Johnson Global Accountancy (JGA) has published a new whitepaper examining the key considerations faced by public company auditors during their PCAOB inspections.
Drawing experience as audit and audit regulation experts and advisors to firms worldwide on all aspects of audit quality improvement, the JGA team has authored an abridged version of their first whitepaper in 2021, titled “Navigating PCAOB Inspections: Second Edition”.
Over the last two decades, what firms face in an inspection, and what stakeholders see reported in inspection reports, has evolved. There is no disputing that each evolution results in a more comprehensive and robust process, which undoubtedly has improved audit quality. At the same time, this evolution translates to higher levels of stress to meet these performance expectations on firms.
Since its founding, JGA has partnered with firms of all sizes to assist them through this process and have observed a few common themes. The 30-page guide synthesizes lessons learned from JGA’s work with small and large firms worldwide, including:
- A roadmap through the entire PCAOB inspection and remediation process,
- Actions to apply and implement continuous audit quality improvement,
- Best practices to reduce regulatory risks
JGA president, Jackson Johnson, said: “The PCAOB inspection and remediation processes continues to raise the bar on what inspectors expect, and the pressure it places on firms to comply.
“This second edition of our Inspection Guide refreshes our content from our comprehensive insight to include the most recent guidance from PCAOB staff and our observations supporting dozen of firms worldwide in this important oversight process. I encourage firm leadership to use this as one tool to support your engagement teams, with an emphasis on effective preparation.”