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Issues and/or Problems

Issues and/or Problems. Different from a standard audit Budgeting/ cost Case by case But still “expectations gap” Still a need for whistleblowers Not mandated Interim use is allowed. Issues and/or Problems. Not progressive enough Industry vs. government regulators International

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Issues and/or Problems

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  1. Issues and/or Problems • Different from a standard audit • Budgeting/ cost • Case by case • But still “expectations gap” • Still a need for whistleblowers • Not mandated • Interim use is allowed

  2. Issues and/or Problems • Not progressive enough • Industry vs. government regulators • International • Globalization • Diverse personal finances

  3. Solutions • Information Technology • Where are we headed? • Artificial Intelligence • Shift to information management and transaction data analytics • Data mining • Data extraction

  4. Solutions • PCAOB • Held panel discussion, Feb. 22, 2007 • Panel on Audit Effectiveness, 2000 • Forensic audit stage • Consideration of Fraud in a Financial Statement Audit, codified as AU sec. 316

  5. Solutions • PCAOB (cont.) • Ways to improve fraud detection discussed • Forensic audit on regular basis • Forensic audit on a random basis • “Choice-based” options

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