PCAOB Issues Staff Report on Audit Firm Inspections

The PCAOB staff has issued a report that details the results of its audit firm inspections conducted in 2021.

Topics covered in the report include (1) recurrences in audit deficiencies and higher deficiency rates observed in 2021; (2) observations on quality control systems; and (3) good practices related to internal control over financial reporting, accounting estimates related to business combinations, critical audit matters, auditor independence, supervision of audits, and engagement quality review.

For more information, see the press release on the PCAOB’s Web site.