September 25, 2020

Center for Audit Quality Issues Latest Late-to-the-Party Statement

Just in case anyone missed the PCAOB Inspection Report on ICFR, the Center for Audit Quality has issued a timely statement reminding everyone to read it.

Thanks guys, we totally might have missed that without Executive Director Cindy Fornelli's reminder.

"The PCAOB has issued a report summarizing common inspection findings in the area of internal control over financial reporting, an important aspect of financial reporting for investors. The profession recognizes the need to improve performance in this important area and has devoted significant additional resources to this effort over the last year. We encourage all auditors to read the report and consider the items noted in planning and performing public company audits. We also encourage preparers and audit committee members to familiarize themselves with the report as it may contain observations that might be useful in improving upon the design or operating effectiveness of internal controls over financial reporting."

Listen, I've seen you CAQ people slithering around Senate hearings shilling for the Big 4 in your slick suits, shiny shoes and Hermès ties, is this really the best the chief lobbyist for BIG ACCOUNTING could do?!

This reminds me of the hanger-on friend who always invites himself to your nights out with your real friends who is continuously trying to insert himself into the conversation even though no one really likes him. "Oh yeah, I saw that movie too!"

Bro, no one cares. You're still quoting The Hangover long after everyone else has moved on to Breaking Bad.

You want in on this party but it's too late, the PCAOB already told everyone to read the report. Step it up, guys.

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