Do you agree with the PCAOB that large audit firms should disclose this information? What are the benefits? Who benefits? What are the costs?
What is your opinion about Chinese companies being taken off of NYSE for not allowing audit inspections?
Are you interested in this job (Chair of the UK’s Financial Reporting Council)? What would make an ideal candidate?
Do you think a going concern opinion is a leading indicator of financial viability? Why or why not? If lagging, what is the value of such an opinion?
If you were on the Audit Committee of the Board of Directors, would you avoid hiring a diligent auditor, one that had a history of discovering internal control weaknesses in other auditees?
Why do you think there is an increased concern about the quality of audits in the UK? What steps should be taken to address the concern?
AZZ dismissed one accounting firm for another. What kind of questions would you have as an investor about the reasons for the dismissal?
KPMG’s “governance, controls, and culture” is being reviewed in the UK, after a 2018 report that found that about 50% of its audits in the UK were not up to standard. A mention is made of potential conflicts of interest. What do you suppose these may be, and what role may such play, if any, not only in this firm, but perhaps others?
What would you do, if you had the authority as a regulator, to improve the audit deficiency rate among Big 4 accounting firms?
So, do you want managers to have audit experience, or not? Do you believe the conclusions? What are alternative explanations?
Do you believe there should be more competition in the audit market? Why or why not? What are some of the negative consequences of “breaking up” the Big 4?
Traditional audit firms, in particular the Big 4, have become more of a consulting firm. Do you believe this could compromise their audits of clients? How?
What are the costs of changing the threshold for a firm to have an audit of its internal control? What are the benefits? What do you think are some of the characteristics of firms that are more likely to have internal control weaknesses?
If you had the final say on who should be the head of the PCAOB, what criteria would you use? Are you for or against the proposed requirement that audit firms identify the lead partner on an audit engagement?
KPMG received a letter from Senator Warren questioning the quality of the firm’s audits in the wake of Wells Fargo “scandal.” Do you think KPMG shares in the responsibility? Should they be responsible? What is a potential downside to changing the nature of the audit and the auditor’s responsibility with respect to this and similar issues?
