In my recent blog on the uptrend in compliance audits, I wrote that internal audit should be risk-centric, meaning that our focus as auditors should evolve to align with prevailing risks and the concerns of our stakeholders. One risk getting a lot of attention these days from regulators and the media is the quality of external audits.
Wall Street Journal Senior Editor Emily Chasan reports in her Sept. 13 CFO Journal blog that external audits are headed for a new era of disclosure. The U.S. Public Company Accounting Oversight Board (PCAOB) is drafting new auditor identification rules to pierce the veil of anonymity that created the opportunity for some individuals to perpetrate fraud.…