PCAOB Releases Spotlight on Audit Deficiencies in Engagement Quality Reviews

The PCAOB has released a spotlight detailing the PCAOB’s observations related to its inspections of engagement quality reviews (EQRs) performed by audit firms. The publication notes that the PCAOB frequently still finds EQR deficiencies in its inspections and that these deficiencies “are not limited to a single type or size of audit firm, nor are they limited to a specific inspection program or a particular industry sector.” Besides addressing recent trends related to EQR deficiencies, the spotlight “provides good practices and reminders for auditors so they can avoid such deficiencies [and] highlights key questions related to EQRs that audit committees might want to consider as discussion points as they engage with external auditors.”

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