PCAOB Offers Relief from Inspections Due to COVID-19
The PCAOB recently announced it is giving auditing firms up to 45 days of relief from inspections due to the effects of COVID-19 on businesses, with the exception of providing access to audit documentation for certain engagements. Inspections will resume on May 11, 2020.
This relief comes after the PCAOB’s announcement last week that it is changing its inspection process to a more remote process. The organization states that it hopes the delay will offer firms more time and flexibility while PCAOB inspections staff is able to continue to review documentation for engagements and prepare for inspections when they resume.
The PCAOB advises audit firms wishing to avail themselves of the 45-day relief period in full or in part to get in touch with their designated inspections point of contact.