In addition, we recommend that the PCAOB make this in-depth analysis of audit failures an on-going function of the Board, in order to ensure that changes in policy and oversight practices are adopted in a timely fashion to address correctable weaknesses in the audit process.

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But Mr Thomas said the initial investigation had "identified a number of questions and concerns which I now consider warrant further in-depth audit investigation".

BBC: Wales politics

Specifically, we are considering a shift in our audit activities to higher dollar awards while further instructing auditors to ask more in depth questions on the bottom line issue of whether taxpayer funds were used correctly.

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