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Tom Fox and Matt Kelly are back with another thought-provoking episode discussing the proposed new Audit Standard 2405 by the PCAOB. This new proposal requires auditors to evaluate legal violations and noncompliance that could have a material impact on financial statements. While some people believe this is a good idea, others question the cost and whether audit firms are trained for this task. The discussions covered a range of topics, including internal control evaluations, expanding audit duties, Wells Fargo case study, the potential for increased audit fees, and reporting noncompliance to law enforcement. The hosts urge listeners to read the proposal and provide feedback as the final standard is expected to be approved by the SEC. This is a must-listen for compliance professionals who want to stay up-to-date and think critically on the latest audit news.

 Key Highlights 

·      Auditing Process for Legal and Compliance Issues

·      New Standards for Auditors Beyond Financial Reporting

·      Expanding PCAOB's Legal Obligations for Auditors

·      Expanding Audit Firm Duties: Impact and Concerns

·      Commenting on Proposed Audit Rule

Notable Quotes:

“This seems like a huge expansion of what auditors have done in the past.”

“Certainly, for example, a large FCPA violation if you're looking at $1,000,000,000 fine, and that would definitely strike me as material.”

“The proposal to expand the duties of audit firms is a dramatic expansion of what they were previously asked to do, and it is unclear whether they are fully equipped to handle this responsibility.”

“Internal auditors and compliance officers may also have concerns.”

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Tom 

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