16) If companies are required to periodically rotate their auditing firms
, however, it is possible that auditors no longer will be willing to absorb first-time-through costs and will instead pass such costs along to companies in the form of higher audit fees.
The bidding process for the auditing firms
interested in taking part in the independent audit into Cyprus` legal framework against money laundering concludes today.
There will also be a high level of coordination required between the outgoing and incoming auditing firms
Most recently, the Sarbanes-Oxley Act required the Comptroller General to conduct a study of the potential effects of mandatory rotation of auditing firms
, bringing audit firm rotation once again to the forefront.
Creation of a center for auditing firms
and other market participants to share fraud prevention and detection experiences, the development of best practices regarding fraud prevention and detection, and clarification of communications with the public to strengthen the audit process.
as their auditor are unable to sign up for new auditing firms
, raising the possibility that they may be delisted if the situation drags on, informed source said Saturday.
The big items: hire a competent and experienced staff, and determine the procedures and rules for inspecting auditing firms
The partners of outside auditing firms
have become more conservative than ever, refusing to sign off on many transactions and practices that have been allowed for years due to worries about what the Public Company Accounting Oversight Board might do or say.
Far-reaching changes in the way major accounting and auditing firms
are supervised around the world:
org) was formed as the governing authority and issued its first set of rules for public auditing firms
, effective May 24, 2004.
In my opinion, it is the financial relationship between the corporations and the auditing firms
where the real problem lies.
THE NEW LAW HAS FORCED auditing firms
out of many of the ancillary services they previously had provided public-company clients--who still need those services.