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SubscribeInformation for Small Firms
The PCAOB has renewed its focus on supporting smaller audit firms to enhance audit quality and protect investors in this new video highlighting recent PCAOB initiatives. See the resources and videos tailored for small audit firms.
What is a smaller firm?
The PCAOB defines “smaller firms” as those that issue audit reports or that play a substantial role in the audits of 100 or fewer public companies.
Do you know how many small firms audit public companies?
More than 500 such firms either audit or play a substantial role in the audits of over 3,200 public companies.
What resources can assist small audit firms?
Forums
Tailored to address PCAOB-registered firms auditing smaller public companies or broker-dealers, the forums have provided a unique opportunity for audit firms to engage with representatives from the PCAOB and other regulators in an interactive setting.
Adopting standards and rules designed to be scalable
The PCAOB has continued its efforts to ensure its rules and standards are scalable for firms of all sizes, including taking into account the date for when the new requirements become effective. Examples include the PCAOB’s new quality control standard, which balances new requirements with a risk-based approach that enables flexibility, and the new auditing standard on AS 1000, General Responsibilities of the Auditor in Conducting an Audit, which takes a phased-in approach for certain requirements to allow smaller firms more time to adjust.
Audit Focus
Audit Focus is a series of PCAOB staff publications that aims to provide easy-to-digest information to auditors, especially those who audit smaller public companies. Each edition of Audit Focus reiterates the applicable auditing standards and/or staff guidance, as well as offers reminders and good practices tailored to PCAOB-registered auditors of smaller public companies – all with an eye toward protecting investors and improving audit quality.