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PCAOB Official Doesn’t Want Anyone To Freak Out But Holy Schnikes, Broker Dealer Audits Are Bad
- Caleb Newquist
- August 19, 2015
If you read the PCAOB's press release on its annual inspection of broker-dealer audits, you […]
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Brits To Give Big 4 the Full Monty
- Caleb Newquist
- October 21, 2011
Britain’s top accountants are to have their own books scrutinised after the consumer watchdog referred the business of checking companies’ figures for a full-scale competition inquiry. The Office of Fair Trading (OFT) said it had been concerned for some time that the audit market is highly concentrated with low levels of switching and substantial barriers to entry. The watchdog estimates that in 2010 the “big four” firms, PwC, KPMG, Deloitte and Ernst & Young, earned 99% of audit fees paid by FTSE 100 companies, while between 2002 and 2010 only 2.3% of FTSE 100 firms changed their auditor. [UKPA]
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Center for Audit Quality Thrilled That SEC Study Recommends Auditors Continue Auditing
- Caleb Newquist
- April 26, 2011
I am pleased that the SEC’s Office of the Chief Accountant’s thoughtful study recommends retention of Section 404(b) of the Sarbanes Oxley Act for companies whose market capitalization is between $75 and $250 million. Section 404(b) requires independent auditors to attest to management’s assessment of the effectiveness of its internal controls over financial reporting […]. The study concluded that costs of Section 404(b) compliance have declined and financial reporting is more reliable when the auditor is involved with ICFR assessments. Importantly, the study found that investors generally view the auditor‘s attestation on ICFR as beneficial. [Cindy Fornelli/CAQ]