PCAOB Announces 2017 Forums on Auditing in the Small Business Environment

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Topics include professional skepticism, risk assessment, substantive analytical procedures, auditing estimates, and related-party transactions

WASHINGTON, April 5, 2017

The Public Company Accounting Oversight Board today announced that the Board will host two Forums on Auditing in the Small Business Environment in 2017, on May 19 in Los Angeles and July 20 in New York City.

The New York forum will be livestreamed for the first time, offering an alternative to attending the event in person.

The forums will feature topics including exercising professional skepticism, risk assessment, substantive analytical procedures, auditing estimates, and related party transactions.

"We are exploring new and efficient ways to enhance our outreach efforts," said James R. Doty, PCAOB Chairman. "This will provide greater access for interested individuals to participate and engage with the PCAOB on the important oversight issues that affect them."

Staff from the Securities and Exchange Commission will provide an update on recent SEC activities related to the new revenue accounting standard from the Financial Accounting Standards Board. SEC staff also will discuss changes resulting from FASB's new lease accounting standard and observations about common financial reporting issues facing smaller public companies.

"This year's forums reflect feedback from prior forums and audit challenges that PCAOB inspectors and others have identified in small to midsized public company audits," said Mary Sjoquist, Director of the Office of Outreach and Small Business Liaison.

Forums are live meetings and are generally hosted by a PCAOB Board member. They are open to members of smaller PCAOB-registered firms that audit public companies. There is no fee to participate, but preregistration is required. Attendees also have the opportunity to earn continuing professional education credits.

In addition to the Small Business Forums, the PCAOB will host two Forums for Auditors of Brokers and Dealers in 2017. Additional details for those, including registration information, will be provided at a later date.

More information on the forums is available on the PCAOB website. Questions about the forums may be directed to Margaret Totten at forum@pcaobus.org or (202) 207-9081.

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