- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
New disclosures required by auditors don’t produce any direct new rules for the public firms they audit, but companies can expect at least 10 potentially serious consequences.
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Audit committees may soon reconsider certain areas of corporate disclosure to get ahead of “critical audit matters” that will begin appearing in audit reports in 2019.
Now that audit reports are beginning to disclose auditor tenure, audit committees face new pressure to give it careful consideration in retention decisions.
Recent findings against PwC illuminate audit failures that the PCAOB has been harping on for years, although its ultimate weight on auditors' duty to find fraud is not yet clear.
