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08 April 2019
In this PCAOB staff inspection brief, issued at the end of last week, the PCAOB discusses its new strategic plan, which includes conducting "an ongoing dialogue" with audit committee chairs when their companies' audits are subject to PCAOB inspection. The purpose is to provide the committees with "further insight" into the PCAOB process, including the inspections, and to obtain the views of committee chairs. The brief also outlines what audit committees should expect from the PCAOB's 2019 inspections and provides a number of sample questions that audit committees may want to consider asking their auditors with regard to current inspection issues. The PCAOB expects to publish additional updates for audit committees regarding observations and findings.
The PCAOB reports that its 2019 inspections will focus on:
Reproduced below are the PCAOB's sample questions for audit committees to consider, as appropriate, asking their auditors in connection with current inspection issues:
"Auditor Response to Identified Risks
"Changes in Auditor's Report
"Implementation of New Accounting Standards
"PCAOB Inspection Results and Corrective Actions
"Possible Indicators to Audit Quality
For further information on this topic please contact Cydney Posner at Cooley LLP by telephone (+1 415 693 2000) or email (firstname.lastname@example.org). The Cooley LLP website can be accessed at www.cooley.com.
This article has been reproduced in its original format from Lexology – www.Lexology.com.
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