PCAOB Inspections and Remediation

Session Submission Type: Panel

Abstract

The PCAOB has been conducting inspections of registered firms for ten years. In 2012, the Board established several near term priorities that included efforts around timeliness and content of inspection reports, timeliness of remediation determinations, providing information about the PCAOB’s remediation determination process, and analysis of inspection findings. The panel will discuss the inspection and remediation process, firms’ root-cause analysis of systemic quality control issues and the recently issued PCAOB staff guidance concerning the remediation process. The panel will also discuss the public reporting of inspection and remediation information – namely, individual firm and general purpose inspection reports and the 2012 Board release with information for audit committees about the inspection process. In addition the panel will cover the PCAOB’s project on audit quality indicators, which is closely related to the inspection and remediation processes and the public reporting of inspection results.

Track

• Auditing Section Midyear Conference and Doctoral Consortium

Moderator

• Mark H. Taylor, Case Western Reserve University

Panelists

• Jay Hanson, PCAOB

• Zoe-Vonna Palmrose, University of Washington-Seattle