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PCAOB Releases Staff Inspection Brief Previewing 2015 Inspection Findings

  • Regulations - PCAOB Image

Apr 19, 2016

On April 19, 2016, the staff of the Public Company Accounting Oversight Board (PCAOB) published an inspection brief that previews the results of 2015 inspections.

Preliminary inspection results of annually inspected firms indicate the overall number of audit deficiencies identified in 2015 decreased compared to the results from 2014. Audit firms are inspected annually if the firm provides audit reports for more than 100 issuers. In 2015, 10 firms met that threshold.

Areas that showed improved audit quality at certain firms may have been a result of firms' better monitoring of audit work performed, among other things.

For firms that are required to be inspected at least once every three years, inspections staff observed an overall high number of audit deficiencies in preliminary 2015 inspection results.

Review the press release and the Staff Inspection Brief on the PCAOB's Web site.

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