On November 10, the Public Company Accounting Oversight Board (PCAOB) published a Staff Inspection Brief that highlights frequent audit deficiencies identified by their Division of Registration and Inspections during the 2016 inspection cycle. The release is designed to help registered public accounting firms comply with PCAOB Auditing Standards; however, it also gives preparers and issuers an opportunity to plan and prepare for accounting, reporting and disclosure areas likely to receive extra scrutiny by their auditors in their upcoming audits.
In this Flash Report, Protiviti highlights some of the most notable areas that the PCAOB underscored in its brief.