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The issues by industry in the 2023 PCAOB Inspections for the Big Four

Writer's picture: John C. Blackshire, Jr.John C. Blackshire, Jr.
Oct 30, 20241 min read

The PCAOB inspection reports for the Big Four firms cover a diverse range of industries, often reflecting sectors with complex financial and reporting requirements. Common industries represented in the inspections include:

  1. Financial Services (Banking, Insurance, Investment Management)

    • High complexity in areas like credit loss reserves, investment securities, and fair value measurements.

  2. Consumer Discretionary and Consumer Staples

    • Includes retail, manufacturing, and food and beverage, with challenges in revenue recognition, inventory valuation, and goodwill impairment.

  3. Information Technology

    • Often involves multi-location audits and issues around intangible assets, revenue from software or services, and internal controls over data systems.

  4. Industrials

    • Represents manufacturing and industrial goods companies, with focus areas including inventory management, revenue from contracts, and goodwill.

  5. Healthcare and Pharmaceuticals

    • Complexities arise in valuation of intangible assets, revenue recognition, and testing of research and development expenses.

  6. Real Estate and Construction

    • Deficiencies in these sectors often relate to fair value measurements, revenue from contracts, and long-term project accounting.

These industry sectors were prioritized in inspections due to the high risks involved in areas like complex financial instruments, revenue contracts, and internal control requirements.



 
 
 

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