The implication is that audit independence may have been compromised.
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The Fiscal Responsibility Law needs complementing with further reforms, for example, one to give more power and independence to the audit tribunals that are supposed to check the books at all levels of government.
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The independence of an audit is much more likely to be compromised in a firm hoping to sell high-price consulting or tax work than by an individual who holds a few thousand dollars' worth of shares.
Since Broc and I are totally in synch with the universe and saw this coming, we talked about Audit Committees, PCAOB inspections, and auditor independence.
Partners typically say longer, uninterrupted relationships with audit clients improve quality more than they impair independence, according to a study by Brian E.
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That type of financial relationship between an auditor and its audit client - or between an auditor and a vendor to its audit client - is prohibited by auditor independence standards except in limited circumstances.
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Consistent with prior research, rotation is viewed as improving independence resulting in a positive impact on audit quality.
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The OCC was acutely aware of potential auditor independence issues with the firms that also audit the banks.
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The independence rules around provision of tax services to audit clients are a little trickier.
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But there are more auditor independence conflicts than just providing prohibited services to audit clients.
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Whenever there was a not for profit to audit that my firm could not go after due to independence or not being a good fit, Linda was the first person I would call.
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Similarly, audit committees straddled with the Sarbanes-Oxley requirements for 100% independence, financial literacy, and at least one financial expert have a tendency in some companies to become busy committees full of busy audit committee members.
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According to AICPA rules for auditor independence, PwC can support software development and implementation for its audit client if that system is not the financial accounting software that produces the books and records the firm will audit.
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How can Deloitte maintain its independence at JPMorgan Chase given the number of parties suing its former audit client Bear Stearns?
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Firms openly flout the prohibitions regarding audit partner compensation tied to business development and still struggle mightily with enforcement of legal and regulatory compliance activities such as independence and rules against insider trading.
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This is a serious task for board compensation committees, which, like their audit committee counterparts, will need to ensure their members have the skills to evaluate alternatives to traditional options and the independence to act on behalf of shareholders, not like rubber stamps for executives.
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