Magazine article The CPA Journal

In This Issue

Magazine article The CPA Journal

In This Issue

Article excerpt

What is the state of audit quality today? There are a number of different ways to interpret, as well as answer, that question. The variety of viewpoints presented in this issue grapple with the regulatory model within which audit work is performed, the historical context of current issues in the discipline, and the recent progress that has been in remediating deficiencies.

Audits have become so encumbered by regulatory requirements that their costs have risen out of line with their benefits, argue Arthur Radin and Miriam Katowitz. While many of the requirements may make sense in isolation, in the aggregate the result has been auditors preoccupied with completing checklists rather than focused on the basics-understanding the business under audit.

Has the profession made progress in solving fhndamental problems in auditing over the past decades? Howard Levy looks back at some of the problems identified by leading commentators over 50 years and finds that, despite the efforts of regulators and standards setters, most of them have stubbornly persisted to today. …

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