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American Auditing Company

Ben Bernanke the liar lying about audit fed PBS July 2009 question about Small Business Here is part of the interview by Jim Lehrer, with the snake in the grass, Ben Bernanke. He is trying to convince the world, that the ...

Commentary: Be concerned about accounting firms’ push into legal services

Out of the ashes of the Enron scandal rose the Sarbanes-Oxley Act of 2002, which enacted protections for investors, including prohibiting the intermingling of audit and legal consulting services for the same client. The idea was to ensure that the critical “guardian of the capital markets” role of the auditor wasn’t unduly influenced by nonaudit services.

That promise of independence is now at risk.

If someone were to ask you how many lawyers are employed in client service by the global Big Four accounting firms, would your answer be: a) Zero, because the Sarbanes-Oxley Act prohibits audit firms from providing legal services to clients; b) Not many, because delivering legal services isn’t something accounting firms have the expertise to do and would create the appearance of a conflict of interest; or c) 2,200 lawyers working in 72 countries?

The correct answer is c, as recently reported by ALM Intelligence. According to ALM, this number of lawyers employed rivals the ranks of even well-known law firms such as Jones Day and Clifford Chance.

2019 Outlook: Audit Reports to Undergo Biggest Update in Decades

Investors are about to get their hands on more information from the auditors of public companies than they’ve previously seen.

Annual financial statements released after June 30, 2019, will feature an expanded audit report, written just for them. The idea is to give investors more information about a company’s most complex financial accounting and steps the auditors took to validate them.

The introduction of the CAM—critical audit matters—will usher in a new era for the auditor’s report, long a boilerplate statement buried deep within the financial report. The audit report has changed little since the 1940s, when the report was standardized.

“It’s the first really big shift in how the auditor speaks with the investing public in 70 years,” said Dave Sullivan, national managing partner for quality and professional practice at Deloitte LLP.

The enhanced transparency provided by the critical audit matters should strengthen investors’ trust in the work of auditors, said Cindy Fornelli, executive director of the Center for Audit Quality.

Can someone translate this from American English into English please?

I work for an american company who are really big on "self audits", "tracking tools", "metrics" etc. ( now there's a surprise eh).

Jargon alert! There is so much techno-babble and pointless jargon in that question as to render it entirely meaningless.