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Efficiency of audits could still be improved
So how efficient are auditors when they audit internal controls? Obviously, it's a huge issue. The entire debate over costs in a sense comes down to efficiency. A year ago, the PCAOB said it would it would examine the issue with regard to AS2. Well, the results are now in and it appears that implementations in the second go-round of Sarbanes-Oxley audits went a lot better than the first, even though there is a lot of room for improvement. For one thing, auditors could have more completely integrated their audits of financial statements and internal controls; at the least, they could have used the same engagement team. They could have used a more to-down approach. They could have limited their efforts to high-risk areas. And they might have increased their use of already done work by management or consultants. Now, AS5 is being designed to encourage all of the items mentioned in the report. In year three, we should expect better, less costly, less time-consuming audits.
For more:
- here's the report
- An idea whose time has come: Provide a reason when an auditor changes. Article
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