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PCAOB Audit Tradecraft for the External Auditor

PCAOB Audit Tradecraft for the External Auditor

PCAOB Audit Tradecraft for External Auditors: Navigating Regulatory Standards


Delving into the world of PCAOB Audit Tradecraft for External Auditors means embracing a journey of meticulous scrutiny and unwavering dedication to excellence. At the heart of this endeavor is the Public Company Accounting Oversight Board's (PCAOB) commitment to ensuring that the work of professional auditors not only aligns with established auditing standards but also delivers audit opinions that stakeholders can rely on with confidence. This rigorous inspection process stands as a cornerstone in preserving the integrity and reliability of financial reporting for public companies, thereby fostering trust and transparency within our financial systems.


As we navigate the complexities of PCAOB inspections, it becomes evident that an audit firm must engage in a deep and reflective analysis of its financial audit practices. This process is not merely about compliance; it's a profound exploration of the firm's adherence to the highest standards of responsibility and ethical conduct:

  • Has the firm consistently applied the PCAOB's auditing standards, ensuring that its audit practices are not just compliant but truly reflective of these critical guidelines?
  • How effectively has the firm identified and mitigated significant risks of misstatement, thus protecting the integrity of the financial statements under review?
  • In assessing Internal Control over Financial Reporting (ICFR), what strategies has the audit team employed to navigate this intricate area, ensuring thoroughness and accuracy?
  • And importantly, throughout this entire process, has the audit team maintained the independence required by SEC and PCAOB regulations, solidifying the trust bestowed upon them by the public and market participants?


By confronting these questions head-on, an audit firm demonstrates not merely a response to regulatory scrutiny but a deep-rooted commitment to excellence, transparency, and an authentic dedication to serving the public interest.


To embody such high standards, daily behaviors or "tradecraft" become essential for audit team members. These behaviors are not just actions but the embodiment of values vital for safeguarding against failure. This CPE Event focuses on cultivating such tradecraft, including:

  • Empathy and Understanding
  • Ethics and Integrity
  • Inquisitiveness and Intellectual Curiosity
  • Analytical Skills and Attention to Detail
  • Exceptional Communication Skills
  • Adaptability and Continuous Learning
  • Understanding Business Risk


Moreover, this event provides participants with a comprehensive understanding of PCAOB audit standards and insights into regulatory considerations surrounding the accounting and auditing landscape for public companies. Covering a spectrum of regulatory activities by the PCAOB, including auditing standards, ethics, independence standards, quality control standards, and attestation standards, this seminar is designed to empower CPA firm staff members engaged in PCAOB-regulated audits with actionable knowledge.


This two-session CPE training seminar offers attendees a unique opportunity to refine their audit practices, ensuring they can develop audit workpapers capable of withstanding PCAOB inspections.


Participants will not only earn 12 CPE Event Hours (YB) but also receive a certificate of completion, affirming their commitment to regulatory compliance and mastery of PCAOB audit tradecraft.


Seize this chance to deepen your expertise in PCAOB auditing standards and elevate your audit processes to meet and exceed regulatory expectations. Register today and arm yourself with the skills necessary to thrive as an external auditor in today’s ever-evolving regulatory environment.

  • Details on Event Presentation

    Offered on Wednesday-Thursday once every six weeks in two six hour sessions for 12 CPE credits.

    The sessions will run from 9:00 a.m. to 3:00 p.m. Central Time Zone. There will be a lunch break from 12:00 noon to 12:30 p.m. each day.

    We can schedule private events on your timetable for two or more attendees.

    NASBA Program Disclosure

    Program Level of Understanding: Basic

    Prerequisites: None

    Advance Preparation: None

    Delivery Format: Group Internet Based

    NASBA Field(s) of Study: Auditing, Business Ethics

    CPE Credits: 12, based on 50 minutes of instruction per hour

  • CPE Event Highlights

    The seminar reviews and answers the following questions:

    • What are the PCAOB Audit Standards?

    • What are the typical inspection report issues?

    • What are the key audit planning issues?

    • How does the COSO Framework fit together?

    • What is contained in an "ICFR" assessment program?

    • How should the "client" be documenting "ICFR" assessments?

    • How does this testing work?

  • Learning Objectives

    Attendees will:

    • Understand the PCAOB's key audit standards.

    • Understand risk assessment from the external audit viewpoint.

    • Have examples of client documentation.

    • Know how the components and principles are integrated within COSO framework.

    • Have an approach to issues concerning PCAOB compliance.

  • Key Issues on the Agenda

    Introductions and Background
    Section 1 - Sarbanes-Oxley and the PCAOB
    Section 2 - Current PCAOB Auditing Standards
    Section 3 - Audit Planning and Risk Management
    Section 4 - COSO Framework: Control Environment Entity-Level Controls
    Section 5 - COSO Framework: Risk Assessment Entity-Level Controls
    Section 6 - COSO Framework: Supporting Component
    Section 7 - The Client's Approach to SOX Documentation
    Section 8 - Auditor's Approach to RA & CE Entity Level Controls
    Section 9 - Auditor's Approach to Process Controls
    Section 10 - Auditor Tradecraft Summary

  • Summary of the Subject Matter

    The "PCAOB Audit Tradecraft for the External Auditor" training event hosted by CCS is a comprehensive course designed to meet the PCAOB's continuing professional education (CPE) requirements for external auditors. This event provides a thorough overview of the PCAOB's expectations and standards for external auditors, as well as the latest techniques and methodologies in auditing. The course covers a wide range of topics, including the audit process, risk assessment, testing procedures, data analytics, communication, and documentation.


    Through this PCAOB training, external auditors will gain a deep understanding of the PCAOB's auditing standards (AS) and how they apply to the audit process. Also covered in the course will be the importance of internal control in auditing and how it affects audit compliance. Participants will leave the training equipped with the knowledge and skills needed to stay up-to-date with the latest developments in the field and ensure their audit services are in line with PCAOB standards.


    This auditor course is designed for experienced external auditors who are looking to improve their audit tradecraft and maintain PCAOB compliance. The "PCAOB Audit Tradecraft for the External Auditor" training event is a valuable opportunity for external auditors to enhance their skills and stay at the forefront of their field.

  • Authoritative Sources

    To further enrich your journey and deepen your understanding of these essential behaviors, CCS has curated a list of authoritative sources. Each of these resources serves as a beacon, guiding you towards not just compliance with standards but embodying the principles that define excellence in auditing, the "Tradecraft":

    Empathy and Understanding

    Harvard Business Review:

    • Explore articles on emotional intelligence and empathy in professional settings. Understanding the client's perspective and fostering effective communication is crucial.

    Ethics and Integrity

    Institute of Internal Auditors (IIA) - Code of Ethics:

    • A cornerstone resource for auditors seeking to uphold the highest ethical standards in their practice.

    Inquisitiveness and Intellectual Curiosity

    TED Talks:

    • Engage with talks that spark curiosity and inspire a lifelong love of learning, critical for staying ahead in the ever-evolving field of auditing.

    Analytical Skills and Attention to Detail

    American Accounting Association (AAA):

    • The AAA offers resources and journals that delve into the latest research and developments in accounting and auditing, perfect for honing analytical skills.

    Exceptional Communication Skills

    Toastmasters International:

    • Enhance your public speaking and communication skills through Toastmasters, a global organization dedicated to improving these essential capabilities.
    Understanding Business Risk

    Risk Management Association (RMA):

    • Provides insights, frameworks, and tools for effectively managing and understanding business risk, an indispensable aspect of auditing.

    By delving into these resources, you're not just expanding your knowledge; you're embracing a mindset that transcends the basics of auditing. You're committing to a path of personal and professional development that honors the essence of what it means to be an auditor—a guardian of financial integrity and a trusted advisor to the business world.

    Remember, the journey of mastering the PCAOB Audit Tradecraft and the behaviors that underpin it is ongoing. It's a commitment to constantly evolve, adapt, and grow in service of the greater good. Let these resources be your companions along the way, illuminating your path towards achieving not just

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