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PCAOB Issues Report Describing Inspection Observations Related to Audit Firms’ Communications with Audit Committees

  • PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image

Apr 05, 2016

On April 5, 2016, the Public Company Accounting Oversight Board (PCAOB) released a report on inspection observations of registered audit firms' initial implementation of and compliance with the PCAOB auditing standard on Communications with Audit Committees, describing that in 93 percent of the audits inspected in 2014 for which the standard applied, no failures to comply with the requirements were identified. Preliminary results from 2015 inspections show similar results.

According to the report, PCAOB inspectors found that most firms inspected in 2014 had incorporated the requirements of the standard (AS No. 16/AS 1301) into their audit methodologies, introduced relevant practice aids, or provided training to their partners and staff.

Review the press release and report on the PCAOB's Web site.

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