• Register
Return to: Home > News > PCAOB brief unveils key focus areas of audit inspectors

PCAOB brief unveils key focus areas of audit inspectors

The Public Company Accounting Oversight Board (PCAOB) has published its staff inspection brief detailing information about the ongoing 2017 inspections of auditors of public companies.

In 2017, the PCAOB plans to inspect approximately 195 registered firms that audit public companies, of which 11 are subject to annual inspection. Among the 195 firms inspected in 2017, approximately 55 are non-U.S. firms in 26 countries or jurisdictions.

The key focus areas for the inspectors in 2017 are;

  • Recurring audit deficiencies - such as assessing and responding to risks of material misstatement.
  • Economic factors - Audit areas affected by recent economic developments such as the high rate of merger and acquisition activity and fluctuations in oil and natural gas prices.
  • Financial reporting areas - that require significant judgment, including going concern considerations and income tax disclosures.
  • Form AP requirements - An audit firm's compliance and implementation with new transparency rules and related amendments.
  • Preparation for new accounting standards - for revenue recognition and lease accounting.
  • Work by other auditors on multinational audits
  • The auditor's use of information technology, particularly software audit tools
  • The audit firm's system of quality control

Top Content

    UNCTAD/ISAR: corporate reporting to reach the sustainable development goals

    The implications of changes to financial reporting for achieving the Sustainable Development Goals were discussed at the United Nations Intergovernmental Working Group on Accounting and Reporting Standards conference. Vincent Huck reports

    read more

    Highlights from ISAR34: SDGs, integrated reporting, regulation

    How organisations can embed the SDGs and sustainability into their business models and strategies through the integrated reporting was the subject of a panel discussion at ISAR34. Vincent Huck reports

    read more

    Integrated reporting: financial capital providers first

    The Accountant caught up with International Integrated Reporting Council managing director for global implementation Neil Stevenson at ISAR34. He explains why integrated reporting is for providers of financial capital first and foremost and where it is heading. Interview by Vincent Huck

    read more

    Management Accounting: Yesterday, today and tomorrow

    Andrew Harding, chief executive, management accounting, at the Association of International Certified Professional Accountants met The Accountant to discuss the new association formed by the AICPA and CIMA, partnership as well as trends in management accounting and where it is heading. Interview by Vincent Huck

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.