Audits of the financial statements of public companies listed on U.S. exchanges increasingly require audit firms to rely on geographically dispersed engagement teams. This can pose challenges to achieving a high quality audit for lead engagement partners with respect to planning, scoping, coordinating, supervising, and communicating with foreign members of the global networks and other audit firms. PCAOB inspection findings have identified deficiencies in this area, and the Board has recently proposed amendments to improve standards that govern the planning and supervision of these audits. This panel discussion at the 2016 AAA Annual Meeting, held in August, explored the myriad challenges that auditing in a global environment present.
Moderator: Cindy Fornelli, Center for Audit Quality
- Jeff Burgess, Grant Thornton
- Steve Glover, Brigham Young University
- David Kane, EY
- Helen Munter, PCAOB