Audit Standards and the Supreme Court Ruling in Free Enterprise Fund v. PCAOB

Contributor: Barry Epstein Russell Novak & Company, LLP

SUMMARY: The auditing profession has undergone a great transformation since the passage of the Sarbanes-Oxley Act of 2002 ("SoX"). Costly lessons have been learned by many or most auditors, and changes already made to auditing standards, and those to come to financial reporting standards, have served to force improvements in behaviors, attitudes, and intellectual involvement in the conduct of audits. These changes are fundamental and are not temporary in nature. This article explains why, even if the Supreme Court had struck down SoX in Free Enterprise Fund v. PCAOB, the positive impact it has already had on the auditing profession would have continued into the future.

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