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Do audit opinions even matter anymore?

Accounting Today, 2024-02, Vol.38 (2), p.29-29

Copyright SourceMedia Feb 2024 ;ISSN: 1044-5714

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  • Title:
    Do audit opinions even matter anymore?
  • Author: Oliver, Blake
  • Subjects: Accounting ; Auditors opinions ; Audits ; Litigation ; Materiality
  • Is Part Of: Accounting Today, 2024-02, Vol.38 (2), p.29-29
  • Description: AUDIT&ASSURANCE The Second U.S. Circuit Court of Appeals says "no" - at least regarding the botched audit of AmTrust Financial Services. The court said that investors' "claim that these statements were knowingly and verifiably false when made does not cure their generality, which is what prevents them from rising to the level of materiality required to form the basis for assessing a potential investment." [...]BDO couldn't be sued for issuing a fraudulent audit opinion. [...]that is the root cause of the low wages in the accounting profession. Because audits are a commodity, auditors must compete on price.
  • Publisher: New York: SourceMedia
  • Language: English
  • Identifier: ISSN: 1044-5714
  • Source: ProQuest Central
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