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2023 Inspections Priorities
- 30 May 2023
- Auditing and Assurance
- South African Accounting Academy
The PCAOB was created to protect investors and further the public interest in the preparation of informative, accurate, and independent audit reports.
The complete list of 2023 inspection priorities is outlined in the Spotlight publication.
Inspecting registered public accounting firms’ audits and quality control (QC) systems for compliance with applicable laws, rules, and professional standards is one of the most important tools the PCAOB has to protect investors. Inspections also provide an opportunity to inform the PCAOB’s standard-setting activities by observing firms’ practices. This Spotlight highlights certain priorities that the Division of Registration and Inspections has planned during 2023 inspections and is published for the benefit of audit firms, audit committees, investors, and other stakeholders.
Global financial conditions, fiscal and monetary tightening, and economic uncertainties have increased existing financial reporting and audit risks that public companies, broker-dealers, and their auditors needed to consider. These conditions have heightened the need for auditors to exercise professional skepticism in identifying and assessing risks of material misstatement and to plan and perform audit procedures in response to their assessments of the risks of material misstatement and fraud in the financial statements.
Click here to download the PCAOB Spotlight publication:
Relevance to Auditors, Independent Reviewers & Accountants:
- As an auditor and independent reviewer, you need to be aware of and consider all the latest publications by regulators and oversight bodies, like the PCAOB.
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