PCAOB Addresses Emerging Audit Issues in the Small Business Environment

The Public Company Accounting Oversight Board today announced the 2008 series of its Forums on Auditing in the Small Business Environment. These forums are designed to help share important information with registered public accounting firms and public companies operating in the small business community.

The 2008 agenda will include a discussion of practical quality control policies and procedures, and evolving accounting and auditing issues. The discussions also will address the application of certain auditing standards and observations from the Board’s disciplinary orders. In addition, the 2008 agenda will include a discussion of the implementation of Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements.

“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 and issuers to discuss issues facing the small business community with us and each other in an informal setting.”

The PCAOB began a pilot program of small business forums in November 2004 and continued the sessions over the past three years in cities across the country. The forums have enabled Board members and staff to meet with more than 2,300 representatives of small registered public accounting firms and small public companies to provide insight into the work of the PCAOB, particularly the inspections process and the impact of new auditing standards. The feedback received from these forums assists the PCAOB in understanding and considering the unique needs and challenges of the small business community.

Attendees will continue to have the opportunity to learn about the Board’s work and also to earn continuing professional education credits. In addition, in two of these cities, directors and financial executive officers of small- and mid-sized public companies will be invited to participate in a separate event to be held the following day that will address PCAOB issues affecting smaller public companies. While there is no fee charged to participants for these events, pre-registration is required.

Board member Daniel L. Goelzer, who will spearhead this year’s small business forums, said, “I regard this outreach to small firms and companies as one of our most important jobs at the PCAOB, and I’m honored to carry on the program that former Board member Kayla Gillan so ably founded.”

Each program is hosted by a member of the PCAOB Board and is open to PCAOB registered firms and the smaller public companies audited by those firms.

The 2008 schedule is as follows:

• Santa Monica, California – April 28, 2008
• San Francisco, California – June 3, 2008
• Dallas, Texas – June 24, 2008
• Chicago, Illinois – September 30 & October 1, 2008
• Philadelphia, Pennsylvania – October 29 & 30, 2008
• Fort Lauderdale, Florida – November 17, 2008
• New York, New York – January 13, 2009

More information, including the forum agenda, is available at www.pcaobus.org. For forum registration questions, please call (202) 207-9061 or email [email protected].