The most significant challenge facing small firms in the Public Company Accounting Oversight Board's inspection process is the difference between the board's approach versus that taken during the peer reviews of the past, the deputy director of inspections in the board's New York office told a group of CPAs gathered here.
"The most significant change to small firms is that this isn't peer review. When we come in to do an inspection, we'll have a view and that view counts," Paul Bijou told attendees at a Foundation for Accounting Education-sponsored auditing conference Thursday. "We won't tell you what the answer is. You should have the technical capabilities or the access to technical capabilities to development your own judgments and remedial actions as necessary."
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