Gain Public Trust by Expanding Going Concern Requirements for the Auditors

PCAOB needs to extend the auditor's requirements for ongoing operations and define them so that the auditor can improve its performance and gain public confidence. The focus of this document is to show that the current requirements are insufficient for the auditor to make correct assumptions. Predictive training in the future and lack of excessive self-confidence of the auditor can preclude accurate assumptions about continuation of concern report as bankruptcy can not be found in a timely manner. This paper provided evidence of each disorder and then proposed improvement.

When Satoshi Nakamoto introduced block chaining technology to bit coins in 2008, he solved what Luca missed in his system - a department between value exchanges without relying on an independent public auditor I earn the trust of foreigners. By designing an incentive structure that combines encryption, economics, and game theory, block chains can meet all of the four consistency principles without relying on banks, independent auditors, and powerful companies It helps. Everyone has responsibility to maintain and protect the ledger. This is a wonderful video on how it actually works.

It is the responsibility of the listed company to ensure that the auditors of the financial statements are independent and to ensure that the auditors themselves are reliable. Rule S - X specifies the form, content and requirements of the financial statements submitted to the Committee, including the requirements of the auditor 's independence. Ensuring auditor independence is just as important as confirming that income and expenditure are properly reported and classified. If the independence of the auditor is compromised, the Company does not meet the requirements for submitting the financial statements audited by the independent accountant. At the end, there is a possibility that independence issues adversely affect the timely submission of documents and question the reliability of the company's financial reporting.

The auditor plays an important role in ensuring the integrity and reliability of the financial statements of listed companies. Recently (especially in the US), the independence and objectivity of the auditor has become a focus of attention, and it is mentioned at the forefront. Then a new rule to address these problems was proposed. This ultimately leads to the adoption of new requirements that US auditors must comply. Many groups of users are facing economic consequences and will work with the Securities and Exchange Commission (SEC) on what they believe is the best solution. This was primarily done by submitting comments to the Securities and Exchange Commission and participating in a hearing held by the Securities and Exchange Commission to discuss the proposed rules.