Financial Accounting News

The Evolution of the Audit Industry, and What’s Next (Podcast)

May 3, 2019, 8:45 AM

When it comes to ensuring high quality financial audits, it takes a village and a whole lot of dialogue.

It is a shared responsibility, said Cindy Fornelli, executive director of the Center for Audit Quality—the advocacy group created in the years after the 2002 Sarbanes-Oxley Act. The law regulated the audit profession and was intended to restore trust in financial statements after the Enron and WorldCom accounting scandals.

Fornelli will retire this month after 12 years of working to build consensus among audit committees, regulators and auditors and preaching best practices. She spoke with reporter Amanda Iacone about the evolution of the profession.

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To contact the reporter on this story: Amanda Iacone in Washington at aiacone@bloombergtax.com

To contact the editor responsible for this story: Jeff Harrington at jharrington@bloombergtax.com

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