"For new accountants, the focus on documentation can be a difficult transition — the world of texting, Facebook postings, and tweeting may not fully prepare you. And, of course, communication skills are important even beyond the accountant's documentation of audit procedures. Being able to express yourself effectively is key to your relationships with your co-workers and supervisors, clients, potential clients and many others. Verbal communication is a large part of this. Whether presenting before a large group like this, or sitting down with a member of the accounting staff of an audit client, making your point effectively is critical. I remember being a young staff accountant, going through a questionnaire with a client, and keeping my fingers crossed that I would not be asked to clarify or rephrase a standard question! The ability to do just that, though, is a sign that the person understands the subject matter, can provide context, and, most importantly, can tell when an answer just doesn't make sense." Jay Hanson, "A Call to Action for Future Auditors" [PCAOB]
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Breaking news: Cohen & Company made a mistake on one of its audits inspected by the PCAOB. Big deal, you’re probably thinking, audit firms screw up all the time—some more than others. (We’re looking at you, BDO USA.) But Cohen & Company had perfect auditing report cards from the PCAOB for 2018, 2019, and 2020. […]
Based on the 2021 PCAOB inspection reports we’ve reviewed so far, the audit firm that would win the “most improved” award is RSM US. From 2017 to 2020, RSM had an average yearly audit failure rate of 42%, including failing 46% of its audits reviewed by PCAOB inspectors in 2020. But during the most recent […]