By Shivaram Rajgopal, includes “… Perhaps the issuer-pays model where the company appoints and pays for the auditor’s time, as opposed to an investor, is to blame. … I have five concrete proposals … Consider changing the objective of the audit from one related to compliance with GAAP (generally accepted accounting principles) to one where the auditor opines whether the financial statements ‘fairly’ present the financial condition of the company, as done in the UK.”
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