Auditors being audited?
Auditors may all look the same and have the same end goal in mind, but it would not hurt to choose them for an audit every once in a while. http://www.clmcanada.com/more-pmps-are-being-audited/.
Should auditors ever be audited? Companies are constantly being audited for inconsistencies in their work, so one would think auditors should be checked up on as well. This is not a common practice, but brings up a valid point because everyone is human and makes mistakes. In the article titled “Why Financial Statement Audit Quality Matters!”, Kathleen M. Jackson introduces the Employee Benefits Security Administration, which has started an initiative to closely monitor employee benefit audits in order to maintain quality. Jackson says, “As an auditor who has successfully completed this EBSA program, I believe that EBSA is concerned with particular attention to details in the audit documentation to ensure that the utmost care and attention was taken when performing the audit and, as such, follows the guidance in the Employee Benefit Plans Audit and Accounting Guide (EBP Audit Guide), issued by AICPA.” (Jackson, 2010) The author stresses the importance of using EBSA to audit the auditors of employee benefit plans for quality, and using the recommendations to improve their practices. Jackson also points out that the nature of employee benefit plans have changed; therefore the way they are audited should also change. As with many businesses and companies, practices have changed due to technology, a changing economy, and many other factors. Auditors need to take this into consideration when planning an audit. Because of the rapid changes in the business world and technology, intermittent audits of accounting firms prove to be beneficial to both auditors and clients. This is another way to ensure that auditors are maintaining independent relationships with clients, carrying out honest work, and are receiving adequate training to perform specific types of audits.