PCAOB Releases Spotlight on 2024 Inspection Activities

The PCAOB’s Division of Registration and Inspections (the “Division”) has released a spotlight publication that details the results of its 2024 audit inspections of public companies. The publication notes that, overall, the Division observed a sizable decline in Part I.A deficiency rates, including those at Big Four firms and U.S. global network firms. It further suggests that possible reasons for the decrease in deficiency rates may include requiring more face-to-face work, conducting better staff training, devoting more resources to enhancing audit quality, and improving supervision and review.

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