PCAOB Enforcement Definitions

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Across
  1. 2. A serious problem in a company’s internal controls that could lead to major errors or fraud in the financial statements.
  2. 4. A public warning or formal statement from the PCAOB saying someone did something wrong.
  3. 5. When the PCAOB restricts what a person or firm can do.
  4. 8. An outside expert hired to help a firm correct issues & compliance with audit standards.
  5. 11. Difference between how auditors interpret their duties and how others interpret them.
  6. 12. Difference between what auditors report and what the public understands about those reports.
  7. 13. A temporary break where the auditor or firm can’t practice for a set time period.
Down
  1. 1. Steps a firm must take to fix problems found in their audit work.
  2. 3. When auditors don’t meet the standards or expectations of audit quality.
  3. 6. Difference between what the public thinks auditors should do and what standards require them to do.
  4. 7. Type of revocation where The PCAOB takes away a firm’s right to audit forever.
  5. 9. A person is permanently banned from working on PCAOB-registered audits again.
  6. 10. Type of revocation where the PCAOB cancels a firm’s ability to audit for a limited time.