PCAOB Inspection Reports Recap
Gain valuable insights and stay ahead in the auditing field with the PCAOB Inspection Reports Recap CPE Training Event. This two-hour program is designed for CPA firm leaders, audit managers, and professionals eager to understand the key findings from the 2023 PCAOB inspection reports of the "Next Eight" auditing firms. Enhance your knowledge and align your practices with PCAOB auditing standards, improving audit quality and achieving compliance while earning 2 Continuing Professional Education (CPE) credits.
Why Attend?
Stay Updated on PCAOB Insights
Learn the PCAOB's latest goals, inspection priorities, and high-risk audit areas, ensuring your firm is prepared for regulatory expectations.
Master Audit Quality Improvement
Understand critical deficiencies identified in inspections and take actionable steps to improve your audit documentation, risk assessments, and quality control systems.
Practical Skills for Enhanced Compliance
Discover how to align audit practices with PCAOB auditing standards like AS 2110 (Risk Assessment) and AS 2301 (Responses to Risks), helping you reduce firm risk and improve performance.
Earn 2 NASBA-Approved CPE Credits
Satisfy your professional development requirements while gaining actionable insights to strengthen your audit practice.
What You’ll Learn
This seminar offers a comprehensive dive into PCAOB inspection highlights and practical applications for improving audit practices under the PCAOB auditing standards. Topics covered include:
1. Understanding PCAOB's Role
- Learn about the PCAOB’s mission, structure, and mandate under the Sarbanes-Oxley Act (SOX) Title I.
- Understand how the PCAOB protects investors by ensuring reliable, high-quality audits.
2. Key Findings from 2023 PCAOB Inspections
- Explore common deficiencies in substantive testing, internal controls, and fraud risk assessment.
- Examine violations of PCAOB auditing standards, including AS 2110 and AS 2301, and why these represent critical areas of focus.
- Gain insights into high-risk audit areas and emerging trends shaping the regulatory landscape.
3. Practical Applications for Auditors
- Best practices to improve audit documentation and align with PCAOB auditing standards.
- Strategies for strengthening internal oversight, fraud detection, and sampling techniques.
- Proactive steps to manage audit risks and enhance quality control processes.
4. Driving Audit Quality Forward
- Recommendations for improving audit results through targeted training and resource allocation.
- Developing robust oversight strategies and addressing deficiencies to meet regulatory expectations.
Event Details
This live, interactive seminar is designed to foster participant engagement, practical learning, and actionable takeaways.
- Format: Group internet-based presentation.
- Schedule: Offered every eight weeks on Mondays, 1:00 p.m. – 3:00 p.m. (Central Time).
- Cost: $140 per attendee.
- Group Training Available: Custom training sessions for two or more participants can be scheduled for your team.
Target Audience
This CPE training is essential for professionals responsible for improving audit practices and ensuring PCAOB compliance, including:
- CPA Firm Leaders: Oversee quality control systems and reduce firm risk.
- Audit Managers and Engagement Leaders: Gain techniques to structure effective procedures and address high-risk areas.
- Audit Team Members: Enhance individual skills to drive team improvement in documentation, testing, and compliance.
Why Understanding PCAOB Standards Matters
The Public Company Accounting Oversight Board (PCAOB) plays a critical role in improving audit quality and protecting investors. Aligning your firm’s practices with PCAOB auditing standards means not only meeting regulatory requirements but also positioning your team as leaders in the audit field.
By mastering PCAOB inspection themes and actionable strategies, you can reduce risk, strengthen internal controls, and deliver audit results that inspire confidence in stakeholders.
Register Today
Don’t miss this opportunity to refine your audit expertise with insights from the PCAOB’s latest inspection reports. By attending the PCAOB Inspection Reports Recap CPE Training Event, you’ll gain valuable tools for improving audit quality, ensuring compliance, and advancing your career within the dynamic regulatory landscape.
Sign up now to take the next step toward audit excellence and professional growth!
Details on Event Presentation
Offered every eight weeks on Mondays at 1:00 p.m. to 3:00 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 hourCPE Event Highlights
The seminar reviews and answers the following questions:
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What Inspections were reviewed and used as data for this study?
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How are Audits selected for inspections?
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What were the most frequent deficiencies in the audit of financial statements?
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What were the most frequent deficiencies when dealing with ICFR audits?
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Which audit areas does the PCAOB frequently review?
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Which audit areas have the deficiencies?
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What PCAOB Auditing Standards are associated with the deficiencies?
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What other issues did the PCAOB inspections detect?
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Learning Objectives
Attendees will:
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Understand contextual analysis of the deficiencies reported.
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Understand how the deficiencies relate to the PCAOB Auditing Standards.
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Have examples of audit quality improvement tactics.
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Have insight into the PCAOB inspection process.
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Key Issues on the Agenda
Welcome and Opening Remarks
- Overview of learning objectives
- Introduction to the PCAOB and its role in audit quality
Understanding PCAOB’s 2023 Inspections
- Key deficiencies identified in the "Next Eight" firms
- High-risk audit areas under PCAOB scrutiny
- Common challenges with substantive testing, risk assessment, and internal controls
Strategies for Improving Audit Practices
- Aligning audit procedures with PCAOB standards
- Enhancing fraud risk assessments and documentation practices
- Proactive risk management and quality control improvements
Deep Dive into PCAOB Standards
- AS 2110: Risk Identification and Assessment
- AS 2301: Responding to Risks of Material Misstatement
- AS 1215: Audit Documentation Essentials
Closing Remarks
- Key takeaways for improving audit quality
- Resources for continued learning
Summary of the Subject Matter
1. PCAOB Overview and Mission
- The role of the PCAOB in overseeing public company audits and broker-dealers.
- Key mandates under the Sarbanes-Oxley Act (SOX) Title I.
- The PCAOB’s focus on protecting investors through accurate, independent audit reports.
2. 2023 PCAOB Inspections: Key Findings
- Common deficiencies identified in the inspections of the "Next Eight" firms.
- High-risk audit areas under PCAOB scrutiny, including substantive testing, internal controls, and fraud risk assessments.
- Recurring violations of auditing standards and their implications for audit quality.
3. PCAOB Auditing Standards in Focus
- AS 2110: Risk Identification and Assessment
- AS 2301: Responding to Risks of Material Misstatement
- AS 1215: Audit Documentation and Evidence
- Insights into applying these standards to improve audit processes and compliance.
4. Practical Applications for Audit Professionals
- Proactive strategies for managing risks and addressing deficiencies.
- Best practices for fraud detection, internal controls testing, and audit sampling.
- Enhancing audit documentation to meet regulatory expectations.
5. Lessons for Promoting Audit Quality
- Training and resource allocation to address high-risk areas.
- Strengthening quality control systems and aligning practices with PCAOB expectations.
- Preparing for future PCAOB inspections with a focus on continual improvement.
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 the PCAOB inspection 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.