Audit is "completely irrelevant" and "useless." That’s according to accounting thought leader, Ron Baker.
As you can tell from the clip above, Ron's not too impressed with the audit these days.
Ron Baker joined me and David Leary on the Cloud Accounting Podcast to talk about crypto and the role of auditors in protecting investors and the public.
Ron's got a point—
The latest Public Company Accounting Oversight Board (PCAOB) inspection of 2021 audits found that 55% of audits are defective — and ONE THIRD of audits are so defective that the auditor shouldn't have issued an opinion!
Does that mean that 1/3 of audited financial statements shouldn't necessarily be relied upon?
What do you think? Are audits useless these days?
For more, listen to the full Episode 311 of the Cloud Accounting Podcast:
