Tag Archives: Audit Quality

International Concern with Audit Quality

State Board Report March 2015 Deficiencies in important areas of audits persist, the International Forum of Independent Audit Regulators (IFIAR) reports. IFIAR’s 2014 Survey of Inspection Findings is based on the 29 IFIAR member countries’ inspection of 948 public company audits in which they found deficiencies in 47 percent. The international regulators discovered the highest…

AICPA Paper on Enhancing Audit Quality

State Board Report September 2014 The AICPA is seeking input from all stakeholders on a discussion paper entitled “Enhancing Audit Quality: Plans and Perspectives for the U.S. CPA Profession,” released on August 7, 2014. The paper covers the AICPA’s short-term and long-term plans to address quality issues related to financial statement audits of private entities.…

DOL’s Dingwall Urges Communication

State Board Report April 2013 Estimating he had sent out about 100 letters to Boards of Accountancy to alert them to substandard work performed by CPAs in their audits of employee benefit plans, Ian Dingwall, Chief Accountant of the Department of Labor, encouraged Executive Directors at their Tucson meeting to respond to these letters. Very…

PCAOB Continues Rotation Discussion

State Board Report February 2012 The Public Company Accounting Oversight Board will hold a public meeting on March 21-22, 2012, in Washington, DC, to obtain further input on ways to enhance auditor independence, objectivity and professional skepticism, including discussion of mandatory rotation for audit firms. In December, NASBA submitted comments on the PCAOB’s earlier concept…

Leaders Question Rotation

State Board Report January 2012 Responding to the Public Company Accounting Oversight Board’s Concept Release on Auditor Independence and Audit Firm Rotation No. 2011-006, NASBA Chair Mark P. Harris and President David A. Costello in their December 14, 2011 letter urged the PCAOB to focus on other measures to address professional skepticism rather than requiring…

PCAOB Studies Audit Firm Rotation

State Board Report September 2011 Should there be a limit on the number of years a public company can use the same auditor? That is one of the basic questions raised by the Concept Release on Auditor Independence and Audit Firm Rotation (PCAOB Release No. 2011-006) issued by the Public Company Accounting Oversight Board on August…

NASBA International Forum

Vancouver, B,C, (July 25, 2011) The National Association of State Boards of Accountancy’s International Forum is designed to provide the global financial regulatory community with an event that continues the enhancement of regulatory activities and emerging issues. In this setting, participants work together on common issues to strengthen protection of the global public interest. In…

FIAR Continues Regulators’ Dialogue

State Board Report October 2009 NASBA Chair David A. Costello called on the approximately 100 attendees at the second Forum for International Accounting Regulators to approach regulation in a positive manner: “Regulation should be positive; after all, it is done to protect the public interest. Regulation is now global as meltdowns affect everyone. So regulation…