PCAOB Announces 2015 Forums on Auditing in the Small Business Environment

The Public Company Accounting Oversight Board today announced the dates for six 2015 Forums on Auditing in the Small Business Environment and the agenda for this year's first forum, which will be held in Houston, Texas, on Thursday, April 23.

The forum agenda, which is updated every year, is designed to share important information about PCAOB activities with registered accounting firms that audit public companies operating in the small business community. The forums also provide an opportunity for Board members and PCAOB staff to hear comments, concerns and questions from auditors.

"These meetings are an important part of the Board's outreach to auditors from smaller firms," said James R. Doty, PCAOB Chairman. "They are a valuable platform for PCAOB staff to provide information on recent Board actions and industry trends, while also hearing feedback from attendees about PCAOB activities."

The 2015 schedule includes six forums:

• Houston, Texas, April 23
• Seattle, Wash., May 21
• New York, NY, July 16
• Pittsburgh, Pa., October 6
• West Palm Beach, Fla., October 29
• Las Vegas, Nev., December 2

The agenda for the Houston meeting features a panel discussion on management estimates, including a related case study. This case study and case studies on revenue recognition, related party transactions, and equity transactions will be presented by staff from the PCAOB Division of Registration and Inspections, the Division of Enforcement and Investigations, and the Office of the Chief Auditor.

Other discussion topics include remediation of audit firm quality control criticisms identified in PCAOB inspections and an update from the Office of the Chief Auditor on standard setting.

"The agenda for the 2015 forums will target some of the special challenges that the PCAOB inspection and enforcement programs have identified in small to midsize company audits," said Mary Sjoquist, Director of the Office of Outreach and Small Business Liaison, who oversees the Small Business Forum program.

Also, staff from the Division of Corporation Finance at the Securities and Exchange Commission will provide an update on recent SEC activities and observations about common financial reporting issues facing smaller public companies. SEC valuation staff will also participate in the forums.

Each forum generally is hosted by a PCAOB Board member and is open to members of PCAOB-registered firms that audit public companies. There is no fee to participate in these events, but preregistration is required. Attendees also have the opportunity to earn continuing professional education credits.

The PCAOB held its first small business forum in 2004 and has continued to hold forums across the country, meeting with more than 5,000 representatives of smaller registered public accounting firms.

More information on the Forums on Auditing in the Small Business Environment is available on the PCAOB website. If you have registration questions, please contact Margaret Totten at [email protected] or (202) 207-9081.