PCAOB Issues Publication on Conversations With Audit Committee Chairs

The PCAOB has released a spotlight publication that provides “high-level observations and takeaways” from the Board’s conversations with more than 200 audit committee chairs during 2024. These conversations revealed that some of the most frequent topics that audit committees discussed with auditors were:

• Factors that affect the audit committee’s relationship with the audit firm (e.g., communication, coordination, technical expertise).
• Reviews of PCAOB audit firm inspection reports.
• Economic and geopolitical considerations related to the audit.
• How existing audit and accounting standards are applied to the audit.
• The use of emerging technologies as part of the audit.

The report also contains FAQs related to certain topics that audit committees discussed with the PCAOB during the conversations, such as how audits are selected for review, what an inspection consists of, and whether the PCAOB conducts trainings or events for members of audit committees.

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