CAQ Statement on PCAOB Report, ICFR Inspection Findings

The Center for Audit Quality (CAQ) issued the following statement from Executive Director Cindy Fornelli regarding the release of the Public Company Accounting Oversight Board's (PCAOB) report on inspection findings related to audits of internal control over financial reporting:

"The PCAOB has issued a report summarizing common inspection findings in the area of internal control over financial reporting, an important aspect of financial reporting for investors. The profession recognizes the need to improve performance in this important area and has devoted significant additional resources to this effort over the last year. We encourage all auditors to read the report and consider the items noted in planning and performing public company audits. We also encourage preparers and audit committee members to familiarize themselves with the report as it may contain observations that might be useful in improving upon the design or operating effectiveness of internal controls over financial reporting."
 
Read the PCAOB report - "Observations from 2010 Inspections of Domestic Annually Inspected Firms Regarding Deficiencies in Audits of Internal Control over Financial Reporting."
 
SOURCE: December 10, 2012, Center for Audit Quality Press Release

You may like these other stories...

Read more from Larry Perry here and in the Today's World of Audits archive.One of the most significant analytical procedures is reading, or scanning, the general ledger account activity. Whether it's done manually or...
Event Date: May 15, 2014, 1 pm ETThis presentation will review basic concepts of the FRF for SMEs and discuss the presentation of a statement of financial position. This webcast will focus on accounting policies for certain...
London Stock Exchange switches auditing to EYThe London Stock Exchange will drop PwC as its auditor and replace it with EY after completion of the audit for the year ending March 2014, Harriet Agnew of the Financial Times...

Upcoming CPE Webinars

Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
Apr 30
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.
May 1
This material focuses on the principles of accounting for non-profit organizations’ expenses. It will include discussions of functional expense categories, accounting for functional expenses and allocations of joint costs.