FMN Accounting

FMN - 2021/July, Seg 2 - Will the PCAOB Tighten the Leash?

In July 2002, Congress established the Public Company Accounting Oversight Board, known as PCAOB, to oversee audits of public companies and SEC-registered brokers and dealers, in an effort to protect investors and the public interest. Over the years, there have been several cases of significant financial reporting fraud, significant internal control deficiencies, and other audit failures, resulting in the loss of investor confidence, yet the number of defective audits that resulted in enforcement actions by the PCAOB has been very small. Is the profession failing? Is accountability lost? Dan Goelzer, one of the founding members of the PCAOB, gives some insights on these questions.

Learning Objectives:

  • Understand the purpose of the PCAOB’s inspection reports;
  • Determine some of the potential drawbacks if audit workpapers inspected by the PCAOB are publicly disclosed;
  • Recognize the correlation between audits of financial statements and uncovering fraud; and
  • Identify the areas the PCAOB should consider to ensure greater public trust.


Prerequisites/Advanced Preparation:

Work experience in financial reporting or accounting, or an introductory course in accounting.


Speaker / Author:

Dan Goelzer, one of the founding members of the PCAOB, gives some insights on these questions.

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Price (USD)

Standard: $69.90

Details

Course Code : FMN1405-FM

Release Date : 07/09/2021
Expire Date : 02/14/2023
Credits :
CPE 2.00
QAS 2.00

Length : 1hr 40min
Course Level : Update
Course Type : QAS Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Accounting


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