Focus areas of inspectors from the Public Company Accounting Oversight Board (PCAOB) will change in 2021 with areas affected by the COVID-19 pandemic undergoing more scrutiny.
At the AICPA Conference on Current SEC and PCAOB Developments earlier this month, a PCAOB member stated that the board’s inspectors will increase their focus on audits of companies in industries whose operations received the most significant disruption as a result of the pandemic.
Industries of higher focus may include transportation, entertainment, hospitality, manufacturing and retail. PCAOB inspectors may also focus more on areas such as remote auditing, time constraints and availability of information. Learn more.