“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?
infogovnuggets 