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PCAOB Audit Updates: What Auditors and Clients Need to Know for 2025

PCAOB AUDIT UPDATES: WHAT AUDITORS AND CLIENTS NEED TO KNOW FOR 2025

Available Date(s)
Thursday, May 29, 2025: 9:00AM EDT

Cost Free
CPE Credits 1.0 hour
Subject Area 1.0 - Auditing
CE Credits 0.0 hours
Course Level Basic
Instructional Method Group Internet Based
Prerequisites None
Advanced Preparation None
Course Description

Starting in Summer 2025, the Public Company Accounting Oversight Board (PCAOB) will implement significant updates to confirmation requirements, and similar changes are expected soon for AICPA audits. Auditors must understand these new standards, which not only affect what items require confirmation but also how these confirmations should be handled.

Additionally, guidance on engaging "knowledgeable external sources" and the role of intermediaries in the confirmation process will be addressed. This course will benefit both auditors seeking to adapt their methodologies and industry professionals aiming to prepare for new inquiries from auditors.

Learning Objectives

  • Identify the updates to confirmation requirements for PCAOB audits and their implications for AICPA engagements

  • Outline the new processes for handling confirmations, including the use of knowledgeable external sources

  • Describe the role of intermediaries in confirmation requests and responses

  • Evaluate the necessary changes for audit methodologies in light of new confirmation standards

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Steven Morrison

CohnReznick
Partner, National Assurance
[email protected]
(646) 601-7740

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Steven Morrison is the National Director of Audit at CohnReznick bringing experience as a client service engagement partner, quality control reviewer, and as a standard setter. He has worked with entities in a variety of industries, including automotive dealerships, employee benefit plans, freight forwarding/mail courier, not-for-profit, retail, and wholesale/distribution. His experience encompasses effectively addressing unique accounting and audit issues of entities in the United States, Asia, Europe, Oceania, and the Americas. Steven addresses specific issues for companies in a variety of other industries and has extensive experience in effectively communicating simple and complex technical matters to all levels of personnel. His current responsibilities include firm methodology and consulting on complex accounting, auditing, attestation, and reporting matters.

From 2015 to 2018, he served on the AICPA Auditing Standards Board (ASB), a senior committee that promulgates U.S. Generally Accepted Auditing Standards. Currently, he is a member of the PCAOB’s Standards and Emerging Issues Advisory Group (SEIAG) which advises on existing standards, proposed standards, potential new standards, and on matters other than standards, such as emerging issues, that are of significance to the PCAOB in order to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports. 
 

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About Our Presenter

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From their origins in 1919, an innovative and client-centric culture has flourished at CohnReznick. They believe that this mindset defines them in many ways. First, they have an affinity for their clients — they understand your drive. Second, they recognize leadership — talent shapes the direction of the Firm. And third, they view their success as a call to action — a means to improve communities, promote beneficial legislative policies, and progress the high standards of the accounting profession.