The PCAOB Thinks You Have a Communication Problem, Auditors
Miscommunication is a terrible, terrible thing
It really does sound like a bad relationship. The PCAOB wants auditors to listen and communicate and get all warm and fuzzy with financial statements but let's face it, auditors are frigid and would much rather do what they did last year which was reluctantly hang out with inventory on December 31st and use the work papers as coasters.
The PCAOB thinks audit committees need to learn how to communicate. Funny. Communication is the ONE section of the CPA exam that candidates appear the most allergic to, in fact, my most common CPA exam question these days is "if I take BEC this year and AUD, FAR, and REG in 2011 does that mean I can avoid the written communication section completely??" (the answer is yes but come the fuck on, you little future guardians of capital markets could really use the practice, I've been reading your e-mails for 3 years...)
Really? All this because of Lehman? I don't think communication was the problem, in fact, perhaps it was excessive communication that is to blame. You know like "Hey, let's do some Repo 105s" and "well sure, fuck audits, it's all bullshit anyway, right?" "Right. Sign that shit off and let's go get a drink."
Good luck with that.
See also The PCAOB Proposes Ideas on How Auditors Can Better Communicate with Other Human Beings (Going Concern)