PCAOB inspections of domestic audit firms will continue on a remote basis in response to the coronavirus outbreak, the board announced Wednesday.
The PCAOB said it will closely coordinate with audit firms in an attempt to work remotely on domestic inspections to the maximum extent possible. The board has suspended its international travel, meanwhile, including for non-U.S. firm inspections, for March and April.
The board is continuing its enforcement and investigative efforts to the maximum extent possible as it says it is prioritizing and addressing issues that pose the most risk to investors. The PCAOB’s registration activities will continue, including processing of applications and responding to queries on registration matters.
The PCAOB has canceled in-person events such as audit committee and preparer roundtables, the PCAOB’s annual meeting with the American Accounting Association, and student visits.
Board members, meanwhile, will continue to meet and vote on pending items through governance systems that allow the PCAOB to conduct business remotely. The board has begun a mandatory, organizationwide work-from-home policy that will be reassessed as appropriate.
For more news and reporting on the coronavirus and how CPAs can handle challenges related to the outbreak, visit the JofA’s coronavirus resources page.
— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.