backOn April 17, 2023, the PCAOB staff published a report outlining priorities for 2023 inspections. As described in the accompanying press release, inspectors plan 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.” In relation to the financial services sector, specific consideration will include “[i]nterest rates, inflation, and uncertainty and volatility in the digital assets markets,” which the staff notes will require “significant management and auditor consideration.” The report identifies other inspection priorities as well, such as quality control (particularly talent retention and independence), critical audit matters, and others.
PCAOB’s press release is available here and the staff report is available here.