A Future CPA Wants to Know

BY BARTH JONES

As a recent entrant into the accounting field, I do not write as an expert but as an eager student.

With all the Enron trouble and other scandals triggering Sarbanes-Oxley and various other reforms, why is there no requirement by the SEC or other corporate governance mechanism that public companies engage more than one competing CPA firm in the issuance of the audit report? This seems to make the most sense to ensure an adequate system of checks and balances. Perhaps there should be a primary auditor to perform the audit and a secondary auditor, a competitor, to approve the working papers and final audit report. It seems the accounting profession needs to expand its current system of peer review. Aren’t checks and balances in order here?

Barth Jones
Pittsburgh

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.