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PCAOB board member discusses "perfect storm" for ICFR

  • Speech — Deloitte green Image

Mar 28, 2014

In her speech at the Institute of Internal Auditors’ 2014 General Audit Management Conference this week, PCAOB Board Member Jeanette Franzel described the current state of internal control over financial reporting (ICFR) as a "perfect storm [that] demands effective action by all participants in the financial reporting and auditing chain.”

Ms. Franzel noted that auditors and management will be implementing the Committee of Sponsoring Organizations of the Treadway Commission’s updated "Internal Control — Integrated Framework" around the same time that firms will be adjusting their procedures in response to PCAOB inspection findings. She emphasized that management, internal auditors, external auditors, audit committees, and the PCAOB will therefore need to work together to meet their respective responsibilities. Her remarks focused on the following:

  • Trends in audits of internal control over financial reporting.
  • Recent PCAOB reports and guidance regarding ICFR audits.
  • Emerging issues in audits of ICFR.

A transcript of her speech is available on the PCAOB's Web site.

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