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Auditing the Auditors: A Case on PCAOB Inspection Reports of Registered Public Accounting Firms
Brian E. Daugherty,
University of Wisconsin - Milwaukee
Marshall K. Pitman, University of Texas at San Antonio
ABSTRACT. This case provides a rich and timely environment in which undergraduate and graduate auditing students can explore the unique challenges that public accounting firms face in complying with the new inspection process of registered firms by the recently formed Public Company Accounting Oversight Board (PCAOB). The case focuses on registered firms receiving an inspection report where the PCAOB identified certain matters considered to be audit deficiencies, many of which were deemed to be of such significance that the inspection team believed the audit firm did not obtain sufficient competent evidential matter to support the opinion rendered on clients’ financial statements. The case reinforces students’ understanding of the practical matters involved in appropriately obtaining, evaluating, and documenting audit evidence in order to support an auditor’s opinion, as well as exposing students to the new PCAOB inspection process.
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