http://www.sequenceinc.com/fraudfiles/2009/01/26/brilliant-revelation-by-pcaob/ Sat, 20 Mar 2010 22:05:23 +0000 http://wordpress.org/?v=2.9.1 hourly 1 http://www.sequenceinc.com/fraudfiles/2009/01/26/brilliant-revelation-by-pcaob/comment-page-1/#comment-185108 Joey Brannon Fri, 01 Jan 2010 13:55:34 +0000 http://www.sequence-inc.com/fraudfiles/?p=3461#comment-185108 Only auditors seem to understand what audits do. Everyone else thinks they do something else. The banks believe audits sign off on a companies operations. The owners believe they catch fraud and watch over the cash register. Sooner or later audits will be replaced by something value added, but I don't think it will come from the accounting profession. As you point out we have billions to lose in audit fees and we have this giant ball and chain called independence. CPA's must be someone's advocate or they become ineffective at implementing change. Companies need someone to evaluate controls and then step in to fix them where they are deficient. Only auditors seem to understand what audits do. Everyone else thinks they do something else. The banks believe audits sign off on a companies operations. The owners believe they catch fraud and watch over the cash register. Sooner or later audits will be replaced by something value added, but I don’t think it will come from the accounting profession. As you point out we have billions to lose in audit fees and we have this giant ball and chain called independence. CPA’s must be someone’s advocate or they become ineffective at implementing change. Companies need someone to evaluate controls and then step in to fix them where they are deficient.

]]> http://www.sequenceinc.com/fraudfiles/2009/01/26/brilliant-revelation-by-pcaob/comment-page-1/#comment-184771 re: The Auditors » Blog Archive » @Going Concern “Sarbanes-Oxley Doublespeak” Wed, 02 Dec 2009 18:54:58 +0000 http://www.sequence-inc.com/fraudfiles/?p=3461#comment-184771 [...] companies, even the largest and most highly regarded, were poorly run – policies, procedures and controls over external financial reporting were either very weak or [...] [...] companies, even the largest and most highly regarded, were poorly run – policies, procedures and controls over external financial reporting were either very weak or [...]

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