PCAOB Issues Publication on Audit Firms’ Use of Service Providers in the Confirmation Process

The PCAOB has issued a spotlight, Observations and Reminders on the Use of a Service Provider in the Confirmation Process. The spotlight provides an overview of the audit confirmation process and indicates that the PCAOB staff has observed diversity in practice related to maintaining “control over the confirmation requests and responses in audits where a service provider is used to send and receive confirmations.” In addition, the publication gives examples of procedures audit firms can use to comply with professional standards.