In a huge firm if you need an inspection at a point in time, well, great. If you're another size firm and monitoring on a real-time [basis] works best, then great. Whatever works best within your size firm.

254

This wasn't very controversial, and we think this will be good practice. Management may not always want to know this information, but as auditors, we shouldn't be putting ourselves in the position of determining what they should know. We should communicate to those charged with governance and then let them do with that information what they best see fit.

155

Implementation of the new standards may require auditors to change their approach and perhaps the nature of the audit procedures performed. We believe that these standards, with support from the AICPA, will allow our members to find ways to improve the effectiveness of their audit engagements.

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