Regulatory environment

Regulatory environment - Click to edit Master subtitle...

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Unformatted text preview: Click to edit Master subtitle style 8/22/11 Regulatory environment 8/22/11 CPA professions history Long time ago 100% audits (total assurance) Creation of CPA certification 1896 Creation of SEC 1934 all public registrants should have audits Developments Sampling introduced Detailed testing main procedures 8/22/11 CPA professions history 1950 uniform CPA exam across the country CPAs prominent figures in society 1960 Big Eight term coined out by an article in Fortune magazine 1960s to 1970s First scandals 1972 Department of justice removes 8/22/11 CPA profession history 1990s Focus on analytics Less test of controls and details testing Automated audits (checklists) Steep increase in non-audit services 1998 Big 6 to Big 5 Now post SOX (Important how SOX changed profession) 8/22/11 Firms Top tier Big 4 KPMG, EY, Deloitte, PwC Second tier Grant Thornton, BDO Siedman Regional/local firms 1700 firms registered with PCAOB (has to have a publicly traded client to be registered with PCAOB) 8/22/11 Need for regulation? Underlying Premise: Auditing plays a major role in protecting our financial/capital markets and in protecting the general (investing) public. Requirement: Auditors must be knowledgeable, objective, and ethical. Conditioned Response: 8/22/11 Regulation of the auditing To preserve the integrity of the profession Auditing only adds value to information if it has integrity...
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This note was uploaded on 08/22/2011 for the course ACIS 3414 taught by Professor Yardley during the Spring '08 term at Virginia Tech.

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Regulatory environment - Click to edit Master subtitle...

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