- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-10-16T14:29:00
A new staff report issued by the Public Company Accounting Oversight Board (PCAOB) seeks to provide best practices for auditors amid observations of rising deficiency rates related to engagement quality reviews (EQRs).
The report, published Thursday, comes after the PCAOB found 42 percent of firms it inspected in 2022 had a quality control criticism related to EQRs. The number of U.S. global network firms with an EQR deficiency increased 33 percent from 2021 to 2022.
“Engagement quality reviews are an important investor safeguard during the audit process. Unfortunately, audit firms are increasingly falling short when performing this function,” said PCAOB Chair Erica Williams in a press release. “We urge audit firms and audit committees to read our EQR report so they can fully live up to their responsibility to protect investors against insufficiently supported audits.”
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
The Public Company Accounting Oversight Board published the full results of its 2022 inspection for Big Four firm KPMG after its initial report contained more than two dozen redactions.
The Public Company Accounting Oversight Board’s first enforcement settlements with mainland China and Hong Kong firms won’t be the last, as the chair of the regulator says its “just getting started.” U.S. firms must be mindful of the specific ethical issues highlighted.
The Public Company Accounting Oversight Board announced the adoption of a new standard regarding auditor use of confirmation that replaces the previous version that hadn’t been notably changed in more than 30 years.
Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
Software company Autodesk said it won’t restate several years of financial statements following an audit committee investigation into potential accounting misconduct.
Los Angeles-based bank holding company Broadway Financial Corp. disclosed in a public filing weaknesses discovered in its internal control over financial reporting because of training shortfalls.
