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- Title
Where Is Public Company Auditing Headed?
- Authors
Hermanson, Dana R.; Hermanson, Heather M.; Hermanson, Susan D.
- Abstract
What does the future hold for public company auditing in the United States, and what are the implications for professionals, regulators, and educators? Overall, a top-level market analysis reveals a relatively slow-growth auditing market, an audit service line that has been surpassed by consulting and advisory within the Big Four, and a pool of public companies that is less than half of what it used to be, as well as expanding exemptions from internal control audits. A key focus of the PCAOB is its inspections of audit firms; these inspections, especially of large firms, clearly are very rigorous, and the PCAOB often finds many audit deficiencies. While such an audit-only Big Four firm structure arguably could enhance auditor independence, provide a singular focus on the audit, and promote professionalism, there also could be some significant questions raised by an audit-only focus.
- Subjects
AUDITING; PUBLIC companies; ACCOUNTING firms; INTERNAL auditing; CAREER development
- Publication
CPA Journal, 2020, Vol 90, Issue 2, p54
- ISSN
0732-8435
- Publication type
Article