How often should the PCAOB inspect a registered public accounting firm that regularly issues audit reports to 50 issuers?
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28/08/2022
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Show What is PCAOB inspection?A PCAOB inspection is designed to assess the firm's compliance with PCAOB standards and rules, as well as other regulatory and professional requirements that are applicable to the firm's system of quality control and to the portions of audits selected for review.
How long does an audit firm have to respond to the PCAOB after the PCAOB provides its draft inspection report?Rule 4007.
The firm may, within the 30 days after the draft inspection report is first made available for the firm's review, or such longer period as the Board may order, submit to the Board a written response to the draft report.
What types of firms typically have PCAOB inspections how frequently are these evaluations conducted?Pcaob Inspection Process
The PCAOB annually inspects firms that audit more than 100 public companies. Firms that audit fewer public companies are inspected at least once every three years.
How long does a PCAOB audit take?Audits are typically scheduled for three months from beginning to end, which includes four weeks of planning, four weeks of fieldwork and four weeks of compiling the audit report. The auditors are generally working on multiple projects in addition to your audit.
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