Our Commitment to Quality Control
On August 1, 2012, the Public Company Accounting Oversight Board (PCAOB) issued Information for Audit Committees about the PCAOB Inspection Process. As a registered member of the PCAOB, ParenteBeard embraced this release. Our foremost commitment has always been to provide the highest quality professional services. We are fully committed to the mission of the PCAOB to protect our capital markets through strong regulation of the public company audit profession.
To properly address the recommendation of the PCAOB release, we have developed this comprehensive report that will be provided annually to our clients’ audit committees. This ParenteBeard Quality Report will provide a framework for audit committees to have robust discussions with their ParenteBeard audit partners on delivering quality audits.
Our Quality Report consists of:
- An executive summary describing our internal quality control processes highlighting those most relevant to audit committees.
- The results of our continuous practice monitoring program.
- Information on matters in the public portion of the inspection report as to any findings and our remediation process.
- A summary of any matters raised by the inspection team which did not appear in the public report, but led us to remedial measures within the firm and a discussion of those remedial efforts.
- A discussion on any matters raised by the PCAOB (in their 4010 reports, issued periodically to address matters noted during a particular inspection cycle) that could apply to our clients.
- A discussion and copy of our latest peer review report for non-SEC issuers, conducted in accordance with the AICPA Peer Review Standards.
- A discussion of any regulatory matters from the most recent year end.
- For our clients whose engagements are subject to the PCAOB inspection process:
- Notification that the engagement was selected for inspection as soon as we are informed by the PCAOB.
- The status of any inspection comments and our responses before the final inspection report is issued.
- A summary of inspection team findings, if any, and our firm’s response.
- A statement explaining any impact on our audit report as a result of the inspection.
- A statement explaining any impact on the client’s issued financial statements as a result of the inspection.
We welcome you to utilize our ParenteBeard Quality Report 2012, demonstrating our dedication to continuous process improvement and the highest level of client service.