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Alleged Audit Deficiencies Signal Need for More Skepticism, CAQ Study Says

Accounting Policy & Practice Report, 2013-05, Vol.9 (11), p.433

Copyright Bloomberg BNA May 24, 2013 ;ISSN: 1558-6642 ;EISSN: 1558-6669

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  • Title:
    Alleged Audit Deficiencies Signal Need for More Skepticism, CAQ Study Says
  • Author: Burkholder, Steve
  • Subjects: Accounting policies ; Audited financial statements ; Auditors reports ; Audits ; Financial reporting ; Fraud ; Quality of service ; Sanctions ; Securities regulations
  • Is Part Of: Accounting Policy & Practice Report, 2013-05, Vol.9 (11), p.433
  • Description: The record of alleged auditor deficiencies tied to securities regulators' fraud cases signals a need for more professional care and skepticism on the part of the auditor and a better gauging of risks that could give rise to financial reporting fraud, conclude the authors of a study issued May 9 by the Center for Audit Quality. In addition, the CAQ study that focused on the 87 cases in which the Securities and Exchange Commission meted out sanctions against auditors between 1998 and 2010 found that in 58% of those cases, the auditor issued an unqualified auditor's opinion. In such unqualified opinions, or auditor's reports, a company's financial statements are found to present fairly the firm's financial position in conformity with generally accepted accounting principles.
  • Publisher: Washington: Bloomberg BNA
  • Language: English
  • Identifier: ISSN: 1558-6642
    EISSN: 1558-6669
  • Source: ProQuest Central
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