Tag Archives: Auditor

Shareholder responsibility over auditor tenure

Following the recent collapse of the United Kingdom’s second largest construction firm, due in part to overvaluation of contracts by its long-time auditors, the debate over auditor tenure has been re-energized.  Concerns about the terms or length of auditor engagements … Continue reading

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Recent Developments in Auditor Tenure and Independence

Last month, over 35% of General Electric Co.’s shareholders voted against ratification of KPMG LLC as GE’s auditor. This high level of opposition (for some context, last year’s votes against KPMG were at a mere 5.7%) comes in the wake … Continue reading

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SEC proposes auditor independence rule covering lending relationships with clients

By Rodney F. Tonkovic, J.D. The SEC has proposed to amend its auditor independence rules concerning the independence of an accountant who has a lending relationship with certain shareholders of an audit client. Among other changes, the proposed amendments to … Continue reading

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A First: PCAOB Releases a Part II Report for a Big 4 Auditor

A First: PCAOB Releases a Part II Report for a Big 4 Auditor Here's news from Lynn Turner: Yesterday, the PCAOB issued its first ever Part II of an inspection report on a Big 4 audit firm to the public … Continue reading

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IAASB Examines Implications of Evolving Financial Statement Disclosures for the Outside Auditor

An International Auditing and Assurance Standards Board discussion paper on the evolving nature of financial statement disclosure and its implications for the independent audit has been praised by PCAOB Standing Advisory Group members as containing a complete discussion of these … Continue reading

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