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• W35637902 abstract "EXECUTIVE SUMMARY * DEBATE HAS RAGED FOR YEARS in financial and accounting circles over issues of independence, auditing and accounting standards, and corporate governance. In the event of an auditing malfeasance trial, a juror--unaware of this larger context--must arrive at a verdict based on what he or she learns about accounting standards in a relatively brief time. * PROTECTIVE FUNDAMENTALS INCLUDE performing thorough due diligence on the client before taking it on and craft-ink carefully worded engagement agreements. * IF A PRIVATE-COMPANY CLIENT requests a audit, CPAs should ask what business aim the client is trying to achieve. Voluntary compliance with PCAOB auditing standards may not be in the client's best interest and outcomes may differ from what the client expects. * CPAs WHO APPLY PCAOB AUDITING STANDARDS and GAAS must accept responsibility for performing the audit according to both sets of standards and be aware that the PCAOB piece is an add-on in terms of risk. Although the audit report, with its definition of which standards were followed, is the CPA's final line of defense should he or she be sued for malpractice, an aggrieved client may claim it was unclear. * BECAUSE THE PUBLIC EXPECTS CPAs to produce a successful result--that is, to get it right--CPAs will find themselves more exposed to liability if they don't. If a disappointed client or third party can demonstrate it was confused about the CPA's services, a jury will be more likely to punish the CPA. * COMMUNICATING THE NATURE OF the audit services in a way the client will understand, and documenting those communications with the client, are essential risk management practices. ********** There could be potential trouble in store for auditors whose private-company clients ask them to apply both PCAOB auditing standards and generally accepted auditing standards (GAAS). While the boundaries between the PCAOB's auditing standards for public companies and generally accepted auditing standards for nonpublic entities are clear, nonissuers and those who govern them sometimes are confused about what the differences are and which standards apply when. The public--from which juries are drawn--may be confused, too. When you mix in hungry trial lawyers, you've got the makings of a perfect storm. This article will discuss some differences between the two sets of standards and the steps auditors should take to minimize confusion and the consequent risk of messy litigation if a private company client asks them to apply both PCAOB auditing standards and GAAS. THE FEAR FACTOR High-profile accounting lapses and more than 1,500 restatements from major corporations over the past four years have resulted in the most dynamic, negatively charged financial reporting environment in more than 70 years. Public perception of CPAs--specifically of their roles and duties as auditors--has been buffeted as a result. For perspective on how that could pose a danger, imagine that auditing malfeasance has been alleged against you and a jury has been selected to hear the case. Now imagine you're an average working person who has been impaneled as a juror. How do the professional issues look from that point of view? As a CPA, you're aware that in financial and accounting circles debate about issues of independence, auditing and accounting standards and corporate governance has raged for years. The juror in the jurors' box doesn't know that, though. He or she has been inoculated by recent business scandals and those still making headlines today. Moreover, in the course of an auditing malfeasance trial, jurors--to arrive at a verdict--will be expected to acquire a working understanding of the issues and of two complex sets of accounting standards in a very short time. The average person likely will begin to weigh a decision as a choice between nuanced calculations or a more simply expressed complaint by a business owner or other plaintiff. …" @default.
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• W35637902 date "2005-08-01" @default.
• W35637902 modified "2023-09-26" @default.
• W35637902 title "Stay out of Trouble: Observe Fundamentals; Know the Standards; Select Clients Carefully; Communicate Often" @default.
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