Under Auditing Standard 5, passed in mid-2007, the audit of internal control over financial reporting is now integrated with the audit of the financial statements.
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The relationship between financial reporting risk and audit fees has disappeared.
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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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For example, auditors provide non-audit related advice on GAAP and SEC reporting for specific transactions and get paid extra for it.
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US-based GAAP and SEC reporting experts in the global audit firms review the workpapers behind the filings for every non-US based audit client that is listed on a US stock exchange, all over the world, before any filing with the SEC.
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Whether the board or audit committee understands and exercises oversight responsibility over financial reporting and internal control.
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Textron memos and calculations dealt with the extent to which its tax reporting would pass muster in an IRS audit.
But all the firms quickly saw that they could now charge a lot more for the audit itself given the new requirement for a separate opinion on internal controls over financial reporting and the amount of work some sloppy companies had to do to document, test, and confirm internal controls.
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The NAO's Comptroller said he had also qualified his audit opinion because the department's accounting policies were not fully compliant with International Financial Reporting Standards.
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During the last four years, Deloitte has issued non-qualified audit opinions on the financial statements, in spite of ongoing material weaknesses in internal controls over their financial reporting.
One example came to light last week when a state audit of the North Carolina state treasurer's office found million-dollar and billion-dollar mistakes in reporting investment results for the most recent fiscal year.
Tragically, the requirement to post results on clinicaltrials.gov has not been adequately enforced, and the most recent audit, published in January 2012 in the British Medical Journal, shows that only one in five trials met its reporting requirement.
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