audits: Start Prepping for the Pain

Tammy Whitehouse | October 14, 2015

As public companies and their external auditors gear up for the year-end audit cycle, it will likely include some familiar, yet still uncomfortable, conversations.

Gazzaway-trent-1014“I don’t think there are any big surprises this year,” says Trent Gazzaway, national managing partner at Grant Thornton. “Some of the primary areas we have focused on continue to be the biggest challenges.”

Internal control over financial reporting, for example, continues to be a high priority at the Public Company Accounting Oversight Board, where inspectors are driving auditors to keep digging. The PCAOB recently published a brief summarizing where it focuses its inspection efforts, and the audit of internal control remains important, along with how auditors respond to risks of misstatement, and how they audit accounting estimates,... To get the full story, subscribe now.