{ "media_type": "text", "post_content": "Curious of the process when the client and auditor truly disagree on an accounting conclusion. Formal consult with the national office and the result is what it is?", "post_id": "60fc95366bd41600245b2fac", "reply_count": 6, "vote_count": 1, "bowl_id": "564a5cdb94887803001dd07c", "bowl_name": "Accounting" }

Curious of the process when the client and auditor truly disagree on an accounting conclusion. Formal consult with the national office and the result is what it is?

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Client threatens to not hire next year. Audit team documents problem away. Client still lowers fees the following year.

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Formal consult, communicate to audit committee, consider effect on audit opinion

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been here before…if client still disagrees after national office, assuming public, they can take it to the SEC. if private company and no other regulator to arbitrate, then becomes choice to change it or auditor modify opinion or auditor resign…pretty rare events though.

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you would be surprised…there are some incredibly grey areas of accounting, and there are a bunch of emerging transactions and businesses that the standards were not written for that people are having to make judgment calls on interpretations and application of standards that were not designed for those situations. Even SEC and FASB have been expressing concerns about how things are evolving faster than they can react.

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I’ve seen the audit and tax national offices face off before… past that the replies above are mostly correct

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