PCAOB Issues Spotlight on 2022 Staff Inspection Observations

The PCAOB has issued a spotlight, Staff Update and Preview of 2022 Inspection Observations, which discusses the findings from the PCAOB’s inspections of 157 audit firms during 2022. The report notes that “approximately 40% of the audits reviewed will have one or more deficiencies that will be included in Part I.A of the individual audit firm’s inspection report, up from 34% in 2021 and 29% in 2020.”

In addition, the publication highlights questions and good practices for audit committees to consider in discussions with their auditors.