EY Felt the Need to Form an Independent Audit Quality Committee
If someone had told you that a Big 4 firm just created an independent committee that will advise the firm on how to improve the quality of its audits, you’d think it was KPMG, right? I mean KPMG partners stole confidential inspection information from a couple of rogue PCAOB employees because the firm’s inspection reports […]
The Big 4’s Stranglehold on the Audit Market Is Worse Than You Thought
In a speech entitled "Accountability: Protecting Investors, the Public Interest and Prosperity," PCAOB member Jeanette Franzel shares some numbers: Currently, about 2,360 firms are registered with the PCAOB, including about 915 non-U.S. firms located in 85 jurisdictions. Not all PCAOB-registered firms regularly issue audit reports for issuers, but we inspect those that do […]
PCAOB Discovers That Some Firms Consider Audit Quality to Be a Nice Idea That Doesn’t Work in Real Life
PCAOB Board Member Jeanette Franzel, CPA, CIA, CMA, CGFM, gave a speech at University of Tennessee Corporate Governance Center today that discusses "Current Trends and Issues in Public Company Auditing." That's nice and all but the first half of the transcript is more or less a history of auditing and the PCAOB. The second half finally gets […]
Big 4 PCAOB Inspection Reports to Be SALY
If a person was going to describe the 2010 PCAOB inspection results, you might hear things like, "didn't meet expectations" or "downright embarrassing" or "an abomination" or they may just make Hans Hoogervorst's favorite hand gesture. Simply, they weren't so good. The good news is there's no place to go but up. The bad news is […]