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PCAOB Inspection Reports Recap

PCAOB Inspection Reports Recap

Corporate Compliance Seminars (CCS) has recently completed an analysis of the recently released PCAOB inspection reports covering the "Big 11" audit firms (annually inspected firms with 2021 inspection reports covering three years).


In this event, CCS shares its observations about these PCAOB inspections of registered firms' audit workpapers. The developers of this CPE training event all have Big 4 audit experience. External auditors may find this information useful as they plan and perform current and upcoming audits. The information will also help an issuer's professional staff to better understand its auditors.


You can use this guidance to improve audit quality. Understanding the results of the PCAOB inspections of the largest firms will allow professionals to better prioritize their audit work. Based on our detailed analysis and reviews of the available PCAOB publications we provide observations on how the PCAOB focuses its inspections. Your audit quality staff can benefit from this type of input on improving audit quality.


This timely, two-hour CPE training event is designed for CPA firm leaders who will be working on engagement planning, staff training objectives, audit quality and firm risk management concerning PCAOB regulated engagements. The attendees will hear CCS observations from the "Big 11" inspection reports. No need for you to dig through all this regulatory detail information.


Attendees in this PCAOB auditing standard CPE event will earn 2 CPE Event Hours (YB). A certificate of completion will be provided.


Don't miss this opportunity to enhance your understanding of PCAOB inspection process and refine your audit practice to meet regulatory requirements. Register now to equip yourself with the necessary skills for successful external auditing in the dynamic regulatory landscape.

  • Details on Event Presentation

    Offered every six weeks on Wednesdays at 10:00 a.m. to 12:00 p.m. Central Time in two CPE-Credit event.

    We can schedule private events on your timetable for two or more attendees. Bring this CPE event to your audit team now!

    NASBA Program Disclosure:

    Program Level of Understanding: Intermediate to advanced
    Prerequisites: None
    Advance Preparation: None
    Delivery Format: Group Internet Based
    NASBA Field(s) of Study: Auditing
    CPE Credits: 2, based on 50 minutes of instruction per hour

  • CPE Event Highlights

    The seminar reviews and answers the following questions:

    • What Inspections were reviewed and used as data for this study?

    • How are Audits selected for inspections?

    • What were the most frequent deficiencies in the audit of financial statements?

    • What were the most frequent deficiencies when dealing with ICFR audits?

    • Which audit areas does the PCAOB frequently review?

    • Which audit areas have the deficiencies?

    • What PCAOB Auditing Standards are associated with the deficiencies?

    • What other issues did the PCAOB inspections detect?

  • Learning Objectives

    Attendees will:

    • Understand contextual analysis of the deficiencies reported.

    • Understand how the deficiencies relate to the PCAOB Auditing Standards.

    • Have examples of audit quality improvement tactics.

    • Have insight into the PCAOB inspection process.

  • Key Issues on the Agenda

    Section 1 - PCAOB's Inspection Recap

    • Learning Objectives

    • What are the PCAOB targets?

    • Four Scandal-Ridden Firms - One Auditor

    • Corruption in the Auditor Inspection Process

    Section 2 - Recap of "Big 12" Inspections

    • PCAOB Inspection Reports

    • Who are the "Big Twelve"?

    • Summary of Audits Reviewed

    • Summary of Audits Reviewed

    • Audits by Industry

    • Top Inspection Audit Areas

    • Examples of Deficiencies

    • Other Inspection Audit Areas

    • Summary of the Deficiencies by Type of Audit

    • Summary of the Deficiencies by Audit Area

    • Most Frequent 1.A Deficiencies within Financial Statement Audits

    • Most Frequent 1.A Deficiencies within ICFR Audits

    • PCAOB Audit Standards to Reported Deficiencies

    Section 3 - Going Forward and Summary

    • PCAOB Quality Control Standards

    • PCAOB Thoughts on Improvements

    • Professional Skepticism

    • Remember the "Swiss Cheese"

  • Summary of the Subject Matter

    The "PCAOB Inspection Reports Recap" training event is a must-attend seminar for professionals looking to stay informed about the latest developments in PCAOB inspection reports.

    The developers of this CPE training event all have Big 4 audit experience. They designed this event to provide attendees with a comprehensive overview of the latest PCAOB inspection reports for the “Big Six” accounting firms. We will cover the PCAOB auditing standards sighted within the inspection reports and key findings from those inspection reports. The seminar is led by experienced professionals who are knowledgeable of PCAOB audit standards and have a deep understanding of the PCAOB inspection process.


    During the training, attendees will learn about the PCAOB's approach to inspections and the preparation process for inspections. They will also receive valuable insights into the common deficiencies identified in recent PCAOB inspection reports and practical tips on how to respond to them.


    This training event is ideal for audit professionals and other individuals who want to maintain their PCAOB detailed knowledge. They also want to stay current with the latest developments in PCAOB auditing standards enforcement.


    By attending this event, participants will not only fulfill their CPE requirements, but they will also gain valuable knowledge and practical skills. This will help them prepare for and respond to PCAOB inspections. Don't miss this opportunity to enhance your understanding of PCAOB Inspection Reports and meet your auditing CPE requirements.

  • Authoritative Sources

    Here are some authoritative sources to further expand your knowledge after attending the PCAOB Inspection Report Recap CPE event:

    • Public Company Accounting Oversight Board (PCAOB): The official PCAOB website offers detailed reports, insights, and updates related to inspection findings, providing firsthand information on the latest trends and best practices in audit quality.
    • Deloitte: Deloitte's publications often include analyses and summaries of PCAOB inspection reports, offering a deep dive into the implications of these reports for audit firms and the broader financial industry.
    • PwC: PwC regularly publishes thought leadership pieces and insights on PCAOB inspection reports, shedding light on emerging issues and the impact on audit practices.
    • KPMG: KPMG's resources include perspectives on PCAOB inspection reports, providing valuable commentary and analysis to help stakeholders understand the implications and takeaways from these reports.

    These sources can serve as valuable references for attendees looking to delve deeper into the insights and implications gleaned from the PCAOB Inspection Reports Recap CPE event, fostering a deeper understanding of audit quality and regulatory compliance within the PCAOB audit industry.

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