Benjamin Franklin once defined insanity as doing the same thing over and over and expecting different results. On a personal level, I could have applied this logic to my study habits in high school and college and their subsequent relation to my test results. You would think that after seven years or so, it would have dawned on me that something in the process was flawed.On a professional level, one could equate it with many of the Public Company Accounting Oversight Board's audit inspection reports.
The audit overseer's inspection process has, thus far, yielded a disturbing pattern of audit "deficiencies" by the Big Four and legions of others. The board has also censured a number of audit firms, as well as rightfully barred a number of practitioners from auditing publicly traded clients or employment with a registered accounting firm.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access