Strengthening Audit Quality with Live PCAOB Workshops

Client Challenge

The client wanted to reduce audit deficiencies and strengthen audit quality firmwide based on themes noted in prior PCAOB inspections. They also recognized a common limitation of self-study learning. Professionals can consume the content, but they do not always have the structured environment needed to pressure test judgment, ask the real questions, and connect PCAOB requirements to real world execution.

At the time, the firm did not have a consistent set of technical learning resources to level set their team. They needed a reliable foundation, so everyone was speaking the same language, plus training that was more targeted and directly tied to PCAOB expectations and the deficiency areas that tend to show up during inspections. In short, they needed less theory and more execution.

The Solution

In addition to access to our U.S. GAAP, IFRS, and Audit eLearning libraries, we recommended layering on tailored, live webinars to supplement self-study learning. These instructor-led sessions were built around the client’s needs and gave professionals the chance to ask questions in real time, work through judgment calls, and leave with practical takeaways they could apply immediately.

GAAP Dynamics designed and delivered a PCAOB Workshop via two live, 2-hour webinars on the ON24 platform, facilitated by two expert CPA instructors. The sessions were structured to reinforce PCAOB requirements, highlight common inspection deficiencies, and translate standards into actionable steps the team could embed into their audit approach, including planning, performance, documentation, and wrap up.

Learning Objectives

By the end of this workshop, participants were able to:

• Recall what it means to perform a PCAOB audit and the requirements in the covered areas
• Recall recurring deficiencies noted in PCAOB inspections
• Identify actionable steps to improve audit quality and reduce audit deficiencies

Agenda Highlights

Webinar # 1:

This session focused on foundational PCAOB requirements and recurring inspection pressure points, including:

• Introduction: Why are we here? (Past inspection findings + PCAOB registration)
• General responsibilities (AS 1000): Due professional care + professional skepticism
• Audit Evidence (AS 1105) and documentation (AS 1215): Sufficiency/appropriateness, relevance/reliability, IPE, contradictory evidence
• Risk assessment (AS 2110): Understanding the company/ICFR, walkthroughs, significant risks
• Responses to risks (AS 2301): Tests of controls, substantive procedures, selecting items for testing, presentation and disclosure, evaluating evidence
• Fraud and illegal acts (AS 2401)/AS 2405): Management override + journal entry testing
• Area of focus: Revenue (AS 606/IFRS 15) and group audits/loaned staff (AS 1201/AS 1206)

Webinar # 2:

This session focused on complex estimates, specialists, and tying the work back to evaluation and communication:

• Auditing accounting estimates & fair value (AS 2501): Management bias, risk assessment, specialists, three approaches, methods/assumptions/data, ASC 820 reminders, third-party pricing info
• Using specialists (AS 1201/AS 1210): Auditor-employed vs auditor engaged specialists + supervision reminders
• Areas of focus: Business combinations and related accounting considerations (AS 805/IFRS 15)
• Materiality and evaluating misstatements (AS 2810)
• Evaluating control deficiencies and communicating with management (AS 1305)
• Audit committee communications (AS 1301)
• Predecessor auditor considerations and implications for the audit report
• QC 1000 implementation considerations

The Results

By combining 24/7 self-study access through our U.S. GAAP, IFRS, and Audit eLearning libraries with live, tailored, instructor-led PCAOB workshops, the firm created a complete learning experience that actually drives behavior change. The eLearning gave professionals the foundation and a common language. The live sessions then brought the standards to life by walking through how PCAOB requirements show up in real audits, where teams tend to get tripped up, and what “good” looks like from a planning, performance, and documentation standpoint.

Most importantly, the workshops provided a practical environment for professionals to pressure test judgment, ask the questions they usually cannot ask in a self-study setting, and leave with clear expectations they could apply on their next engagement. Rather than focusing on generic audit theory, the training zeroed in on the areas that most commonly drive inspection findings, including audit evidence, fraud and journal entry testing, revenue and related accounting considerations, estimates and specialists, and group audit considerations.

The Outcome

The outcome was a consistent firmwide message around audit quality and what it means to execute a PCAOB audit the right way. The firm improved readiness for PCAOB expectations by reinforcing foundational requirements, aligning teams around practical execution, and building confidence in applying professional skepticism and documenting conclusions.

Professionals walked away with clear, actionable steps they could implement immediately to reduce deficiencies in future inspections, including what to do differently in risk assessment, how to strengthen the sufficiency and appropriateness of audit evidence, how to respond to contradictory information, and how to document work in a way that holds up under inspection.