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According to the GAAP rules of accounting, the description of an ‘audit failure’ can assume various perspectives. As stated in this case study, misstated financial statements are good example that provides an indication for an audit failure. Secondly, an audit failure can be represented by lack of properly documented work papers in a business enterprise. This implies although the right procedures and judgment were utilized, an audit failure may be reported due to inadequacy in the documentation.
Thus, some of the concerns stipulated by Jay Hanson in the case study are relevant. This is because Hanson’s allegations are aimed to dispute the term ‘audit failure’, which is a term that covers a relatively broad segment of a business firm. According to Hanson, the term ‘audit failure’ as utilized by PCOAB forms a basis for confusion to several .............
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