The Public Company Accounting Oversight Committee, the regulator for the audit industry, has released a report to help audit committees understand its inspections, according to Compliance Week. The document explains the inspection process and aims to help audit committees learn from PCAOB's findings.
The report encourages audit committees question their auditors about what the firm has learned from PCAOB inspections and whether anything potentially negative has been discovered in those inspections. It also suggests that audit committees should ask if similar issues have faced other companies and how they have been resolved.
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