PCAOB Targets Small Businesses Auditors

Sarah Woodman, Global events journalist
February 28, 2011 /

The Public Company Accounting Oversight Board will hold a series of forums this year to meet auditors of small businesses as part of the regulator’s efforts to relay information about its activities concerning the audit of small business community.

The forum will set out in Boston, Massachusetts on April 28 and will culminate in St. Petersburg, Florida on December 1. Other sites include Las Vegas on May 19, New York on July 28, Chicago on September 23, Seattle on October 5, and Dallas on November 3.

During the forums’ duration, PCAOB will provide participants the chance to voice out their concerns over the current flow of audits of small businesses. Several discussions are also up at the forums including economic outlook and audit risk update; risk assessment standards and audit practice alerts; future standard-setting priorities; internal control and IT control issues; and enforcement and inspection update.

The US Securities and Exchange Commission will additionally update participating auditors on the current issues involving the financial disclosures of small businesses.

PCAOB Chairman James Doty said the regulatory agency considers these forums as an opportunity “to engage directly with auditors” auditing small businesses to discuss existing issues in the practice.

The forum on small businesses is updated annually and is now on its eighth year. This year’s set of forums welcomes audit companies registered with PCAOB, with professional education credits (CPD) to be given to participants.

Daniel Goelzer, host of the forum in Boston, said the 2011 forums “will target some of the special challenges” that PCAOB’s inspection program has given emphasis in small businesses.

 

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