Cheeseburgers_Payable_Inc_%20%281%29

Cheeseburgers_Payable_Inc_%20%281%29 - Synopsis...

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Synopsis Peer Review System PCAOB Inspection Process Assurance of Audit Quality Usefulness of Information Provided PCAOB vs. KPMG Judgment
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Peer Review System Public Accounting Firms perform annual reviews of other firms Issues: Led to strong fear of retaliation Ex. Deloitte audits KPMG, then KPMG audits Deloitte No chance for true objectivity
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PCAOB Inspection Process Review Engagements: Review SEC Filings - "risky" areas defined Review Written Engagements b/w issuer and auditing firm Interview Personnel
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PCAOB Inspection Process - Step 2 Defines and Reviews 7 Functional Areas: 1. Review of Partner Evaluation, Compensation, Promotion and Assignment of Responsibilities and Disciplinary Action 2. Review of Independence Policies 3. Review of Client Acceptance and Retention Policies 4. Review of Internal Inspection Program 5. Review of Practices for Establishment and Communication of Audit Policies, Procedures and Methodologies, Including Training 6. Review of Policies Related to Foreign Affiliates 7. Review of Tone at the Top
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Cheeseburgers_Payable_Inc_%20%281%29 - Synopsis...

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