Here is a classic fraud that could easily have been prevented or quickly detected with the right internal control system in place (see links below). $40 million buys an incredible […]
AICPA Proposed Auditing Standard – Assessing Risk
The AICPA has issued a proposed Statement on Auditing Standards entitled: UNDERSTANDING THE ENTITY AND ITS ENVIRONMENT AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT The challenge for the reader is […]
State Agencies Obstruct Audits
The New York State Comptroller is complaining about State agencies obstructing audits. In his 2015–2016 Annual Report on Audits of State Agencies and Public Authorities. The Comptroller complains, “For the […]
Professional Skepticism Still Lacking in Audits
The International Forum of Independent Audit Regulators (IFIAR) was established in September 2006 by independent audit regulators from 17 countries, including the Public Company Accounting Oversight Board (PCAOB) from the […]
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