Monday Sept 17 2012
PCAOB dems Audit Firm Work Deficient Take a look at this article which expresses doubts by the PCAOB about the performance of Big Audit Frims. Years after SARBOX the doubts and problems are still there.
Professor Elam
Accounting & Investing Info for San Antonio A & M
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Posted in Audit
2 responses to “More Audit Firm Woes”
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Dr. Elam, this surprises you? Ok Audit company’s are for profit, how much profit is there in tearing your client a new one? Word gets around ZXY does the job at cost and will issue you a clean bill of health. Two simple solutions: 1: make regulations and practices simple and in black and white (in other words remove the Grey), 2: go the other way force business to practice one business and spin off the rest.
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OH I am not surprised there are entire books on audit errors, intentional and otherwise.
As you say the inevitable conflict of interest where the client pays the auditor continuesLikeLike
Professor Elam 
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