In this second post of our series discussing areas to consider as we navigate our way through the year-end reporting process, we are focusing on the latest news from the PCAOB concerning the inspection process.<\/p>\n
As the new PCAOB Board continues to implement their strategic plan (you can read more about the plan here<\/a>), how they will guide the inspection process has been addressed in an \u201cInspections Outlook<\/a>\u201d document issued on December 6, 2018.<\/p>\n The Inspection Outlook<\/a>\u00a0begins with a discussion of \u201ctransformation\u201d of the inspection process.\u00a0 In this section the Board says:<\/p>\n \u201cWe are considering topics such as the procedures we perform on the review of specific engagements and systems of quality control, our approach to selecting engagements for inspection and areas of focus, and how and what we communicate about our inspections. We are also considering how to make our process forward-looking and how to more effectively consider evolving risks, environmental factors, and the changing needs of our stakeholders.\u201d<\/p>\n Areas addressed in the Inspection Outlook include:<\/p>\n System of quality control<\/p>\n Independence<\/p>\n Recurring inspection deficiencies<\/p>\n External considerations<\/p>\n Cybersecurity risks<\/p>\n Software audit tools<\/p>\n Digital assets<\/p>\n Audit quality indicators<\/p>\n Changes in the auditor\u2019s report<\/p>\n Implementation of new accounting standards<\/p>\n You can read the details of each area in the Inspection Outlook<\/a>\u00a0document.<\/p>\n As always, your thoughts and comments are welcome!<\/p>\n","protected":false},"excerpt":{"rendered":" In this second post of our series discussing areas to consider as we navigate our way through the year-end reporting process, we are focusing on the latest news from the PCAOB concerning the inspection process. As the new PCAOB Board continues to implement their strategic plan (you can read more about the plan here), how … Continue reading Preparing for Year-End 2018: Number Two \u2013 PCAOB Inspection Readiness<\/span>