Michael Cook said at the PCAOB SAG meeting that one financial expert, a retired audit partner like him, was all the financialaccountingandaudit expertise needed on any Audit Committee.
According to AICPA rules for auditor independence, PwC can support software development and implementation for its audit client if that system is not the financialaccounting software that produces the books and records the firm will audit.
The independent external auditor is a licensed professional who works for a public accounting firm and performs an audit of the financial statements of a company, government, individual, or any other legal entity or organization.
Several audit firm professionals tried to convince the SEC and PCAOB staff that they were mistaken in the belief that broker-dealer auditors could not sign the broker-dealer audit opinion as well as help implement accounting software, prepare period-end journal entries and compile those same financial statements and regulatory reports that they would audit.