• Auditor Rotation Proposal Just More Spin via Storify

    By • Aug 18th, 2011 • Category: Food for Thought, Pure Content

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    1. And your solution is what? To hand it over to the GAO or a similar agency of the federal government?

    2. @Warren Miller

      Actually, I like the idea of audit only firms. That’s what’s being discussed seriously by the EU.

      http://jimhamiltonblog.blogspot.com/2011/08/commissioner-barnier-says-european.html

      Audit only firms would be assigned and paid by GAO, perhaps, and just do the work. GAO would assign teams, combining and picking and choosing from them, as needed for expertise and hiring other experts for specialized work as they do for their own audits. Companies would pay for audits on a fee basis to the government, not the firms and that would be allocated to the firms based government rates.

    3. […] shows how difficult it is for Deloitte leadership to steer the largest global firm away from the “audit failure” […]

    4. […] believes knowing the history of the audit partner already tells regulators a lot about the risk an auditor will fail to “obtain reasonable assurance about whether the financial statements are free of material […]

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