PCAOB Releases Publication on Target Team’s Inspections During 2023

The PCAOB’s Division of Registration and Inspections has released a publication that summarizes the results of inspections conducted by its “target team” during 2023. The target team was established in 2019 to enhance audit quality and protect investors by executing “in-depth interviews and review procedures to gather information across audit firms,” focusing on “emerging risks and other areas.” Recent audit areas in which the target team has identified risks include (1) crypto assets, (2) multi-jurisdiction audits, and (3) significant or unusual events or transactions.