Audit standards for private companies may need to change to keep up with new techniques and data tools.
Such changes may ultimately reshape the financial audits for publicly traded companies, said Barry Melancon, CEO of the American Institute of CPAs. Melancon spoke Dec. 4 in an address to the organization’s annual Digital CPA conference in Oxon Hill, Md.
“We are taking on the challenge of re-imagining what the audit is,” Melancon said.
The AICPA, which sets audit standards for private companies, is in the middle of a three-year project to develop a new audit tool for mid-tier firms. The tool ...