The SEC and the PCAOB, the audit industry regulator, have said so.
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The SEC put together a group in 2008 to streamline financial reporting that touched on audit industry issues.
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Lynn Turner, the former SEC Chief Accountant, used to be the one you could count on to criticize the audit industry publicly.
He discusses his recent research on audit industry consolidation in this article by Martha Lagace, which first appeared on the HBS Working Knowledge website.
U. and by the PCAOB, the U.S. audit industry regulator.
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He was, predictably, the most vocal and contrarian member of most panels, studies, and groups charged with investigating the audit industry during the last ten years.
More important, many experts both inside and outside government now view the prosecution of Andersen as a mistake that worsened the concentration of the audit industry.
Until the Sarbanes-Oxley Act of 2002 was passed after Enron, the audit industry was self-regulating and established its own professional standards, enforced only via peer reviews.
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Mandatory audit firm rotation was an old tune sung again by the Public Company Accounting Oversight Board, the audit industry regulator, beginning in August of 2011.
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In August of 2012, the Public Company Accounting Oversight Board, the US audit industry regulator, issued its first report on the auditors of broker-dealers under a pilot inspection program.
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There could be implications for the audit industry, too.
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Some pundits and journalists, even a public company CFO, were quick to criticize the audit industry and its regulators for not pushing hard enough for proposals that name the audit engagement partner for public clients.
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The Government Accountability Office, the investigative arm of Congress, periodically raises concerns about audit-industry concentration and suggests ways to boost growth of smaller firms.
Therefore, auditors should have a wide range of business knowledge, demonstrated through years of audit and industry-specific experience, educational background, professional certifications, training programs, committee participation, professional associations, and job rotational assignments.
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FASB's controlling board of trustees comes from industry groups and its funds from audit firms, industry and financial groups.
We do not need 800 audit firms covering this industry, most of which are not ready for prime time and never will be.
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Since audit firms tend to specialise by industry, some companies have no choice at all.
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The compromise resulted in shorter tenures for lead audit partners and more detailed rules for other members of the engagement team instead of the audit firm rotation requirement, considered more onerous by the industry and its clients.
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More important, scale matters in the audit of large, multinational companies, which is why the industry consolidated into five big firms in the first place.
This means the social network has passed an audit on protecting user data, and could enter the traditional payments industry alongside credit card companies.
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