PCAOB Addresses Emerging Audit Issues In 2010 Forum on Auditing in the Small Business Environment

The Public Company Accounting Oversight Board today announced the 2010 schedule of its Forum on Auditing in the Small Business Environment. The first of seven events will be held on Thursday, April 29, in Charlotte, N.C.

As in the past, the forums are designed to share important information about PCAOB activities with registered public accounting firms operating in the small business community. They also provide a unique opportunity for PCAOB Board members and staff to hear the comments and concerns of auditors working with small businesses.

"This year’s forum is particularly valuable to both the PCAOB and the audit firms working in the small business community, because of the difficult financial reporting issues that arise in the current economic environment," said PCAOB Board Member Bill Gradison, who will be hosting the Charlotte forum.

The 2010 forum agenda features several case studies and the following discussion topics that address audit issues for small business public clients:

• Current economic issues and trends
• Auditing Standard No. 7, Engagement Quality Review
• Proposed standards on risk assessment
• Auditing internal control over financial reporting (ICFR) for non-accelerated filers
• Information technology issues
• Future standard-setting priorities
• Recent implementation of annual and special reporting rules

In addition, staff from the U.S. Securities and Exchange Commission Division of Corporation Finance will provide an update on recent SEC activities and observations of common financial reporting issues facing smaller public companies.

"The Small Business Forum is an effective way to share timely information about PCAOB activities with smaller audit firms," said Daniel L. Goelzer, PCAOB Acting Chairman. "In addition, the forum provides an opportunity for auditors to discuss with us issues facing the small business community."

Each forum is hosted by a member of the PCAOB Board and is open to PCAOB registered firms. There is no fee charged to participate in these events but pre-registration is required. Attendees also have the opportunity to earn continuing professional education credits.

The PCAOB held its first Small Business Forum in late 2004 and has continued to hold forums since that time in cities across the country meeting with more than 3,700 representatives of smaller registered accounting firms.

Feedback received from these forums assists the PCAOB to understand and consider the unique needs and challenges of the small business community in its inspection and standard-setting processes.

The 2010 schedule is as follows:

• Charlotte, N.C. – April 29, 2010
• San Francisco, Calif. – May 20, 2010
• New York, N.Y. – July 29, 2010
• Jersey City, N.J. – July 30, 2010
• Irvine, Calif. – September 30, 2010
• Dallas, Texas – November 2, 2010
• Miami, Fla. – December 1, 2010

For more information, including a detailed agenda, please visit the Forum on Auditing in the Small Business Environment on the PCAOB Web site. If you have further registration questions, please contact Margaret Hopkins at [email protected] or (202)207-9081.