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"Audit Quality: Lessons from BF Borgers and Other Recent Developments"

Thursday, November 21, 2024

2:00 - 3:00 pm, Eastern [archive and transcript to follow]

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Course Materials: Coming Soon!

2024 has been a busy year for the PCAOB, with audit quality issues front and center. On the heels of the BF Borgers scandal, continuing high levels of audit quality issues identified in PCAOB inspection reports, and renewed Congressional scrutiny of the PCAOB's performance of its oversight function, the SEC has approved several new PCAOB rules focusing on audit quality, auditors' responsibilities and liabilities, and the use of AI and other tech tools in the audit process. Our panelists will focus on what corporate attorneys need to know about the latest audit-quality developments to advise their client(s) on financial reporting and corporate governance matters.

Joining us are:

  • William Calder, Chief Auditor, Deloitte
  • Bob Dow, Of Counsel, Maynard Nexsen
  • Olga Usvyatsky, Founder, Nonlinear Analytics

Topics:

  1. Recent Challenges for the Accounting and Auditing Professions
    • Trends in Audit Inspection Results
    • Permanent Suspension of BF Borgers & Other PCAOB Sanctions
    • Integration of GenAI in Audits & Financial Reporting
    • Staffing Issues Facing the Profession
  2. Overview of Recent PCAOB-related Rulemaking
    • QC 1000, A Firm's System of Quality Control
    • Rule 3502, Responsibility Not to Knowingly or Recklessly Contribute to Violations
    • AS 1000, General Responsibilities of the Auditor in Conducting an Audit
    • AS 1105, Audit Evidence
    • AS 2301, Auditor's Response to the Risks of Material Misstatement
    • NOCLAR Proposal
  3. Lessons for Public Companies and Audit Committees
    • Impact on Public Companies of Recent PCAOB-Related Rulemaking
    • NOCLAR-Related Concerns
    • The Audit Committee's Role in Audit Quality
    • Evaluating and Engaging the Independent Auditor

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Continuing Legal Education: We will apply for CLE credit in all applicable states (with the exception of SC and NE who require advance notice) for this 1-hour webcast. You must submit your state and license number prior to or during the program. Attendees must participate in the live webcast and fully complete all the CLE credit survey links during the program. You will receive a CLE certificate from our CLE provider when your state issues approval, typically within 30 days of the webcast. All credits are pending state approval.

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