Given our sample of 179 recently completed audit engagements across five public accounting firms, Table 3 provides descriptive evidence regarding how selected fraud brainstorming sessions are being performed in practice. First, our participants report that a partner or forensic specialist led the session only 60 percent of the time, pointing toward the important role audit managers and seniors probably play in determining the quality of the session.Second, consistent with recent PCAOB inspection team reports PCAOB 2007, we find evidence that the attendance of specialists fraud, tax, IT in sessions varies. Third, our results are consistent with the hierarchical structure of engagement teams in that the level of contribution to the session increases with seniority. Fourth, consistent with PCAOB inspection team findings PCAOB 2007, for 35 percent of engagements, sessions were held after the early stages of planning. Last, engagement team preparation for the sessions tended to be substantial, sessions lasted an average of 1.5 hours, and 49 percent of engagements conducted more than one session.
Given our sample of 179 recently completed audit engagements across five public accounting firms, Table 3 provides descriptive evidence regarding how selected fraud brainstorming sessions are being performed in practice. First, our participants report that a partner or forensic specialist led the session only 60 percent of the time, pointing toward the important role audit managers and seniors probably play in determining the quality of the session.Second, consistent with recent PCAOB inspection team reports PCAOB 2007, we find evidence that the attendance of specialists fraud, tax, IT in sessions varies. Third, our results are consistent with the hierarchical structure of engagement teams in that the level of contribution to the session increases with seniority. Fourth, consistent with PCAOB inspection team findings PCAOB 2007, for 35 percent of engagements, sessions were held after the early stages of planning. Last, engagement team preparation for the sessions tended to be substantial, sessions lasted an average of 1.5 hours, and 49 percent of engagements conducted more than one session.
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