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PCAOB Inspection Reports Recap

Being offered twice a quarter on Thursdays at 1:00 p.m. to 3:00 p.m. Central Time.

Corporate Compliance Seminars (CCS) has recently completed an analysis of the 2019 PCAOB inspection reports covering the "Big 12" audit firms.

This event provides CCS's observations related to these PCAOB inspections of registered firm's audit workpapers. External Auditors may find this information useful as they plan and perform current and upcoming audits in 2021. This information will also be useful to an issuer's professional staff to understand its auditors better.

You can used this guidance to improve audit quality. Understanding the results of the PCAOB inspections of the largest firms will allow the professional to better prioritize their audit work. Based on our detailed analysis and reviews of the available PCAOB publications we are providing observation on how the PCAOB focues their inspections. This type of input can help your audit quality staff in improvement of the audits during 2021.

This timely, two hour CPE training event is designed for the CPA firm leaders who will be working on engagement planning, staff training objectives, audit quality and firm risk management concerning PCAOB regulated engagements.


The attendees will hear CCS observations from the "Big 12" inspection reports. No need for you to dig through all this regulatory detail information.

Our analysis covered the 2019 inspection reports for:


  • Cohen & Company, Ltd.

  • Crowe LLP

  • Deloitte & Touche LLP

  • Ernst & Young LLP

  • Grant Thornton LLP


  • MaloneBailey, LLP

  • Marcum LLP

  • Moss Adams LLP

  • PricewaterhouseCoopers LLP


The retail cost of the online 2 CPE internal auditor training event is $120 per attendee.

Each attendee will receive 2 CPE Hours (YB). A certificate of completion will be provided.

Program Level of Understanding: Intermediate
Prerequisites: None
Advance Preparation: None
Delivery Format: Group Internet Based
NASBA Field(s) of Study: Auditing, Personal Development
CPE Credits: 2, based on 50 minutes of instruction per hour

CPE Event Highlights

The seminar reviews and answers the following questions:

  • What 2019 Inspections were reviewed and used as data for this study?

  • How are Audits selected for inspections?

  • What were the most frequent deficiencies in the audit of financial statements?

  • What were the most frequent deficiencies when dealing with ICFR audits?

  • Which audit areas does the PCAOB frequently review?

  • Which audit areas have the deficiencies?

  • What PCAOB Auditing Standards are associated with the deficiencies?

  • What other issues did the PCAOB inspections detect?


Learning Objectives

Attendees will:

  • Understand contextual analysis of the deficiencies reported.

  • Understand how the deficiencies relate to the PCAOB Auditing Standards.

  • Have examples of audit quality improvement tactics.

  • Have insight into the PCAOB inspection process.


Key Items on the Agenda

Section 1 - PCAOB's Inspection Recap

  • Learning Objectives

  • What are the PCAOB targets in 2021?

  • Four Scandal-Ridden Firms - One Auditor

  • Corruption in the Auditor Inspection Process

Section 2 - Recap of "Big 12" Inspections

  • PCAOB Inspection Reports

  • Who are the "Big Twelve"?

  • Summary of Audits Reviewed in 2019

  • Summary of Audits Reviewed in 2017-2018-2019

  • Audits by Industry

  • Top Inspection Audit Areas

  • Examples of Deficiencies

  • Other Inspection Audit Areas

  • Summary of the Deficiencies by Type of Audit

  • Summary of the Deficiencies by Audit Area

  • Most Frequent 1.A Deficiencies within Financial Statement Audits

  • Most Frequent 1.A Deficiencies within ICFR Audits

  • PCAOB Audit Standards to Reported Deficiencies

Section 3 - Going Forward and Summary

  • PCAOB Quality Control Standards

  • PCAOB Thoughts on Improvements

  • Professional Skepticism

  • Remember the "Swiss Cheese"