NOVEMBER
2005, SPECIAL ISSUE - We are pleased to present this special,
complimentary issue of The CPA Journal, “Innovations
in Auditing.” New laws, like the Sarbanes-Oxley Act,
and new regulators, like the PCAOB, have changed the auditing
landscape forever. In these challenging times, it is imperative
that auditors and financial executives are prepared to master
these demands. Directed toward the auditors responsible
for compliance with new standards, as well as the executive
management and directors of the companies that engage them,
it provides a forum for analyzing current standards and
developing best practices.
In
the tradition of The CPA Journal’s 75-year
history, the focus is on both implementing new requirements
and cultivating a constructive dialogue about the future
of professional regulation under federal laws and agencies.
The Sarbanes-Oxley Act marks a new era in corporate auditing
and reporting, but the full extent of its impact, beyond
the explicit provisions of the act and beyond the corporate
world it was written for, remains to be seen. The auditing
profession, the business community, and the investing public
will play a large part in shaping how the law is interpreted
and put into practice.
This
special issue, the first in what we hope will become an
ongoing series, provides a forum for analyzing and interpreting
conceptual and practical issues affecting the auditing profession.
The articles focus on auditors’ reactions to the act,
its scope, the impact of sections 302 and 404, its ramifications
on audit fees, the meaning of assurance, the new role of
COSO, and other issues. This issue is being sent to all
New York State Society of CPAs (NYSSCPA) members and other
CPA Journal subscribers, as well as selected other
professionals and thought-leaders in the areas of federal
auditing standards-setting, internal auditing, corporate
governance, and corporate finance.
We
welcome your feedback on this issue and these topics of
vital importance to the profession. Please contact me with
your comments, suggestions, and criticisms at lgrumet@nysscpa.org.