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Transcript
Issues and/or Problems
• Different from a standard audit
– Budgeting/ cost
– Case by case
– But still “expectations gap”
• Still a need for whistleblowers
• Not mandated
– Interim use is allowed
Issues and/or Problems
• Not progressive enough
– Industry vs. government regulators
• International
– Globalization
– Diverse personal finances
Solutions
• Information Technology
– Where are we headed?
• Artificial Intelligence
• Shift to information management and transaction
data analytics
– Data mining
– Data extraction
Solutions
• PCAOB
– Held panel discussion, Feb. 22, 2007
– Panel on Audit Effectiveness, 2000
• Forensic audit stage
– Consideration of Fraud in a Financial
Statement Audit, codified as AU sec. 316
Solutions
• PCAOB (cont.)
– Ways to improve fraud detection discussed
• Forensic audit on regular basis
• Forensic audit on a random basis
• “Choice-based” options