PCAOB Issues Publication on Inspections of Audit Firms

The PCAOB has issued Spotlight: Observations From the Target Team’s 2021 Inspections, which details the results of audit firm inspections conducted by the Board’s Division of Registration and Inspections (the “Division”) in 2021. Specifically, the publication discusses the Division’s observations, as well as the auditor’s responsibilities and good practices, related to four key topics: (1) fraud, (2) interim reviews of special-purpose acquisition companies (SPACs) and de-SPACs, (3) going concern, and (4) cash and cash equivalents.