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PCAOB Inspections

The PCAOB is directed by Section 104 of the Sarbanes-Oxley Act of 2002 to conduct a continuing program of inspections to assess the degree to which each registered firm and its associated persons comply with the Act, the rules of the PCAOB and the SEC, and professional standards in connection with the performance of audits, the issuance of audit reports, and related matters involving public companies.

Firms that are registered with the PCAOB may be subject to its inspection program, which will only evaluate the SEC issuer or public company audit practice. All firms will continue to require peer review of the rest of their auditing and accounting practice in order to satisfy AICPA membership, federal regulatory (e.g., Generally Accepted Government Auditing Standards) and/or state licensing requirements.

PCAOB Resources

The following are some useful tools and resources for firms to consider as they prepare for a PCAOB inspection.

Board Public Reports

PCAOB Report on Inspections of Domestic Firms that Audit 100 or Fewer Public Companies, February 25, 2013
- Related CAQ Alert #2013-02
Observations from 2010 Inspections of Domestic Annually Inspected Firms Regarding Deficiencies in Audits of Internal Control Over Financial Reporting, December 10, 2012
- Related CAQ Alert #2012-19
PCAOB Report on the Progress of the Interim Inspection Program Related to Audits of Brokers and Dealers, August 20, 2012
PCAOB Report on Observations of PCAOB Inspectors Related to Audit Risk Areas Affected by the Economic Crisis, September 2010
PCAOB Issues Report on First-Year Implementation of Auditing Standard No. 5, September 2009
PCAOB Report of the 2004, 2005, 2006 and 2007 Inspections of Domestic Annually Inspected Firms, December 2008
PCAOB Releases Report on Inspection Observations on Smaller Registered U.S. Firms, October 2007
PCAOB Releases Report on Auditors' Implementation of the Interim Fraud Standard, January 2007
PCAOB Issues Information About its Process for Determining Whether a Firm Has Satisfactorily Addressed Quality Control Criticisms in Inspection Reports, March 2006

Additionally, PCAOB guidance such as Staff Audit Practice Alerts, Staff Questions and Answers and other guidance may be useful to identify potential areas of focus for PCAOB inspections.

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PCAOB Inspections

Guidance: Gain access to resources relevant to PCAOB inspections of public company auditors including inspection rules, inspection guidance, inspection reports and other relevant information.
Published on March 27, 2013

CAQ Alert #2009-91

Article: CAQ Alert on PCAOB issuance of report on inspection observations for first-year implementation of AS 5.
Published on March 26, 2010

PCAOB Issues Information About its Process for Determining Whether a Firm Has Satisfactorily Addressed Quality Control C...

Guidance: This article provides an overview of two PCAOB releases concerning PCAOB implementation of the Act that gives registered accounting firms an incentive to address quality control criticisms in Board inspection reports within 12 months after the Board issues the reports.
Published on March 26, 2010

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