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Can you pay for tolls with the tx tag?
is CPRE by IREB of any value or helpful
I am fed up with Accenture!
When someone in the creative department turns 40.
How’s everyone holding up?
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What makes more money IT Audit or IT GRC?
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Yes - can confirm. Am doing remediation work right now for an inspection that happened back in April and had findings. The level of detail and work they want us to do is absolutely insane and is having a horrendous affect on every single member of the team. Plus, the effects its having on our client relationship who is having to field all of our requests and make them priority.
I work for a company whose audit was inspected and dealing with the auditors after the inspection is awful
Yes
Any time I have do key report testing I always contemplate changing professions
We are going to eventually get to a point where controls won't matter and the whole audit would be done through analytics substantively and that is exactly what Mgmt would do to assert no material misstatements or effects on financial reporting.
Totally agree - we offer “reasonable assurance” but with the work we are being asked to do and these additional steps as a part of the remediation its like they are wanting 100% assurance. Especially frustrating when we did everything to the book by our methodology.
I didn’t want out of the profession until this last round of inspections. And they aren’t even over yet.
Even my clients are like wtf
Yes, 100%. I don’t believe that the PCAOB doesn’t have the right to dig and question our procedures, especially for the big clients because let’s be real - they pay us - but no one is turning a blind eye to anything and their ever increasing expectations (or dumb comments) leads to so much unnecessary work for little risk
This being risk assurance, I’m guessing you’re talking about IT related PCAOB findings. But are the concerns really that the ETs have failed to sufficiently test (and require tons of additional testing to remediate) OR are the ETs failing to sufficiently document their understanding of the issuer’s IT environment, relevant risks, related controls, and why their work provides reasonable assurance?
It's that the PCAOB moved the field goal posts on a whim, and are demanding far beyond "reasonable assurance". There's just no possible way to be perfect which is what they expect.
Every single engagement will have findings based on how they are operating these days
100% yes.
They already have and do. No sign of it stopping and doing it will just automatically go down in a tight labor market. May not go up either but may feel more pronounced.
Went through an inspection and remediation work and left the profession. As noted above we did everything by our methodology if not more and took a risk based approach but that wasn't good enough. Our inspectors seemed to have little understanding what was realistic for both a PA firm and our clients from a resource / feasibility standpoint.
How do PCAOB inspections compare to internal inspections at your firm?
They're both pretty unpleasant but internal inspectors can be more understanding and seemingly don't have an axe to grind (unlike the PCAOB)