PCAOB Addresses Emerging Audit Issues In 2009 Forums on Auditing in the Small Business Environment

The Public Company Accounting Oversight Board today announced the 2009 schedule of its Forums on Auditing in the Small Business Environment. The first of six events will be held on Tuesday, April 21, in Santa Monica, California.

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 comments and concerns of auditors working with small businesses.

"This year’s forums will be particularly valuable to both the PCAOB and the audit firms working in the small business community, as we address the difficult economic and financial reporting issues confronting us," said PCAOB Board Member, Daniel L. Goelzer, who will be hosting the forum in Santa Monica.

The 2009 forum agenda will feature several case studies on auditing in the small business environment in addition to discussions on the following topics:

• Current economic issues and trends affecting the work of auditors
• Proposed standards on risk assessment and engagement quality reviews
• Auditing internal control over financial reporting for non-accelerated filers
• Future standard-setting priorities
• New annual and special reporting rules for registered auditing firms

In addition, staff from the Securities and Exchange Commission’s Division of Corporation Finance will join us again this year to provide an update on recent SEC activities and observations of common financial reporting issues facing smaller issuers.

"Small Business Forums have been an effective way to share timely information about the PCAOB’s oversight programs with small firms," said Mark W. Olson, PCAOB Chairman. "In addition, the forums provide an opportunity for small firms to discuss issues facing the small business community with us in an informal setting."

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 will also have the opportunity to earn continuing professional education credits.

The PCAOB began the small business forums as a pilot program in November 2004, and has continued the sessions for the past four years in cities across the country. The forums have enabled Board members and staff to meet with more than 3,000 representatives of smaller registered public accounting firms.

The 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 2009 schedule is as follows:

• Santa Monica, California – April 21, 2009
• Philadelphia, Pennsylvania – June 4, 2009
• New York, New York – July 29, 2009
• Houston, Texas – September 23, 2009
• Denver, Colorado – November 3, 2009
• Orlando, Florida – December 1, 2009

For more information, including the detailed agenda, please visit the Forum on Auditing in the Small Business Environment. If you have registration questions, please contact Jennifer Stokes at (202) 207-9061 or by email.