PCAOB auditor outlines Sarbox ‘efficiencies’

PCAOB auditor outlines Sarbox 'efficiencies'

Chief auditor claims auditors can be more efficient

Thomas Ray, the Public Company Accounting Oversight Board’s top auditor, has
told a financial reporting conference that major opportunities for increased
efficiency exist in the implementation of Sarbanes-Oxley.

He said efficiencies could be found in the auditor’s evaluation of
management’s assessment process, and how the auditor’s risk assessment is
applied to the nature, timing and extent of the tests of controls.

Ray made these remarks while speaking at the 25th Annual Securities and
Exchange Commission and Financial Reporting Institute Conference last week.

‘I believe it also is helpful to point out that the auditor’s evaluation of
management’s process is most efficient when management has done a good job
documenting both the design of the company’s internal control and the assessment
process and results,’ Ray said.

Related Articles

FRC fines reach record high after 24% increase this year

Audit FRC fines reach record high after 24% increase this year

3d Alia Shoaib, Reporter
PwC replaces Deloitte as Linklaters auditor after Arsenal lawsuit

Audit PwC replaces Deloitte as Linklaters auditor after Arsenal lawsuit

5d Alia Shoaib, Reporter
New FRC Corporate Governance Code focuses on culture and diversity

Audit New FRC Corporate Governance Code focuses on culture and diversity

6d Lucy Skoulding, Reporter
PwC ordered to pay $625.3m over failure to detect Colonial Bank fraud

Audit PwC ordered to pay $625.3m over failure to detect Colonial Bank fraud

3w Alia Shoaib, Reporter
FRC to investigate KPMG’s Conviviality audit

Audit FRC to investigate KPMG’s Conviviality audit

3w Alia Shoaib, Reporter
June news roundup with Alia Shoaib

Audit June news roundup with Alia Shoaib

3w Alia Shoaib, Reporter
FRC opens investigation into Deloitte’s audits of SIG

Audit FRC opens investigation into Deloitte’s audits of SIG

3w Alia Shoaib, Reporter
PwC auditor spent just two hours on BHS audit, says chairman

Audit PwC auditor spent just two hours on BHS audit, says chairman

1m Alia Shoaib, Reporter