Saturday, July 25, 2009

#83 - Auditing Body: PCAOB

In audit career, it is always useful to know what can be improved further in order to deliver an efficient, effective and satisfactory audit.

The Public Company Accounting Oversight Board ("PCAOB")is a non-profit corporation, created by Sarbanes-Oxley Act 2002. PCAOB oversee the auditors of public companies in order to protect overall public interest. PCAOB has a unit, called "Inspection unit". This unit is responsible in inpecting the audit works of registered public accouting firms who met certain criterias.

There's one particular section you might find interesting: PCAOB prepare and release inspection report on their website. The report written would briefly describe the audit deficiencies, departures from accounting/ auditing standard they have identified after conducting review. Audit works of Big 4 (PWC, E&Y, KPMG, Deloitte) are inspected too!

The reports are resourceful and provide a guide on what can be done further to improve our audit.

The website of Public Company Accounting Oversight Board ("PCAOB")is as follows:

You can view the inspection report by:
> Go to "Inspection" section
> Click on "Inspection Reports"

1 comment:

SAS 70 Audit said...

It will be interesting to see how all this unfolds as the SAS 70 auditing standard phases into the SSAE 16 standards. Keep up the good posts!