- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The PCAOB plans to take a much closer look at how firms manage audit quality in 2019, retooling the inspections process to focus on quality control systems.
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Auditors are still struggling with many of the same issues that have appeared prominently in inspection reports the past several years—but many firms are taking steps to address recurring problems, audit regulators say.
Audit reports are about to get a lot longer, and companies would be wise to give financial statement users some advance warning to head off any knee-jerk reactions.
After reviewing implementation activity, the PCAOB is advising auditors to think a little more broadly about how they identify and describe CAMs.
