cfo

PCAOB Chief: “The Audit Is Largely Irrelevant”

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James Doty
James Doty

Also, PCAOB plans investigation into the Big Four return to consulting.

Talking bluntly to CPAs, the chairman of the Public Company Accounting Oversight Board said:

“The public has trouble discerning the difference between one audit and another. With little information about particular audits, a conventional wisdom is gradually developing that the audit is largely irrelevant to the investment process today.”

In addition, Chairman James Doty raised questions about CPA firms’ increasing involvement in consulting as a potential conflict of interest. “What will firm management do to meet the compensation and cultural challenges that destabilized Arthur Andersen?”

The move toward consulting was spotlighted in October when PwC agreed to buy management-consulting firm Booz & Co. in an effort to beef up its consulting capabilities.

Moreover, Doty questioned: READ MORE →

75% of CEOs See Shortfalls in Accounting for Value

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Survey unveiled at launch of new credential.

About 75% of the world’s CEOs say more emphasis should be placed on measuring the value of non-financial assets such as intellectual capital and customer relationships to drive long-term performance.

But just 51 percent of nearly 300 CEOs surveyed in 21 countries say their organizations currently measure the value of non-financial assets well or very well. And only 12 percent now turn to their finance teams for help with the task.

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CPA CFOs See Slight Spending Increases Ahead

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But no new hiring.

via AICPA

The outlook for the U.S. economy improved in the fourth quarter, but broad pessimism about the progress of a recovery persists, according to the fourth quarter AICPA Economic Outlook Survey, which polls chief financial officers, controllers and certified public accountants in executive and senior management accounting roles.

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