Audit & assurance

The Sarbanes-Oxley Act created the PCAOB in 2002 to oversee public company audits. Twenty years later, the PCAOB — backed by the SEC — is emphasizing inspection and enforcement as ways to strengthen investor protections.

Three-fourths of public company audit partners believe inflation will persist for at least 12 months, according to a Center for Audit Quality survey.

The report highlights 10 areas of focus for inspections and shares five key reminders aimed at helping auditors as they navigate the current economic landscape.

The new standards represent a significant change in how CPA firms will approach audit and assurance quality in the future.

The Technical Questions and Answers address auditor reporting when the entity issues its annual report subsequent to its financial statements.