Audits of Public Companies: Survey of Public Companies (GAO-08-164SP, January 2008), an E-supplement to GAO-08-163

Audit Quality

19.
Audit quality is often thought to include the experience and technical capability of audit firm partners and staff, the capability to efficiently respond to a client's needs, and the ability and willingness to appropriately identify and surface material reporting issues in financial reports.

Since 2003, has it become harder or easier for your firm to maintain audit quality?
1.
2.
3.
4.
5.
6.

20.
Since 2003, has each of the following factors made it harder or easier for your firm to maintain audit quality?
    Made much harder Made somewhat harder Little or no effect Made somewhat easier Made much easier Don't know
 
a. Availability of qualified staff in marketplace
 
b. Ability to retain qualified staff
 
c. Complexity of accounting principles and auditing standards
 
d. Staff experience and technical capability with complex accounting principles and auditing standards
 
e. Implementation of SOX 404
 
f. Complying with PCAOB inspection program requirements
   

    Made much harder Made somewhat harder Little or no effect Made somewhat easier Made much easier Don't know
 
g. Increased role of audit committees
 
h. Complying with independence standards
 
i. Complying with partner rotation requirements
 
j. Spending appropriate time documenting audit decisions
 
k. Complying with compressed reporting timeframes
 
l. Spending appropriate time on issues based on risk areas
 
m. Determining appropriate amount of time/involvement of partners on engagement
 
n. Other - please describe below
   

 
IF OTHER: please describe.


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