PCAOB Announces 2016 Forums on Auditing in the Small Business Environment

The Public Company Accounting Oversight Board today announced the dates for seven 2016 Forums on Auditing in the Small Business Environment and the agenda for this year's first forum, which will be held in Orange County, California on Thursday, April 21.

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.

"The forums continue to be valuable to the PCAOB as well as attendees," said James R. Doty, PCAOB Chairman. "They are an opportunity for the PCAOB to communicate important information about PCAOB activities and to receive feedback on issues and challenges facing smaller registered firms."

The 2016 schedule includes seven forums:

• Orange County, Calif., April 21
• Dallas, Texas, May 4
• Chicago, Ill., June 2
• Philadelphia, Pa., June 21
• New York, N.Y., July 21
• Tampa, Fla., October 19
• Las Vegas, Nev., December 8

The agenda for the Orange County meeting features a panel discussion on effective approaches for firms to monitor audit quality. This panel and case studies on revenue recognition, business combinations, convertible debt, and initial audit considerations 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 topics include remediation of audit firm quality control criticisms identified in PCAOB inspections and an update from the Office of the Chief Auditor, including a discussion of the recent reorganization of PCAOB auditing standards.

"The agenda for the 2016 forums will target some of the special challenges that PCAOB inspection and enforcement programs 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. "The agenda topics also reflect comments from prior forum participants."

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

Forums generally are hosted by a PCAOB Board member and are open to members of smaller 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 5,600 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.