On Friday (March 5), the Public Company Accounting Oversight Board announced the 2010 schedule of its Forum on Auditing in the Small Business Environment. The one day forums, offered in various cities, are designed to provide information to, and receive feedback from, small audit firms and auditors of small public companies. (See PCAOB press release.)
When the small business forums were first launched by the PCAOB in 2004, some of the forums included a second day directed at financial executives and audit committee members. The current schedule of one-day forums announced for 2010 are targeted at auditors only.
Emerging Issues To Be Addressed
Emerging issues to be addressed by PCAOB staff at the small business forums will include case studies and discussion topics on:
- Current economic issues and trends
- Auditing Standard No. 7, Engagement Quality Review
- Proposed standards on risk assessment
- Auditing internal control over financial reporting (ICFR) for non-accelerated filers
- Information technology issues
- Future standard-setting priorities
- Recent implementation of annual and special reporting rules
SEC Staff To Provide Update
According to the PCAOB’s press release: “Staff from the U.S. Securities and Exchange Commission Division of Corporation Finance will provide an update on recent SEC activities and observations of common financial reporting issues facing smaller public companies.”
Companies of all sizes may find information provided at the small business forums of interest, and some information is archived on the PCAOB website following the forums (with additional information on the SEC website directed at small business); read more here.