On May 6, the PCAOB published its Staff Preview of 2018 Inspection Observations. In 2018, the PCAOB inspected over 160 audit firms and reviewed portions of roughly 700 public company audits in the United States and abroad. From the results of these inspections, the board identified several areas of common audit deficiencies. It also observed several good practices related to efforts to improve audit quality.
In this Flash Report, we highlight some of the most notable areas the PCAOB underscored in its recent brief.