PCAOB report on inspection issues
23 Oct 2007
The US Public Company Accounting Oversight Board has released a report on issues identified in the 2004 through 2006 inspections of US firms that audited 100 or fewer public companies.
This is a general report issued under the Board's Rule 4010 and does not identify any firm or firms. The report includes observations in 11 areas where auditing or quality-control deficiencies were observed:
- Revenue
- Related-Party Transactions
- Equity Transactions
- Business Combinations and Impairment of Assets
- Going-Concern Considerations
- Loans and Accounts Receivable (including allowance accounts)
- Service Organizations
- Use of Other Auditors
- Use of the Work of Specialists
- Independence
- Prohibited Non-Audit Services
- Indemnification
- Firm Independence Policies and Procedures and Independence Confirmation with Audit Committees
- Concurring Partner Review
Click for PCAOB Report
