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PCAOB sees some improvement, yet room for more

Tammy Whitehouse | August 30, 2017

Based on its latest round of audit inspections in 2017, the Public Company Accounting Oversight Board says it found some improvement at some firms, but still plenty of work to do to meet standards.

The board published a 19-page brief summarizing its inspection approach in 2017, which examined the work of auditors on 2016 financial statements, along with some broad findings. The board says it headed into 2017 inspections with plans to dig into some of the historically problematic areas — especially audits of internal control over financial reporting, auditors’ assessments and responses to risks of material misstatements, and auditing of accounting estimates, including fair value measurements.

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