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The following are some useful tools and resources for firms to consider as they prepare for a PCAOB inspection.
PCAOB Chairman Mark Olson and EU Commissioner Charlie McCreevy Meet to Discuss Furthering Cooperation in the Oversight of Audit Firms (March 2007)
Temporary Adjustment to PCAOB Inspection Frequency Rules and Other Technical Amendments (December 2006) (members only)
Analyses of Deficiencies Cited by PCAOB Inspection Reports (members only) - As part of our most critical goal of enhancing the quality of public company audits, the Center for Audit Quality (the Center or CAQ), has developed various analyses on deficiencies cited in the public portion of various PCAOB Inspection reports.
Presentation Slides from the 2007 PCAOB Forum on Auditing in the Small Business Environment- contain useful information regarding the inspection process, particularly the following slides:
- Overview of remediation process
- Steps involved in the remediation process
- Examples of satisfactory and unsatisfactory remediation responses
- Communications from the PCAOB
Presentation Slides from the 2006 PCAOB Forum on Auditing in the Small Business Environment - contain useful information regarding the inspection process, particularly the following slides:
- Slides 10-15 address the status of the PCAOB inspections process in general, including the status of the reports
- Slides 35-47 address "Inspections Hot Topics"
- Slides 65-112 address "PCAOB Inspections Process: What Can Be Expected"
March 1, 2004 PCAOB Inspection Information Request Correspondence – In March 2004, Robert J. Kueppers, Chair of the Executive Committee of the Center for Audit Quality, sent the managing partners and contact partners a letter regarding the PCAOB’s limited inspection procedures on Deloitte & Touche, Ernst & Young, KPMG and PricewaterhouseCoopers. Included in that letter was a list of information that was requested by the PCAOB in connection with its reviews of these firms. The goal was to provide you with an understanding of the scope and scale of the PCAOB’s inspection process so that you can better prepare for your firm’s inspection. As noted in Mr. Kueppers letter, the PCAOB has acknowledged that there are significant differences among the various public company audit practices; therefore we believe that its requests for information from non-Big 4 firms may be adjusted to account for these differences. Mr. Kueppers’ letter can be accessed by clicking on the following link and is provided to you as a reminder.
PCAOB Inspection Process - What Should Registered Public Accounting Firms Know? (members only) - At the AICPA National Conferences on Current SEC and PCAOB Developments in Washington, D.C., in December 2005 and December 2004, George Diacont, PCAOB’s Director of Registration and Inspections, summarized some important key points about the PCAOB’s inspection process.
PCAOB Inspection Reports - Access the actual PCAOB inspection reports issued today on the PCAOB’s Web site.
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