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Article: AUDIT RISK

Article from:
The Secured Lender
Article date:
January 1, 2005
Author:
Copyright

Thanks to the high-profile scandals of the last few years, we now have a number of initiatives to try and prevent similar abuses. We have new governance issues, internal control requirements, and reporting requirements under Sarbanes-Oxley. We have the formation and implementation of the new Public Company Accounting Oversight Board. In addition, the AICPA has generated a number of statements designed to rebuild the integrity of the public accounting profession.

However, a close examination of many audit failures, in financial statement audits, will demonstrate a failure to meet all of the requirements of Generally Accepted Auditing Standards (GAAS). In other words, audit failures may occur ...

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