Do you think putting the lead audit partner’s name on the audit report would improve “accountability and transparency”? Do you think auditors should tell investors more in their audit reports about “what they [the firm] did”? What specifically, if anything, should the auditor add to the report? What are downsides to this proposal?
Diamonds (the snack company) allegedly, improperly shifted expenses into different fiscal periods to improve earnings. How would an investor figure out that this may be going on? How can too little transparency affect stock prices? How can too much?
If you are the CEO of a company, would you want your audit firm rotated every four years? If you are a board member, would you want the audit firm rotated every four years? How about if you were an investor? If you were the auditor?
What “changes in the auditing and regulatory environments” would be needed in the U.S. so that “second guessing of preparers and auditors” can be minimized, if IFRS is adopted? Do you think these changes can occur concurrently with IFRS adoption, especially in a litigious society, such as the U.S.?
