PCAOB to Shed Light on Small Firm Inspections

The Public Company Accounting Oversight Board plans to explain the deficiencies it found in its recent inspections of smaller auditing firms during an upcoming webcast.

The organization recently released a report on the issues that it identified in its 2004 through 2006 triennial inspections of U.S. firms that audit 100 or fewer public companies. The report found deficiencies in areas such as revenue recognition, related-party transactions, equity transactions, use of other auditors, independence, and concurring partner review.

The Center for Audit Quality plans to hold a webcast on Thursday, Nov. 29, from 1:30 to 3:30 p.m. Eastern time that will allow public company auditing firms to hear from the PCAOB about the most common deficiencies they found, and ask questions.

Participants include Mark West, regional associate director of PCAOB inspections; Kurtis Wolf, CPA, principal in charge of audit and assurance at Reznick Group; and Joan Waggoner, CPA, partner in charge of quality assurance at Blackman Kallick. The moderator will be Cindy Fornelli, executive director of the CAQ. To register, visit www.cpa2biz.com.