PCAOB Posts Staff Preview of 2018 Inspection Observations

May 6, 2019

Published: PCAOB

The PCAOB posted to its website the Staff Preview of 2018 Inspections Observations. This staff preview includes, for the first time, good practices regarding efforts to improve audit quality. It also addresses areas of common deficiencies, observations on technology, and implementation of new accounting and auditing standards and rules. The preview includes observations of U.S. and non-U.S. audit firms, inspected both annually and triennially.

Highlights of good practices observed include:

– Expanding accountability and revising training programs

– Establishing a network of specialized professionals to address emerging risks

Areas of deficiencies observed in 2018 include:

– Internal Controls of Financial Reporting and Revenue Risk Assessment

– Accounting estimates such as Allowance for Loan and Lease Losses (ALLL)

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