Inspections

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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

    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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    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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