PCAOB inspection season begins
WASHINGTON, DC – The Public Company Accounting Oversight Board (PCAOB) has begun its 2006 inspection of registered public accounting firms, with special focus on the risk-based and efficient performance of audits on internal control over financial reporting.
The PCAOB said in late April that its inspectors will specifically focus on the degree of integration between the audit of internal controls over financial reporting (ICFR) and the audit of financial statements; the use of top-down approach to the audit; proper assessment of and response to identified risks; and using the work of others.
"Through their evaluations of these areas, inspectors will
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