This session will discuss the impact of the PCAOB on both public and private entities. Many changes that specifically affect public companies have a trickle down impact to private companies as well. During the session, we will discuss current PCAOB policy matters and agendas, such as the auditor’s reporting model, mandatory firm rotation and transparency of the audit. Also, firms are subjected to inspections by the PCAOB, which can often result in modifications of the policies and procedures of the firm. We will discuss current areas of emphasis and common findings of the PCAOB that may help financial preparers identify potential weakness in their own reporting and better prepare for financial statement audits.