PCAOB Addresses Emerging Audit Issues in the 2012 Forum on Auditing in the Small Business Environment

The Public Company Accounting Oversight Board today announced the 2012 schedule and agenda for its first Forum on Auditing in the Small Business Environment.

The forums, which are updated as new information becomes available, are designed to share important information about PCAOB activities with registered public accounting firms that have clients operating in the small business community. The first of seven events will be held in San Francisco, Calif., on Wednesday, May 2.

The forums also provide a unique opportunity for Board members and staff of the PCAOB to hear the comments and concerns of auditors working with small businesses.

"These forums allow us to highlight important program areas and provide meaningful insight into the issues of auditors with small business clients," said James R. Doty, PCAOB chairman.

The 2012 forum agenda features several case studies presented by staff from the PCAOB Division of Registration and Inspections, the Division of Enforcement and Investigations, and the Office of the Chief Accountant.

The following discussion topics will be covered:

• standard-setting priorities
• audit committee communications
• audit risks related to new and proposed accounting standards
• key inspection findings, the relevant standards and case studies
• remediation process

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

"The goal of these forums, now in their ninth year, is to open an avenue for discussion with accounting firms that serve the small business community," said Steven B. Harris, PCAOB Board member, who will be hosting the first forum in San Francisco. "The 2012 agenda will target some of the special challenges that the inspection program has highlighted in smaller company audits."

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 2004 and has continued to hold forums since then in cities across the country, meeting with more than 4,000 representatives of smaller registered public accounting firms.

Feedback received from these forums helps the PCAOB to understand and consider the unique needs and challenges of the small business community.

The 2012 schedule is as follows:

• San Francisco, Calif., May 2
• Minneapolis, Minn., June 7
• Atlanta, Ga., June 19
• New York, N.Y., July 18
• Denver, Colo., Sept. 13
• San Diego, Calif., Nov. 7
• Ft. Lauderdale, Fla., Nov. 29

Broker-Dealer Auditor Forums

In addition to these seven meetings, the PCAOB will host four other forums prepared specifically for auditors of brokers and dealers. These broker-dealer auditor forums are not relevant to auditors of issuers, and information will be posted separately on these forums.

The 2012 broker-dealer forums will be held in:

• Chicago, Ill., April 26
• Houston, Texas, May 23
• Jersey City, N.J., Oct. 25
• San Diego, Calif., Nov. 8

For more information, see the link on the right under Related Information. If you have further registration questions, please contact Margaret Hopkins at [email protected] or (202) 207-9081.