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Changes to PCAOB inspections will begin in 2019

Tammy Whitehouse | October 24, 2018

With a new focus on prevention of audit problems rather than detection and remediation, a newly seated audit regulatory board plans to retool its approach to audit inspections, enforcement, and standard setting.

The Public Company Accounting Oversight Board will begin a new approach to its controversial inspection process in 2019, says Chairman William Duhnke, who has focused the early months of his term on leading a “lengthy strategic planning process.” Duhnke and his four fellow board members, also newly appointed at the start of 2018, learned through the process they need to steer the audit regulatory approach more toward identifying and addressing root causes of audit failures to prevent them from occurring.

With respect to inspections, the board is pursuing a number of new activities to overhaul inspections including, “how we select audit...

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