{"id":2490,"date":"2023-03-20T13:40:15","date_gmt":"2023-03-20T17:40:15","guid":{"rendered":"https:\/\/seci.wpenginepowered.com\/?p=2490"},"modified":"2023-03-20T13:40:20","modified_gmt":"2023-03-20T17:40:20","slug":"chief-accountant-address-responsibilities-of-lead-auditors","status":"publish","type":"post","link":"https:\/\/seciblog.pli.edu\/index.php\/chief-accountant-address-responsibilities-of-lead-auditors\/","title":{"rendered":"<strong>Chief Accountant Address Responsibilities of Lead Auditors<\/strong>"},"content":{"rendered":"<p style=\"font-weight: 400;\">On March 17, 2023, Chief Accountant Paul Munter issued a Statement titled \u201c<a href=\"https:\/\/www.sec.gov\/news\/statement\/munter-statement-responsibilities-lead-auditors-031723\">Responsibilities of Lead Auditors to Conduct High-Quality Audits When Involving Other Auditors<\/a>.\u201d\u00a0 In the Statement, Mr. Munter notes that:<\/p>\n<p style=\"font-weight: 400; padding-left: 40px;\">\u201cIn 2021, for example, 26 percent of all issuer audit engagements and 57 percent of large accelerated filer audits involved the use of other auditors by the lead auditor.\u201d<\/p>\n<p style=\"font-weight: 400;\">The Statement begins with a summary of shortcomings the Office of the Chief Accountant has observed in audit engagements where another auditor is involved.\u00a0 These include using other auditors who are not registered with the PCAOB, failure to communicate the correct legal entity name of other firms, and providing audit committees incomplete information about network firms.\u00a0 The Statement then addresses:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>The importance of quality control processes when other auditors play a role in an engagement,<\/li>\n<li>Roles of network firms,<\/li>\n<li>Independence considerations, and<\/li>\n<li>Good practices for audit committees and issuers.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">In his conclusion, Mr. Munter states:<\/p>\n<p style=\"font-weight: 400; padding-left: 40px;\">\u201cThe relevant risks should be considered and the appropriate PCAOB standards must be applied in order to strengthen lead auditors\u2019 supervision over the work of other auditors, within and outside of network firms, to help enhance audit quality.\u201d<\/p>\n<p style=\"font-weight: 400;\">As always, your thoughts and comments are welcome!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On March 17, 2023, Chief Accountant Paul Munter issued a Statement titled \u201cResponsibilities of Lead Auditors to Conduct High-Quality Audits When Involving Other Auditors.\u201d\u00a0 In the Statement, Mr. Munter notes that: \u201cIn 2021, for example, 26 percent of all issuer audit engagements and 57 percent of large accelerated filer audits involved the use of other &hellip; <a href=\"https:\/\/seciblog.pli.edu\/index.php\/chief-accountant-address-responsibilities-of-lead-auditors\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\"><strong>Chief Accountant Address Responsibilities of Lead Auditors<\/strong><\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[242,110],"tags":[],"coauthors":[154],"class_list":["post-2490","post","type-post","status-publish","format-standard","hentry","category-reporting","category-role-of-the-audit-committee"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/2490","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/comments?post=2490"}],"version-history":[{"count":0,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/2490\/revisions"}],"wp:attachment":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/media?parent=2490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/categories?post=2490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/tags?post=2490"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/coauthors?post=2490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}