The US public company accounting oversight board (PCAOB) has proposed a rule change. The change states that the name of the person " responsible for the engagement and performance" of an audit must be disclosed. The current rule only requires the name of the firm that prepared the audit.
With current problems involving the Big four and china, the PCAOB hopes that the proposed rule will increase "transparency into and accountability for the preparation and issuance of audit reports. However, the major accounting firms are opposed to this rule change happening. This makes me wonder why they would be so opposed to signing their names after performing an audit. If the auditor is being professional and performing with due professional care then there shouldn't be a problem with the proposed change. However, that may be the problem with today's audit firms. That they aren't being professional and more internal controls have to be set up to try and prevent sandals from happening.
I believe that this rule change, if implemented, would have a positive effect on auditing because people primarily look out for themselves and if their name is on the line they may try to avoid any sort of scandal. Even though i think this rule would have a positive impact on auditing i still believe there is a long way to go to lock down on the corruption that is happening in the auditing field.
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