The Public Company Accounting Oversight Board (PCAOB) announced the formation of the Smaller Firm Resource Group, an advisory group of professionals from smaller audit firms.
The Smaller Firm Resource Group will advise PCAOB staff on:
- Auditing and related professional practice standards.
- Inspections and related activities.
- Economic considerations, including but not limited to costs and benefits of PCAOB programs, and their impact on audit quality among smaller firms in each case, in order to protect investors and further the public interest in the preparation of informative, accurate and independent audit reports.
“Smaller audit firms play an essential role in the U.S. capital markets and in protecting investors, which is why creating the Smaller Firm Resource Group was a priority for the PCAOB,” said PCAOB Acting Chair George R. Botic. “We are eager to hear from the participants who have generously volunteered to share their real-world perspectives into the experiences of smaller firms.”
Smaller Firm Resource Group Members:
- Ryan Ayre, Manning Elliott LLP
- David Gosselin, dbbmckennon
- Kristi Griffin, Elliott Davis LLC
- Jeff Maichel, Assure CPA LLC
- Reshma Mahase, Davidson & Company LLP
- Kyle Manny, Plante & Moran PLLC
- Steven Morrison, CohnReznick LLP
- Bryce Rojas, Cropper Accountancy Corporation
- Laura See, Ernst Wintter & Associates LLP
- Steven Siegel, Cherry Bekaert LLP
- Rebekah Walters, Frazier & Deeter LLC
- Brendan Whalen, S.R. Snodgrass PC
Recently, the PCAOB has enhanced its focus on smaller firms with a range of initiatives, including:
- Holding a nationwide series of in-person forums for auditors of smaller businesses and broker-dealers.
- Hosting in-person workshops and virtual workshops designed to assist smaller audit firms with the practical implementation of QC 1000, A Firm’s System of Quality Control.
- Providing guidance documents, expert recordings led by PCAOB staff, quizzes and other materials on QC 1000, AS 1000 and other new standards and rules.
- Sharing more insights from PCAOB inspections, including good practices to help firms continue to improve.
- Launching a new publications series, Audit Focus, targeted at smaller firms.
- Being available to answer questions that auditors may have about the implementation of standards or rules.
