Auditing Standard No. 5

EY Hits 50% Failure Rate on PCAOB Inspection, Gets a Grade of LOL on AS5

Today, the PCAOB released its latest inspection report on the firm formerly known as Ernst & Young. Now, before we get into that, let's get into a little history because everyone loves history, right? EY boasted an impressive failure rate of 35.7% in 2011, which was followed up by an even more impressive failure rate […]

PCAOB: Audit Firms Missing the Point of Auditing

Audit firms are still having some trouble pleasing the audit overlords at the PCAOB — particularly with Auditing Standard No. 5. ICFR is the new WTF, though the PCAOB sees audit firms making progress. Unfortunately, the firms are also kinda missing the point of this whole exercise. Compliance Week has the details: The next round […]