The full-court press on internal controls and related documentation will not let up in 2016, although companies will have to answer those demands while also bracing for other big accounting and auditing changes on the horizon.
Friedman LLP partner Chris Smith says he’s expecting no change in the audit approach around internal control either. “We’re going to be asking for more information for our files to satisfy the PCAOB’s comments with respect to the quality of our work,” he says. “The documentation demands are strongest as it relates to management review of controls and whether those controls are operating at a level of precision sufficient to take care of the objectives.”
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