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Public Company Accounting Oversight Board
By Staff Reporters
DEFINITION: The Public Company Accounting Oversight Board (PCAOB) is a Congressionally-established nonprofit that assesses audits of public companies in the United States to protect investors’ interests. The PCAOB also oversees broker-dealer audits, including compliance reports filed under federal securities laws. In addition, the PCAOB establishes auditing and related professional practice standards for registered public accounting firms to help prepare and issue audit reports. The firms registered with the PCAOB range in size from sole proprietorships to large global organizations.
CITE: https://www.r2library.com/Resource
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And now, audit quality declined for a second straight year, the PCAOB announced last week. Around 40% of the audit firms it inspected in 2022 had Part I.A deficiencies, “up from 34% in 2021 and 29% in 2020. Deficiencies are mentioned in Part I.A of an inspection report when the PCAOB finds that an audit firm did not present sufficient evidence to back up its opinion on a “company’s financial statements and/or internal controls over financial reporting.”.
PCAOB Chair Erica Williams expressed disappointment with the findings in a statement. “Let me be clear: a 40% Part I.A deficiency rate is completely unacceptable,” she said. “The PCAOB will continue demanding firms do better and deliver the high-quality audits investors deserve.”
Williams asked investors to encourage audit committees to choose auditors with “proven track records on quality,” and pointed them to resources on the PCAOB’s website that let viewers see and compare audit firms’ deficiency rates.
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Filed under: "Advisors Only", Career Development, Ethics, Events-Planner, Risk Management | Tagged: Corporate audits, Erica Williams, PCAOB, Public Company Accounting Oversight Board, Risk Management |
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