Auditing
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AUDITING 
The findings were based on inspections conducted between 2004 and 2006. The PCAOB released a report on the deficiencies to help firms continue to improve quality control and comply with standards.
Areas in which deficiencies were observed were:
Revenue
Related-party transactions
Equity transactions
Business combinations and impairment of assets
Going-concern considerations
Loans and accounts receivable (including allowance accounts)
Service organizations
Use of other auditors
Use of the work of specialists
Independence, including prohibited non-audit services, indemnification and firm independence policies and procedures and independence confirmation with audit committees
Concurring partner review
The report is available at www.pcaobus.org/Inspections/Other/2007/10-22_4010_Report.pdf.
Current Issues in Auditing, the auditing section of the American Accounting Association’s new journal, is now online. Published papers are available free of charge at www.atypon-link.com/AAA/loi/cia. The AAA’s new manuscript management system is at http://ciia.peerx-press.org. The site will serve as the portal for submissions, reviews, and decision letters.
CIIA has accepted papers including The Sarbanes-Oxley Act of 2002—Restoring Investor Confidence, by former U.S. Rep. Michael G. Oxley, R-Ohio, and Top-Ten Wish List for Audit Research, by Edward Nusbaum, CEO of Grant Thornton LLP.
CIIA’s co-editors are Dana R. Hermanson, of Kennesaw State University, and D. Scott Showalter, of KPMG LLP.
