More tidbits from the Roundtable:
Shelly S Stein, Chief Operating Officer of Grant Thornton: "What we've heard [throughout the roundtable] is the need for more practical guidance [for companies]. Now we have to take that forward to the PCAOB inspection process. There's still a piece that's missing here that I think is a disconnect. The standards setters are saying you [auditors] need to use your judgment. But when the [PCAOB inspectors] come in, they say 'Did you do the right thing, did you use your judgment?'"
"Well, we look at it with our best judgment and [PCAOB inspectors] look at it with their best judgment. But, to use a baseball analogy, the tie goes to the runner. We have two teams, but one of the teams is also the umpire. Companies are saying the auditor is too conservative. Well yeah. It's our license on the line."
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