Although progress has been made with regard to auditor reviews of internal controls, audit firms haven't used the most efficient techniques, according to a report from the Public Company Accounting Oversight Board.The audit watchdog examined a total of 275 audits of internal controls over reporting performed by registered public accounting firms, specifically looking at the second-year implementation of the board's Auditing Standard No. 2 on internal controls.

"Our inspections found that progress has been made in improving the efficiency of internal control audits, but the board believes that auditors can continue to improve their internal control audits," PCAOB Chairman Mark Olson said in a statement. "The report includes discussion of several areas in which auditors may be able to achieve further efficiency."

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