Although the board cannot hold its own independent investigation into the affair, as Parmalat is not listed on US exchanges, it is expected to follow the current investigations closely and draw lessons from the alleged massive fraud at the Italian dairy.
The findings could then be incorporated into practice standards for auditors, such as guidance on the detection of fraud.
‘The board will look at all audit failures for lessons that might be drawn for either standard setting or inspection,’ a PCAOB spokeswoman told the Financial Times.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
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If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned