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PCAOB's 2021 Conversations with Audit Committee Chairs

Posted by Kelli Bernstein on Apr 28, 2022 6:11:21 PM

Audit Committee ChairsOn March 25, 2022, the PCAOB issued their “Spotlight 2021 Conversations With Audit Committee Chairs”.  It is a great read for all audit committee members, as well as provides good takeaways for not just public companies, but non-public companies as well.  

In the publication, the PCAOB summarizes the conversations their inspection staff had with various audit committee chairs.  Their discussions included several topics, including:
  • Required communications between audit and audit committee (frequently centered around goodwill accounting and impairments and revenue recognition)
  • Discussions held with the audit committee outside of the required communications (such as perspective on management/tone at the top and big-picture business trends)
  • Auditor strengths and areas for improvement
  • Discussion of PCAOB inspection reports
  • Quality control systems at audit firms
  • Auditor’s use of technology (including increased use and potential challenges)
  • Information outside of the financial statements (such as environmental, social, and governance matters)

Read the full publication here. 

Please contact us if you have any questions.

 

Topics: Accounting & Auditing, Accounting and Tax Resource

Kelli Bernstein

Kelli Bernstein

Kelli is a Vice President in the Assurance Services Group and is a key member of the firm’s not-for-profit core group. She oversees the firm’s quality control procedures. In addition, she is involved with researching technical accounting issues.

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