PCAOB Announces Six Forums on Auditing in the Small Business Environment
First one on June 6 in Seattle
The Public Company Accounting Oversight Board today announced the dates for six forums and the agenda for this year's first Forum on Auditing in the Small Business Environment.
The forums, which are updated every year, are designed to share important information about PCAOB activities with registered public accounting firms that audit clients operating in the small business community. The forums also provide an opportunity for Board Members and PCAOB staff to hear the questions, comments and concerns of auditors.
The first of six scheduled forums this year will be held in Seattle, Wash., on Thursday, June 6.
"These meetings allow the PCAOB to highlight important program areas and engage in a dialogue with smaller registered public accounting firms about current audit issues," said James R. Doty, PCAOB chairman.
The agenda for the Seattle meeting 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 Auditor.
Discussion topics include:
- Fraud and professional skepticism
- Key inspections findings, the relevant standards and case studies
- Remediation of firm quality control deficiencies
In addition, staff from the Division of Corporation Finance at the Securities and Exchange Commission will participate with PCAOB staff in a discussion of the JOBS Act, and how it may affect PCAOB standard setting for the audits of smaller public companies.
SEC staff also will provide an update on recent SEC activities and observations about common financial reporting issues facing smaller public companies.
"The forums, now in their 10th year, are taken very seriously at the PCAOB as a vital avenue of our communication with small audit firms," said Mary Sjoquist, Director of the Office of Outreach and Small Business Liaison, who oversees the Small Business Forum program. "This year's agenda includes a panel focused on fraud and each case study will incorporate remediation and engagement quality review."
The 2013 agenda will target some of the special challenges that the inspection program has identified in small to mid-size company audits.
Each forum is hosted by a PCAOB Board Member 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 across the country, meeting with more than 5,000 representatives of smaller registered public accounting firms.
The 2013 schedule includes six forums:
- Seattle, Wash., June 6
- Philadelphia, Pa., June 25
- New York, N.Y., July 18
- Chicago, Ill., October 2
- Newport Beach, Calif., November 7
- Tampa, Fla., December 5
More information on the Forum on Auditing in the Small Business Environment is available on the PCAOB website. If you have further registration questions, please contact Margaret Hopkins at [email protected] or (202) 207-9081.