Overview
This self-study webinar from our popular SEC Conference will update financial professionals on the most recent PCAOB rules and standards for audits, and show them how to successfully avoid unnecessary and costly pitfalls.
AGENDA HIGHLIGHTS
• PCAOB Organization & Structure
• Developments, Research & Standard-Setting Agenda
– Strategic plan
– Audit Committee engagement
– Current developments
– Holding Foreign Companies Accountable Act (HFCAA)
– Critical Audit Matter (CAM) requirements
– Auditor independence
– Quality Control Standard concept release
• Inspection Focus Areas & Report Update
– Changes to and deficiencies in inspection cycle
– The impact of COVID-19– Auditing in a remote environment
– Business combinations
– Inventory
– Revenue
– Allowance for loan losses
– Quality control
– Customer funds and securities
– New inspection report format
• Reporting & CAMs
– Expected benefits
– Considerations for audit committees and management
– Identifying CAMs
– PCAOB analyses
• Internal Controls over Financial Reporting (ICFR)
– Management Review Controls
– What must MRCs include?
– Documenting and challenging an audit
– Expectations of management
– Assessing MRC challenges
– Evaluating the Severity of Deficiencies
– What is a control deficiency?
– Guidance for management and auditors
– Material weakness
– Disclosure considerations
LEARNING OBJECTIVE To update financial professionals on the most recent PCAOB rules and standards for audits, and show them
how to successfully avoid unnecessary and costly pitfalls.
PREREQUISITE None. ADVANCE PREPARATION None. PROGRAM LEVEL Update. NASBA FIELD OF STUDY Auditing.
DELIVERY METHOD Self-Study.
Speakers
SPEAKERS
Wes Kelly, Assurance Partner, PwC
Tina Schmelcke, Director, PwC
Detailed Learning Objectives
• Recognize the degree to which the PCAOB engages with the audit committees of issuers whose audit engagements are selected for inspection
• Identify the degree of significant unintended consequences from the initial year implementation of CAMs per the PCAOB
• Identify Rule 2-03 guiding principles for auditor independence that must be avoided
• Recognize the PCAOB’s focus areas for 2022
• Identify the most common single subject matter of CAM reports among public company filers
• Identify the typical use for management review type controls