Compliance into the Weeds Responses to PCAOB Proposal On Audits
The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt consider the PCAOB proposal for fraud and compliance audits.
In this episode, we dive into the heated debate surrounding the proposed rule on auditors and fraud risk audits in this episode of Compliance into the Weeds. Compliance professionals and the audit community have contrasting perspectives on the PCAOB proposal to require audit firms to look more aggressively for compliance and legal violations at their client companies, and then report any such violations more promptly to the company’s board of directors. Discover the stipulations compliance professionals want to include, such as meeting with the chief ethics and compliance officer and reviewing the state of the compliance program. On the other hand, hear why the audit community, represented by the PCAOB, opposes the rule, arguing that auditors lack the necessary expertise and that fees would skyrocket without significant benefits. Gain insights into the complexities and challenges of asking auditors to take on compliance responsibilities. Tune in to understand the potential implications of the proposed rule on audit firms, compliance professionals, and investors.
Key Highlights
· The PCAOB proposal implications for auditors, with a focus on effects on fraud risk audits.
· The difference in how compliance professionals and auditors perceive the impending rule.
· The practical difficulties auditors face when tasked with compliance roles.
· What are the potential cost and liability hikes for auditors, heralded by the enforcement of the rule?
· The uncertainties enveloping the approval and implementation process for the proposed rule.
Resources
Matt
Blog Post in Radical Compliance
Tom
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