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PCAOB Publishes Staff Inspection Brief Previewing 2016 Inspection Findings

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

Nov 10, 2017

On November 10, 2017, the Public Company Accounting Oversight Board (PCAOB) published a staff inspection brief that previews the results of 2016 inspections of auditors of public companies and other issuers.

The brief highlights certain observations from 2016 inspections, including three recurring areas where audit deficiencies were most frequently identified:

  • Assessing and responding to risks of material misstatement
  • Auditing internal control over financial reporting
  • Auditing accounting estimates, including fair value measurements

The brief also highlights other audit areas with continued audit deficiencies, including areas affected by certain economic risks, auditing of certain financial reporting areas, audit work regarding multinational audits, and certain aspects of a firm's system of quality control.

Review the press release and the staff inspection brief on the PCAOB's website.

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