If you're an opiner who has been suffering from massive memory loss or ignoring your professional purpose, don't fret. Master audit firm lobbyist Cynthia Fornelli has your playabook:
“Independence, objectivity and skepticism, I think, are fundamental foundational elements of audit quality,” Fornelli said in an interview at the Accounting Today offices on Friday.
Now that you've been sufficiently refreshed, you know who's got your back? The PCAOB and CAQ, that's who! They've been on this since…well…last year:
“Last year the PCAOB actually started looking at independence, objectivity and skepticism, and came out with a concept release and held a series of roundtables. And they’re still looking at that issue. It is foundational to good audit quality.” She noted that the CAQ is looking at those issues as well to see how independence, objectivity and skepticism can be integrated better into the auditing process, in addition to the financial reporting process.
You can sleep well knowing that your chief advocate and primary regulator are all over this stuff.