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CAQ Alert #2015 – 07 Select Auditing Considerations for the 2015 Audit Cycle

Monday, October 12, 2015

We are pleased to release our Select Auditing Considerations for the 2015 Audit Cycle (the 2015 Alert), which is our third annual alert of this type and represents a part of the profession’s commitment to continuously strengthening audit quality. 

The 2015 Alert can be a useful resource for our member firms and is intended to serve as a reminder of certain auditing considerations that may be relevant for the 2015 audit cycle. The 2015 Alert discusses some of the more judgmental or complex audit areas, including some of those identified by the Public Company Accounting Oversight Board (PCAOB) through its inspection process and published in the October 2015 PCAOB Staff Inspection Brief

While the 2015 Alert highlights certain areas for consideration, it should not be relied upon as definitive or all-inclusive, and should be read in conjunction with the applicable rules, standards, and guidance in their entirety. 

Given the recent PCAOB Staff Inspection Brief on the 2015 Inspections of Auditors of Brokers and Dealers­—and the fact that over 120 of the CAQ’s member firms audit brokers and dealers—the CAQ has also issued a companion alert, Select Considerations for the 2015 Audit Cycle for Brokers and Dealers. It addresses the PCAOB Inspection Brief and provides links to select guidance on inspection deficiencies identified by the PCAOB.