More oversight and internal reviews result in better auditing when auditors in various locations are contributing to the same engagement, the industry’s U.S. regulator said Thursday.
The Public Company Accounting Oversight Board said regular communication between a principal auditor and auditors who typically work in other countries should be considered best practices for multi-location audits.
The tips were included in a staff update that offered a high-level overview of 2019 inspection results. The board inspected 175 firms, assessing their work on 2018 financial reports.
As part of those inspections, the board targeted multi-location audits for scrutiny across firms in an ...