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PCAOB Provides Audit Committees With a Roadmap on Inspection Results

Tammy Whitehouse | August 14, 2012

First, the Public Company Accounting Oversight Board hit most large audit firms with intensely critical audit inspection reports. Now, it's telling audit committees how to find out more about all the unflattering details of the reports.

Last week, the PCAOB armed audit committees with a list of questions to ask audit firms about the latest inspection reports, giving committee members new ideas on how to probe past dismissive answers.

Savvy audit committees may already be asking the right questions, and forthright audit firms are providing the right answers, but that's not the case across the entire profession, says PCAOB Chairman James Doty. “We prepared this document in part because of concerns we have heard audit committee members express regarding a lack of information about PCAOB inspections of their auditors and because of questions from audit committee... To get the full story, subscribe now.