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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
