We recently realized that it's been a while since we dedicated a column to auditing. Even though some things have happened in this area, we just haven't had the heart to write about them.For example, it's been some time since the Public Company Accounting Oversight Board took over the task of defining auditing standards. While this development is important for directly increasing the credibility of audits and indirectly increasing the credibility of audited financial statements, we find ourselves suppressing a yawn.
We have also noticed efforts on the PCAOB's part to rein in excesses of non-audit services offered by auditing firms, including, but certainly not limited to, tax consulting. We're not sitting on the edges of our seats out of excitement about this development either.
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