Guide to PCAOB Inspections Summary Review the attached summary entitled ìGuide to PCAOB Inspections.
Thoroughly answer the following questions about this summary.
How often does the PCAOB inspect audit firms of various sizes?
Describe the inspection process, including how the PCAOB chooses what to inspect and how deficiencies are handled. Comment on the PCAOBís review of the audit firmís quality controls including what type quality control issues concern the PCAOB.
Guide to PCAOB Inspections Summary Review
Describe what is included in Part I of the PCAOB inspection reports.
Describe what is included in Part II of the PCAOB inspection reports.
What are ìQuality Control Criticismsî. What is ìremediationî of the QC criticisms and what are the implications of failing to remediate?
Guide to PCAOB Inspections Summary Review Part II
Locate the PCAOB firm inspection reports using Google.
Choose an inspection report for a firm that failed to address the quality control defects to PCAOBís satisfaction. Such firms have ìQC criticisms now publicî in the far right column. Make sure that you choose a firm that is interestingÖ that the firmís inspection report provides interesting answers to the questions below. You might have to review several reports to find the best one for this assignment. Provide thorough answers to the following.
What firm did you choose?
Guide to PCAOB Inspections Summary Review
Paste a link to the inspection report for the firm below:
Describe the size and location of the firm you selected:
Summarize the areas for which the PCAOB criticized this firm (What did the firm do wrong?):
For instance, I chose the KR Margetson. Their link can be found at:
http://pcaobus.org/Inspections/Reports/Documents/2011_KR_Margetson_Ltd.pdf
Part III:
Look at another inspection report. This time choose a firm that did not have any uncorrected QC defects. Make sure that you choose a firm that is interestingÖ that the firmís inspection report provides interesting answers to the questions below. You might have to review several reports to find the best one for this assignment. Provide thorough answers to the following.
What firm did you choose?
Guide to PCAOB Inspections Summary Review
Paste a link to the inspection report for the firm below:
What is interesting about this report? Summarize what happened in the inspection.
Tell me what you learned about PCAOB inspections from this exercise.
Indicate what the contribution of each group member was in the assignment. Explain how you accomplished the task and what each group member did in completing the task.
Note any members who did not make a meaningful contribution to the assignment.
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