PCAOB to Air Corporate Angst Over Internal Control Audits
Image: The PCAOB will convene its Investor Advisory Group in September to explore criticisms that the regulatory approach around internal controls is out of step with risk. Specifically, the group will address a recent letter from Tom Quaadman, vice president of the Center for Capital Markets Competitiveness at the Chamber ...
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More Questions, and Evidence, on Undisclosed Control Weaknesses
Image: Fresh data from the PCAOB is raising awkward questions about whether companies and audit firms really are disclosing all the weaknesses in internal control over financial reporting that the Sarbanes-Oxley Act requires. PCAOB board member Jeanette Franzel presented the data in a recent speech that should prompt some soul-searching ...
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PremiumU.K. financial regulator looks to streamline audit enforcement procedures
Auditors are supposed to keep businesses honest, but how much regulation is the optimum for the auditors – and how onerous and punitive should the enforcement regime be? A new consultation by the U.K. regulator, the Financial Reporting Council, opened on Oct. 1 and has put the vexed question of ...
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ArticlePCAOB’s Christina Ho: How emerging technologies could improve audit quality
Emerging technologies, like artificial intelligence (AI) and advanced data analytics, can improve audit quality in significant ways. As the regulatory overseer of public-company audits, the Public Company Accounting Oversight Board (PCAOB) has a critical role to play by ensuring that its audit standards evolve as the audit profession evolves.