PCAOB Announces 2014 Forums on Auditing in the Small Business Environment

The Public Company Accounting Oversight Board today announced the dates for seven 2014 Forums on Auditing in the Small Business Environment and the agenda for this year's first forum, which will be held in Dallas, Texas, on Thursday, May 8.

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 and a valuable platform for PCAOB staff to provide information on recent Board actions and industry trends, while also soliciting feedback from attendees," said James R. Doty, PCAOB Chairman.

The 2014 schedule includes seven forums:

• Dallas, TX, May 8
• Chicago, IL, May 29
• New York, NY, July 17
• Vancouver, BC, Sept. 11
• Atlanta, GA, Oct. 9
• Miami, FL, Oct. 30
• Las Vegas, NV, Dec. 3

The agenda for the Dallas meeting features a panel discussion on risk assessment and response, and introduces a case study on substantive testing of revenue recognition, including sampling. This case study and others 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 
• Auditing accounting estimates
• Goodwill impairment analysis in audits
• Auditing fair value measurements

In addition, the Office of the Chief Auditor will provide an update on standard setting regarding related parties, the auditor's reporting model, and disclosure of the engagement partner and others participating in the audit.

"The agenda for the 2014 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.

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 Hopkins at [email protected] or (202) 207-9081.

The PCAOB today also announced four 2014 Forums on Auditing Smaller Broker-Dealers and the agenda for the first meeting in Chicago, Illinois, on Wednesday, May 28.