Audit Committee members also enjoy ongoing, free, customized training from their auditor on technical accounting issues relevant to their company.
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Designing internal controls and accounting strategies, approving journal entries, and giving final signoff on technical accounting treatments is a clear breach of independence for an external auditor.
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The investigation found that we did not have such expertise because we did not adequately support and invest in accounting functions, did not sufficiently develop our own expertise in technical accounting, and as a result, we relied more heavily than appropriate on our then outside auditor.
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At least Mr. Hanson has extensive experience on the accounting technical and standards beat, personally rising far above the mediocrity of his firm.
The Sarbanes-Oxley Act of 2002 made it very clear that audit clients were no longer supposed to utilize their audit firm as the accounting technical advisor.
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There was a much more positive story to tell in professional services, including legal, accounting, engineering and technical know-how.
In coming months he will rip up the EDS organization and try to eradicate fiefs that serve single industries, often with their own redundant accounting, legal and technical resources.
That's because the accounting issues are so inherently technical.
Companies need specialized financial, accounting, modeling and engineering skills, technical and cross-cultural expertise.
Diana: We focus on a number of technical skills at Deloitte University (DU), to make sure that our professionals can solve any business problem our clients may face, including accounting regulations, tax codes, and technical implementations.
As of March the IRS was investigating 70 accounting, law, investment banking and other firms for peddling abusive "technical shelters" to corporations and rich individuals.
"The proliferation of organizations with overlapping oversight and assistance responsibilities is a source of potential confusion among agency personnel and may be an inefficient use of scarce technical resources, " said Jack Brock, director of governmentwide and defense information systems at the General Accounting Office, speaking before Congress in February.
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