In audit career, it is always useful to know what can be improved further in order to deliver an efficient, effective and satisfactory audit.
The Public Company Accounting Oversight Board ("PCAOB")is a non-profit corporation, created by Sarbanes-Oxley Act 2002. PCAOB oversee the auditors of public companies in order to protect overall public interest. PCAOB has a unit, called "Inspection unit". This unit is responsible in inpecting the audit works of registered public accouting firms who met certain criterias.
There's one particular section you might find interesting: PCAOB prepare and release inspection report on their website. The report written would briefly describe the audit deficiencies, departures from accounting/ auditing standard they have identified after conducting review. Audit works of Big 4 (PWC, E&Y, KPMG, Deloitte) are inspected too!
The reports are resourceful and provide a guide on what can be done further to improve our audit.
The website of Public Company Accounting Oversight Board ("PCAOB")is as follows:
http://www.pcaobus.org
You can view the inspection report by:
> Go to "Inspection" section
> Click on "Inspection Reports"
Saturday, July 25, 2009
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1 comment:
It will be interesting to see how all this unfolds as the SAS 70 auditing standard phases into the SSAE 16 standards. Keep up the good posts!
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