Audits at the Crossroads

The CPA Journal Symposium on Evolving Standards and Practices

Leslie F. Seidman, and Gregory J. Jonas

In BriefOn January 12, 2015, The CPA Journal sponsored a symposium featuring three of the profession's foremost thought leaders, who discussed the state of the auditing profession—specifically, the rationale behind the PCAOB's current initiatives, recent PCAOB inspection and peer review findings, and developments in financial reporting and auditor communications. The panelists were Gregory J. Jonas, director of the Office of Research & Analysis at the PCAOB; Rita Piazza, a director in the Professional Practice Group at Marks Paneth LLP; and Cynthia M. Fornelli, executive director for the Center for Audit Quality (CAQ). The panel was moderated by Leslie F. Seidman, executive director of the Center for Excellence in Financial Reporting at the Lubin School of Business at Pace University and former chair of FASB. The following is an edited transcript of their remarks and discussion.