"The Securities and Exchange Commission has approved the 2013 U.S. GAAP Financial Reporting Taxonomy, giving companies the green light to rely on it for use in preparing and submitting their financial statements in XBRL."
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A study conducted by the SEC, dating back to 1998, reveals many auditing oversights. Some of these deficiencies include lack of skepticism, failure to gather sufficient evidence, and failure to report an appropriate audit opinion.
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The IRS uses robo-audit technology to help find $400 billion in unpaid taxes each year. Accounts are screened online, but so far the IRS has only been able to sniff out low-income tax cheaters.
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"The Transactional Records Access Clearinghouse (TRAC), reports that the IRS plans to expend 18% fewer staff hours auditing large businesses with assets of more than $10 million in fiscal year 2013 (which ends Sept. 30) than it did in FY 2011."
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"Companies are undertaking major transformations to respond to global market shifts, and risk management techniques need to keep pace with the changes."
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"Sensitive non-public information could be compromised if the U.S. Securities and Exchange Commission fails to take additional steps to improve its internal controls, an agency watchdog has found."
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"Internal audit is moving closer to the board of directors, a sign that the function is becoming more independent and objective, and free of the potential for improper influence from the CFO."
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A recent report by Richard Chambers, president of the Institute of Internal Auditors (IIA), lists the 7 required attributes that auditors must possess to do their jobs well.
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"The Center for Audit Quality recently polled 228 audit committee members, two-thirds of whom serve for companies with revenues of $750 million or greater. Most audit committee members gave high marks for the level and quality of communications between...
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"An attorneys' group has asked the New York Stock Exchange to reconsider an exchange rule that gives the audit committees at Big Board-listed companies the responsibility for overseeing the companies' risk management."
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