Join us for an in-depth conversation with Jerry Maginnis, a retired Big Four audit partner, about the value and criticisms of financial statement audits.
Jerry draws on his decades of experience auditing public companies to respond to issues around audit quality, staff work conditions, complexity in accounting standards, and whether audits truly protect investors. He provides perspective on PCAOB inspections, the pass/fail system, and deficient audits.
Blake and David ask tough questions about audit fees increasing while staff salaries stagnate, whether accounting and auditing standards should be simplified, and whether audits provide usefulness to average investors.
Jerry argues audits still provide an invaluable service in capital markets despite imperfections but also sees opportunities for improvement through leveraging technology. He gives advice on maintaining a value-creation mindset and shares his motivation behind writing a book for young accountants.
Meet Our Guest:
Jerry Maginnis
LinkedIn: https://www.linkedin.com/in/jerry-maginnis-18a47813/
Read Jerry's book, Advice for a Successful Career in the Accounting Profession: How to Make Your Assets Greatly Exceed Your Liabilities: https://a.co/d/6SWvDwm
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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
