2023 Inspections to Prioritize Audit Risks Related to Fraud, the Financial Services Sector, Crypto | PCAOB

Public Company Accounting Oversight Board (PCAOB) inspectors outlined their priorities for 2023 inspections in a new PCAOB staff report(PDF) out today. The report outlines plans to increase the focus on fraud-related audit procedures, continue prioritizing risks related to material digital assets, and continue selecting audits in the financial services sector for inspection, among other priorities.

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The complete list of 2023 inspection priorities outlined in today’s report includes:

  • Risk of fraud
  • Auditing and accounting risks
  • Risk assessment and internal controls
  • Financial services specific considerations
  • Broker-dealer specific considerations
  • M&A, including de-SPAC transactions
  • Digital assets
  • Use of the work of other auditors
  • Quality control (particularly talent retention and its impact on audit quality, and independence)
  • Other areas of inspection (critical audit matters, cybersecurity, and use of data and technology in the audit)

Source: 2023 Inspections to Prioritize Audit Risks Related to Fraud, the Financial Services Sector, Crypto | PCAOB