We discuss the implications of these changes for the future of auditing, audit work and large audit firms.
That requires accounting firms capable of providing "continuous auditing services," he added.
He added that "none of our findings has shaken our belief that these firms are capable of the highest quality auditing".
It should be capable of being scored numerically and audited and should lead to appropriate and explicit action.
Autonomic Computing: In the very near future, many of today's production-level servers will not only be virtualized, but will be configured for and capable of performing internal performance audits or "automated health checks" (from I/O processing needs at the CPU and memory level to page and buffer credit settings at the kernel level).
Assuming perfect information among the firms, we derive an optimal audit mechanism capable of implementing the socially efficient emissions level.
Suggestions that arise from this collection include fostering a 'skeptical calculative culture' [ 14], and giving more explicit consideration to what measurement practices such as audit are capable of revealing, concealing and producing [ 14, 23], and triangulating different forms of data, deliberately seeking out connections and disconnections between them [ 14, 22].
"There is a significant expectations gap between what various stakeholders believe auditors do or should do in detecting fraud, and what audit networks are actually capable of doing, at the prices that companies or investors are willing to pay for audits," stated a position paper issued in 2006 by the chief executives of the six largest audit networks.
The chief arbiter of auditing isn't audited.
