Q3 2026 SEC Reporting: What’s Due and What’s Ahead
Q3 2026 SEC reporting is close, and the quarter is nearly over. Quarter-end reporting reflects more than the numbers. It also reflects the judgments, disclosures, and developments behind them. Most of this will feel familiar. A few items, however, tend to slip during a busy close. This post walks through what is due and what […]
Critical Audit Matters PCAOB: What They Are and Why They Matter
Published by Shah Teelani & Associates | PCAOB-Registered Audit Firm | Reg. No. 7161 Critical audit matters PCAOB requirements introduced under AS 3101 represent the most significant change to the auditor’s report in decades. Before AS 3101, auditor reports followed a standard template. Investors received an opinion — but little insight into the challenges auditors […]
Related Party Transactions Audit: What PCAOB AS 2410 Requires
Published by Shah Teelani & Associates | PCAOB-Registered Audit Firm | Reg. No. 7161 Related party transactions audit procedures rank among the most scrutinized areas in PCAOB inspections. Nearly every major financial reporting fraud in modern history involved related party transactions that auditors failed to identify or adequately challenge. Enron’s transactions with special purpose entities, […]
Revenue Recognition Under PCAOB Scrutiny: What Auditors and Issuers Must Know
Published by Shah Teelani & Associates | PCAOB-Registered Audit Firm | Reg. No. 7161 Revenue recognition PCAOB inspectors examine ranks as the single most consistently deficient area across all inspection cycles and all firm categories. Year after year, inspection reports from Big Four firms, mid-tier firms, and smaller registered firms all identify revenue testing as […]
Journal Entry Testing PCAOB: Why Inspectors Focus Here
Published by Shah Teelani & Associates | PCAOB-Registered Audit Firm | Reg. No. 7161 Journal entry testing PCAOB inspectors evaluate ranks among the most persistently deficient areas across every category of registered firm. The PCAOB published a dedicated Audit Focus publication on journal entries in January 2025 — specifically because staff continued identifying a large […]
Professional Skepticism in PCAOB Audits: What It Actually Requires in Practice
Published by Shah Teelani & Associates | PCAOB-Registered Audit Firm | Reg. No. 7161 Professional skepticism PCAOB auditors must apply is one of the most cited requirements in auditing standards — and one of the most consistently misapplied in practice. Every auditor understands the phrase. Far fewer apply it in the way PCAOB inspectors expect […]
Audit of Estimates and Complex Accounting Areas: What PCAOB Standards Require
Published by Shah Teelani & Associates | PCAOB-Registered Audit Firm | Reg. No. 7161 Auditing accounting estimates consistently ranks among the top deficiency areas in PCAOB inspection reports. Nearly every set of public company financial statements contains estimates — goodwill impairment, allowance for credit losses, fair value measurements, revenue recognition under complex arrangements, contingent liabilities, […]
Audit Sampling Techniques for Modern Auditors: What PCAOB Standards Require
Published by Shah Teelani & Associates | PCAOB-Registered Audit Firm | Reg. No. 7161 Audit sampling techniques form the operational backbone of every public company engagement. Testing every transaction in a large population is rarely feasible under real-world time and resource constraints. Consequently, auditors must select samples that provide a reasonable basis for drawing defensible […]
Importance of Internal Controls in PCAOB Audits: What Every Public Company Must Understand
Published by Shah Teelani & Associates | PCAOB-Registered Audit Firm | Reg. No. 7161 Internal controls in PCAOB audits are not a peripheral compliance requirement. They sit at the center of every public company audit and directly determine whether investors can trust the financial statements they rely upon. Strong internal controls prevent misstatements before they […]
Audit Planning: How to Build a Risk-Based Audit Strategy Under PCAOB Standards
Published by Shah Teelani & Associates | PCAOB-Registered Audit Firm | Reg. No. 7161 Risk-based audit planning is the framework that turns risk assessment conclusions into a coherent, defensible audit strategy. Under PCAOB standards, planning is not a preliminary step. It is a required discipline that determines the quality of everything that follows. Amendments to […]
