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Agoglia, "An Examination of Auditor Planning Judgments in a Complex Accounting Information System Environment," Contemporary Accounting Research, Winter 2007).
By not periodically changing auditors, the company potentially bears a cost equal to the forgone amount of the successor auditor's low-ball (in the case of a "same-tier" or up-tier auditor change), or a cost equal to the forgone amount of future lower audit fees (in the case of a down-tier auditor change).
Further, although (per secretary of the Navy instruction) no official other than the secretary and under secretary can ultimately tell the auditor general what to audit--or perhaps more important, what not to audit--the organizations we audit influence what the Naval Audit Service does in positive and constructive ways.
The results of both the independent auditor and the internal auditor should be reported directly to the audit committee.
103's five-year requirement, the auditor should retain the workpapers for the longer period.
The three Standards of Fieldwork have been revised and are now in the active voice, as in "The auditor must," removing any doubt as to who's responsible.
Also, the auditors found that the DWP employee who authorized the contract lacked authority to sign contracts at that amount.
Oates and Goelzer concede this point, and although they intimate that the ban on legal services significantly restricts the provision of tax services, they offer no solid conclusions: "Whether an Auditor can engage in significant tax planning [under the prohibition on legal services] is a difficult question and one that should be resolved by regulatory guidance from the SEC and the Oversight Board.
The NAIC's Model Audit Rule would be the vehicle for such governance, and NAMIC has asked the NAIC/AICPA Working Group, the relevant committee for initiation of such action, to install a prohibition against auditor indemnification.
With respect to outsourcing, the policy seeks foremost to warn managers and directors that outsourcing the review function of an internal auditor does not in any way transfer responsibility for maintaining adequate internal controls.
During their 1989 annual audit, independent auditors retained by a national food products distributor in New York believed they had uncovered a fraudulent scheme perpetrated by two vice presidents who managed the seafood division.
change the nature, timing, and extent of testing the (external) auditor would otherwise need to perform".