This article is first, a wonderful tribute to Ken Levanthal, and second, VERY audit practices informative, to include expectations, misconceptions, standards, need to change, and more. Small business need-to-know and takeaways, accounting and audit.
Excerpt: I am also concerned that the public knows little about how audits are conducted. In this regard, the PCAOB proposed last fall new requirements to disclose to investors how a multi-firm audit was accomplished. I expect to ask the Board to act on it in the near future.
With sunlight on how the audits are done, they may improve in coordination and quality as well. If darkness persists, I fear some auditors will find themselves on the wrong side of the debate when the lights go on and they are called to account for how a fraud could have eluded a vast network of soldiers in what is supposed to be a fight for truth. These are choices we make today, but will need to explain tomorrow.