PCAOB 2020 inspection reports released

BVWireIssue #230-2
November 10, 2021

fair value for financial reporting
fair value, fair value measurements

The Public Company Accounting Oversight Board (PCAOB) has issued its 2020 annual inspection reports for the largest U.S. audit firms, including each of the Big Four, BDO, and Grant Thornton. The inspections look at a wide variety of audit issues, including fair value measurements. The majority of the annually inspected audit firms had fewer findings in 2020 compared to 2019 inspections. In audit firms that are inspected every three years, “some improvements were noted, although deficiencies continue to remain high,” according to a PCAOB staff update on the 2020 inspections.
Please let us know if you have any comments about this article or enhancements you would like to see.