TheCorporateCounsel.net

On August 17, the PCAOB released its 2022 Spotlight: Audit Committee Resource. The PCAOB describes this publication as follows:

This Spotlight serves as a timely reference point for auditors, audit committee members, investors, and others. It offers questions that audit committees of public companies might want to consider as part of their ongoing engagement and discussion with their auditors, including how the auditors are responding to the financial reporting and audit risks posed by the current economic environment. Stakeholders may also consider other Spotlights as reference points for relevant discussions, including our June 2022 Spotlight: “Staff Overview for Planned 2022 Inspections.”

The Spotlight addresses a number key areas that are of interest audit committees, including fraud and other risks, IPOs and M&A, audit execution, auditor independence, quality control systems and technology issues (including auditing digital assets, responding to cyber threats and the use of data and technology in the audit.

– Dave Lynn