PCAOB and Grant Thornton

High  failure rate given to the firm for audits done in 2012 as per article http://www.complianceweek.com/pcaob-gives-grant-thornton-record-failure-rate/article/328793/

Here is copy of the report
 http://pcaobus.org/Inspections/Reports/Documents/2013_Grant_Thornton_LLP.pdf

Comfort letters

A helpful series of links and resources are available at this post.   Caution when providing comfort letters.   http://blog.aicpa.org/2014/01/trust-but-verify-another-perspective-on-comfort-letters.html#sthash.D0UcIgnu.9ZLgunkD.dpbs

Reactions to PCAOB plan for increased audit disclosures

This inclusion of critical audit matters is meeting with resistance from some preparers.   http://journalofaccountancy.com/News/20149360.htm

2013 changes - a quiz

A couple of these items relate to auditing, so test yourself....were you paying attention in 2013?
 http://journalofaccountancy.com/News/20139338.htm

Management's evaluation of internal controls

SEC and PCAOB to look closer at management's evaluation of internal controls.   Suggestion is made to "dust off" the SEC 2007 interpretive guidance in the area.    http://www.complianceweek.com/sec-ponders-management-failures-on-internal-control/article/324939/

Look at more than cost when switching auditors

this blog post emphasizes the importance of auditor independence http://blogs.wsj.com/cfo/2013/12/09/auditor-switches-may-get-closer-look/?mod=djemCFO_h

Nonaudit services and consulting

PCAOB to pick up the topic of nonaudit services and consulting to examine issues related to audits.
http://journalofaccountancy.com/News/20139220.htm