Last month, the US Public Company Accounting Oversight Board (PCAOB) published its "Staff Priorities for 2024 Inspections and Interactions With Audit Committees." Therein, the audit regulator lays out its plans to increase scrutiny of audit firms' cultures in the coming year.
"Audit firms continue to face challenges delivering quality audits as evidenced by (1) the increasing trend of audit deficiencies in recent years and (2) deficiencies identified that have recurred for numerous years," the PCAOB writes. "We are interested in why these deficiency trends are not improving and whether audit firms' cultures are playing a role in this failure to improve."
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