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PCAOB Lays Bare Its 2015 Inspection Strategy

Tammy Whitehouse | October 1, 2015

Audit regulators are leaving no one reason to guess what they’re looking for as they continue their 2015 inspections. They’ve published a staff inspection brief to explain it in detail.

The Public Company Accounting Oversight Board says its inspectors are under orders to look closely at three general areas in public company audit work -- the audit of internal control over financial reporting, the auditor’s assessment of and response to risks of material misstatements, and the audit of accounting estimates, including fair value measurements.

With respect to the internal control audit, inspectors will be looking at auditors’ testing of the design and/or operating effectiveness of controls, the paper says. As for risk, inspectors too often find auditors...

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