PCAOB Audit Scrutiny Intensifies - Proactive Considerations for Public Companies
The Public Company Accounting Oversight Board (PCAOB) recently released its “Staff Priorities for 2024 Inspections and Interactions with Audit Committees", outlining a sharpened focus on audit quality and key areas for inspection.
This isn't just for auditors – Audit Committees, CFOs, and CAOs, this directly impacts you!
Here's what you need to know:
Consideration of Overall Business Risks: Persistent high interest rates, credit availability, inflation, supply chain disruptions, digital assets, and financial sector audits are under the microscope.
Enhanced scrutiny: This includes a deeper dive into critical audit matters, going concern assessments, and use of other auditors. ️
Questions for you: The report provides insightful questions for Audit Committees to hold firms accountable and foster open communication.
For the Full report – “SPOTLIGHT - Staff Priorities for 2024 - Inspections and Interactions with Audit Committees, December 2023”
How I Can Support Your Team:
As a CPA and consultant with expertise in public company financial reporting, I understand the critical intersection of regulatory priorities and effective financial reporting. Here to collaborate with Audit Committees, CFOs, and Chief Accounting Officers, my goal is to facilitate discussions around:
Proactive Risk Mitigation: Identify and address business risks before they become audit concerns..
Focused Sector Insights: Offering tailored support in sectors prioritized by the PCAOB
Audit Process Enhancement: Ensuring your team is well-equipped to navigate challenges highlighted in the report, from recurring deficiencies to critical audit matters and digital assets.
Your thoughts and questions matter. Reach out directly to explore how we can collaboratively enhance and elevate your financial reporting in 2024 to top-level best practices.
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