PCAOB Highlights Key Considerations for Auditors Related to the Russian Invasion of Ukraine

Washington, Mar. 31, 2022

The Public Company Accounting Oversight Board (PCAOB) today released a staff Spotlight document, “Auditing Considerations Related to the Invasion of Ukraine.” The Spotlight highlights important considerations for auditors of issuers and broker-dealers as they plan and conduct audits in this evolving environment.   

“Beyond its terrible human toll, Russia’s invasion of Ukraine has produced economic and market implications that are still taking shape,” said PCAOB Chair Erica Y. Williams. “Our Spotlight addresses key considerations for auditors, starting with a reminder of their obligation to comply with PCAOB standards and to exercise due professional care, which may take more time or effort in highly challenging or unprecedented circumstances.”

“Auditing Considerations Related to the Invasion of Ukraine” covers a range of audit-related matters, including identifying and assessing risks, planning and performing audit procedures, possible illegal acts, reviews of interim financial information, and acceptance and continuance of clients and engagements. For audits nearing completion, the Spotlight focuses on subsequent events, other information, and auditor reporting.

The Spotlight also reminds auditors to remain aware of developments that may affect the company. Knowledge obtained from past audits or interim reviews may no longer be relevant in light of the current information environment. Therefore, it is important for the auditor to understand how changes in events, conditions, and company activities affect risks of material misstatement and whether those changes give rise to new or different risks.


About the PCAOB

The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect investors and further the public interest in the preparation of informative, accurate, and independent audit reports. The PCAOB also oversees the audits of brokers and dealers, including compliance reports filed pursuant to federal securities laws.


PCAOB Office of Communications and Engagement
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