This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

PCAOB issues staff inspection briefs

  • PCAOB document (green) Image

Apr 20, 2016

The PCAOB has issued two staff inspection briefs containing previews of its 2015 observations related to inspections of auditors of (1) issuers and (2) broker-dealers.

Auditors of issuers

The inspection brief on auditors of issuers notes that fewer audit deficiencies were identified in 2015 than in the previous year. The most frequent audit deficiencies involved (1) auditing internal control over financial reporting; (2) assessing and responding to risks of material misstatement; and (3) auditing accounting estimates, including fair value measurements.

For more information, see the press release on the PCAOB’s Web site.

Auditors of broker-dealers

The inspection brief on auditors of broker-dealers notes that there were “fewer independence impairments of auditors of broker-dealers [in 2015] than in prior years.” However, deficiencies were observed in the following areas: (1) auditor independence; (2) financial statement audit procedures; (3) audit procedures on the supplemental schedules to the financial statements; (4) the examination of compliance reports and the review of exemption reports under newly applicable PCAOB standards; and (5) engagement quality review.

For more information, see the press release on the PCAOB’s Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.