Things to Watch Out For
The Center for Audit Quality recently published a report, Select Auditing Considerations for the 2015 Audit Cycle, that alerted auditing firms to nine potential risk areas they should look out for, based in part on concerns identified by the Public Company Accounting Oversight Board.
1. Professional Skepticism
Recent PCAOB inspection findings have noted failures to exercise professional skepticism including a questioning mind and a critical assessment of the evidence.