Google SAS 104-115 and you will find mostly articles by us (Vibato) discussing the need for auditors to pay special attention to internal controls as part of their audit. Why? Because the AICPA & the PCAOB dictates standards that the auditors must adhere to in order to perform their audits. Parts of these requirements include reviewing your internal controls and this applies to ANY COMPANY THAT IS AUDITED – public, private, non-profit; it doesn’t matter. If you are audited, your auditors must look at your internal controls as part of your audit. If you do not have any documented internal controls then be prepared for a higher audit bill because your auditors will have to go looking for internal controls at your company on your dime year-over-year. Moreover, due to independence issues, they are not allowed to share their work with you to use going forward so they will do this work each year and all you will see for it is a higher bill. Period.
Auditors Losing the Right to Audit and What this Means for Your 10Q/K
Tags: PCAOB News & Information, financial risk, Accounting Tip of the Day, 404, audit, AICPA, Controls Testing, 10k, Internal Control Education
PCAOB Considers New Auditor's Report, Mandatory Audit Firm Rotation
The Public Company Accounting Oversight Board (PCAOB) is considering making significant changes in two key areas of public company audits.
Tags: PCAOB News & Information
The public is invited to comment on a PCAOB concept release, issued June 21, 2011, that proposes significant changes to the way auditors report their findings.
Tags: PCAOB News & Information
PCAOB Release No. 2010-008 PROPOSED TEMPORARY RULE FOR AN INTERIM PROGRAM OF INSPECTION RELATED TO AUDITS OF BROKERS & DEALERS
New ruling from the PCAOB yesterday. Here is a tidbit and the entire link to the ruling is below:
Tags: PCAOB News & Information, compliance, external auditing