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