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Inside Track with Broc: Francine McKenna on Audit Industry Developments (3/11/13)


Francine McKenna is a journalist that blogs on and is a regular Forbes columnist, among others.

In this podcast, Francine delves into some of the latest audit industry developments, including:

  • Why should audit committees care about PCAOB inspection reports?
  • How can the audit committee learn more about a PCAOB inspection report? Should they ask the auditor? The PCAOB?
  • In what instances can a PCAOB inspection report be used in litigation against the auditor by the client or shareholder plaintiffs?
  • Is it the audit committee's responsibility or the auditor's to make sure the firm is independent? What if the auditor uses its member firms all over the world to complete the audit? What can happen if the audit firm is not independent?
  • What role does an external auditor play when there's a corporate investigation? Can the auditor be hired to perform an investigation of fraud or illegal acts? Should the auditor be hired to perform a corporate investigation? Advantages and disadvantages?

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