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PCAOB report on inspection issues

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

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

 

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