Recent SOX Headlines
Thursday, October 25th, 2007PCAOB: The 11 Things Auditors Need to Fix - The audit firms’ oversight body compiles the most serious and common problems it found during its first three years of inspections.
PCAOB Reports on ‘Triennial’ Audit Worries - General trends that the PCAOB found in inspections of 497 so-called "triennial" firms, which are inspected at least once every three years, as opposed to the more frequent inspections that firms with more audit clients are subjected to.
Boards ‘Serve Management, Not Shareholders’ - High-net-worth investors and financial advisers said corporate board members are too closely aligned with the interests of executive management teams, not shareholders.
SEC Commissioner Expects Audit Fees to Decline - "If auditing fees do not come down as a result of these changes, then something is terribly wrong with the interpretation of Audit Standard 5 and perhaps with the competitive landscape in the auditing profession itself"
Internal control audits take top spot on accounting board’s priority list - "Now that AS5 has been approved, our focus is on its implementation, and in making sure the registered firms have the information and training they need to appropriately implement the new standard"
Another (Small) Step for XBRL - US rolls out a more complex set of computer-code tags that turn financial statements into interactive data, but critics worry it will be costly to implement.
US audit watchdog finds faults with PwC audits - In total, the board found deficiencies with PwC’s audits for six unnamed companies.
New Corporate Accountability Measures Necessary - Business experts say companies aren’t doing enough to promote accountability, transparency and compliance; responsibilities that usually fall on "gatekeepers" — corporate directors, in-house and outside counsel, and internal and external auditors.
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