Measuring compliance

“The U.S. government’s audit regulator is rethinking how it audits the auditors.”  “Auditing the Auditors: U.S. Rethinks Approach,” The Wall Street Journal, May 6, 2016 C2.

The government body that oversees the major audit firms proposes a major change in procedure.  The focus may shift from looking for defects to assuring a quality process, and may include broader random audits.

This applies just to financial auditing firms.  What about compliance with law (other than financial) and compliance with policy?  Is it enough for the Board or the Chief Compliance Officer to just confirm that robust procedures are in place? Or is the duty of compliance oversight different from the role of governmental financial oversight?

Advertisements

Leave a comment

Filed under Board, Communications, Compliance, Compliance Verification, Controls, Culture, Data quality, Governance, Oversight, Protect assets, Third parties

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s