The Public Company Accounting Oversight Board (PCAOB) has established the Smaller Firm Resource Group, which will serve as an advisory panel composed of professionals from smaller audit firms.
This group will be responsible for offering input on auditing standards, inspections, and other related PCAOB activities.
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The advisory group will also focus on economic factors, assessing the costs and benefits of PCAOB initiatives and their effects on audit quality within smaller firms.
The aim is to safeguard investor interests and ensure the production of accurate and independent audit reports.
The Smaller Firm Resource Group includes 12 members from various firms, such as Ryan Ayre from Manning Elliott, David Gosselin from dbbmckennon, Kristi Griffin from Elliott Davis, Jeff Maichel from Assure CPA, Reshma Mahase from Davidson & Company, and Kyle Manny from Plante & Moran.
Other members are Steven Morrison from CohnReznick, Bryce Rojas from Cropper Accountancy Corporation, Steven Siegel from Cherry Bekaert, Rebekah Walters from Frazier & Deeter, and Brendan Whalen from S.R. Snodgrass, P.C.
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By GlobalDataRecently, the PCAOB has increased its engagement with smaller firms through various initiatives.
It include a series of in-person forums aimed at auditors of smaller businesses and broker-dealers, as well as workshops designed to assist with the implementation of QC 1000, A Firm’s System of Quality Control.
The PCAOB has also made available guidance documents, expert-led recordings, quizzes, and other resources related to QC 1000, AS 1000, and other new standards.
In addition, the board has shared insights from its inspections to highlight effective practices and has introduced a publication series, Audit Focus, aimed specifically at smaller audit firms.
PCAOB acting chair George Botic said: “Smaller audit firms play an essential role in the US capital markets and in protecting investors, which is why creating the Smaller Firm Resource Group was a priority for the PCAOB.
“We are eager to hear from the participants who have generously volunteered to share their real-world perspectives into the experiences of smaller firms.”
