PCAOB Provides Observations From the Target Team’s 2021 Inspections

The PCAOB today released a new Spotlight publication, “Observations From the Target Team’s 2021 Inspections(PDF).” This Spotlight provides investors and other stakeholders a view into the target team’s work in 2021, including perspectives on the auditor’s responsibilities, observations, and good practices. The Spotlight is organized by the target team’s four core focus areas for 2021:  

1. Fraud,  

2. Interim reviews of special purpose acquisition companies,  

3. Going concern, and  

4. Cash and cash equivalents.  

The PCAOB’s target team consists of inspectors who focus on emerging audit risks and topics that staff believes could have important implications for the audit firms we inspect. The target team executes in-depth reviews across audit firms using information-gathering inspection procedures that extend beyond traditional inspection procedures.  

Visit our Staff Publications page to find this Spotlight and other resources that we have issued to foster understanding of the PCAOB’s activities and observations. 

***** 

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.