To inform the audit committee on external audit quality, internal auditors need to be familiar with the PCAOB inspection process and recurring findings.
The U.S. Public Company Accounting Oversight Board (PCAOB) is responding to audit committee requests for more information about PCAOB audit focus areas, stated board member Duane DesParte at the 2018 AICPA Conference on Current SEC and PCAOB Developments in Washington, D.C. Internal auditors are in a unique position to support audit committees in understanding and monitoring these key areas. Internal auditors with a solid understanding of PCAOB expectations and findings can advise audit committees, which have primary oversight responsibility for external audit quality and ensuring the independence and objectivity of the audit firm.
