U.S. Audit Board to Rely on Virtual Inspections As Reprieve Ends

The U.S. audit board said Monday that it would conduct virtual inspections of domestic firms as it ends a 45-day relaxed inspection schedule started at the height of the pandemic shutdowns.

• The Public Company Accounting Oversight Board’s inspection work will return to a more typical schedule instead of the delayed or extended timeline offered to firms during the relief period, the board said.
• Inspection staff will rely on teleconferencing and digital document reviews instead of in-person visits to firms across the country. PCAOB staff continue to work from home, and domestic and international travel remains suspended, the board said.
• The board is monitoring state, local, and federal guidance as some states begin to relax strict stay-at-home orders and business closures.