11 Jan AICPA And PCAOB Audit and Professional Services Research NYT 9.1 1. Considering the preceding discussion, explain in your own
AICPA And PCAOB Audit and Professional
1. Considering the preceding discussion, explain in your own words: Does the PCAOB oversee
public companies, or accountants providing services to public companies? Why is this the
2. Assume that you are performing agreed-upon procedures for a public company. Which standard
setter's guidance would you follow? Explain.
1. Describe the relationship between standards the PCAOB issues versus the standards it has
adopted from the AICPA.
2. Contrast accounting standards, in which the standard setter (the FASB) differs from the regulatory
body (the SEC), to the standard setting and enforcement of public company auditing
14. What PCAOB auditing standard requires auditors to discuss critical audit matters in the audit rep01t?
15. Go to the PCAOB's website and list one proposed audit standard named on the site. Where did you navigate
within the site to find this?
16. Locate a PCAOB Staff Audit Practice Ale1t. Briefly, summarize the main issue addressed in this particular alert.
Next, describe the role you think these alerts play in establishing auditing requirements for registered public
Case Study 9.4
9.4 PCAOB Disciplinary Orders Utilize the PCAOB website to respond.
PCAOB Release No. I 05-2017-054, dated December 19, 2017, is a PCAOB Order formally sanctioning Grant Thornton and fining the firm $1.5 million in connection with its audit of The Bancorp, Inc.
Required: Locate the above-referenced PCAOB Order and summarize the salient points of the charges made
against Grant Thornton. Evaluate this issue in the form of an accounting issues memorandum. In the Facts section of your memo, describe key issues raised by the PCAOB. Next, list then discuss (analyze) the following issues:
1. What is one rule or standard that the auditors (or firm) violated? What should the auditors have done differently?
2. What is another rule or standard that the auditors (or firm) violated? What should they have done differently?
In your analysis, present relevant excerpts from the applicable auditing rules and standards alongside your consideration
of the case facts and details from the PCAOB Order.
Conclude with a recommendation for how these issues might be prevented going forward.
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