Jul 24, 2023
This report presents aggregate observations from the PCAOB’s inspections of certain public company audits conducted by 157 audit firms in 2022. PCAOB staff expects approximately 40% of the audits reviewed will have one or more deficiencies that will be included in Part I.A of the individual audit firm’s inspection report, up from 34% in 2021 and 29% in 2020.
Jun 30, 2023
As part of their responsibilities, it is important that audit committees engage in effective two-way communication with auditors and ask relevant questions throughout the audit. The Spotlight groups questions that audit committees may want to consider regarding the auditor’s work on the following topics: Risk of fraud, risk assessment and internal controls, auditing and accounting risks, digital assets, merger and acquisition activities , use of the work of other auditors, talent and its impact on audit quality, independence, critical audit matters and cybersecurity.
Jun 13, 2023
The PCAOB released a new staff report, based primarily on observations gathered during 2021 and 2022 inspections. The staff report says that the use of crypto assets presents unique audit risks to public companies and broker-dealers and requires an appropriate risk assessment and audit response by audit firms.
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