Services
Audit Advisory
Delivering trust, transparency, and confidence in all reporting
At Audit Advisory, our mission is to assist accounting and audit firms, improve audit quality, and address matters related to Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB) enforcement actions. We also assist international regulators with all aspects of audit oversight functions.
As the scrutiny from the SEC and PCAOB intensifies and regulatory inquiries become more frequent, audit firms face substantial financial, operational, and reputational risks. The growing burden, costs, and complexities of investigations demand a heightened level of vigilance in complying with evolving professional standards related to auditing, accounting, quality control (or quality management), independence, and financial reporting.
Ankura offers a range of services tailored to meet the needs of audit firms in these challenging times. Our services include guiding audit firms through PCAOB matters, including inspections and remediation; handling SEC and PCAOB enforcement inquiries; enhancing audit quality through improved systems of quality control (or management); providing expert consultations on auditing and technical U.S. Generally Accepted Accounting Principles (GAAP) accounting matters; acting as independent consultants (monitorships) in response to SEC or PCAOB undertakings; and establishing or enhancing audit oversight programs in foreign jurisdictions.
Offerings
- PCAOB Support
- Perform preinspection workpaper reviews in preparation for PCAOB inspections and provide ongoing coaching during and after the inspection process
- Assist in responding to PCAOB inquiries, comment forms, and inspection reports
- Assist in root cause analysis and remediation plans in response to PCAOB findings
- Perform monitoring or internal inspections of issuer audits
- SEC / PCAOB Enforcement Support
- Assist in responding to SEC enforcement inquiries
- Assist in responding to PCAOB enforcement inquiries
- Analyze audit workpapers to assess the merits of SEC or PCAOB enforcement actions and evaluate potential auditor liability
- Assist in interviews, depositions, and testimony
- Prepare expert witness affirmative or rebuttal reports
- Broker-Dealer Support
- Provide training, National Association of State Boards of Accountancy (NASBA) certified Continuing Professional Education (CPE) training
- Review broker-dealer audit files in preparation for PCAOB inspections
- Assist in responding to PCAOB inquiries, comment forms, and inspection reports related to broker-dealer audits
- Assist with root cause analysis and remediation plans
- Perform practice monitoring or internal inspections of broker-dealer audits
- Auditing & Accounting Support
- Provide consultations on accounting and auditing matters, including U.S. GAAP, PCAOB, American Institute of Certified Public Accountants (AICPA), and Generally Accepted Auditing Standards (GAAS) auditing topics, risk-based auditing, independence (including non-audit service restrictions)
- Provide expertise regarding internal controls over financial reporting (ICFR) and Committee of Sponsoring Organizations (COSO) frameworks
- Provide access to 2,000+ professionals and experts at Ankura (e.g., crypto, complex valuations, data analytics in auditing)
- Systems of Quality Management Support
- Enhance quality control systems
- Assist with audit quality improvement
- Assist with audit methodology improvement
- Evaluate current systems of quality management policies and procedures
- Assist in developing independent policies and procedures
- Assist in enhancing ethical conduct in auditing
- Assist in developing risk assessment processes
- Assist in developing quality risks and responses
- Assist in developing monitoring and remediation processes
- Assist in developing audit guidance and practice aids
- Independent Consultant and Monitorship Support
- Serve as an independent consultant or monitor as required by an SEC undertaking or PCAOB disciplinary order in response to regulatory undertakings or remedial measures
- Serve as a consulting resource to other third-party monitors or independent consultants
- Review a firm’s audit methodology and system of quality management to identify enhancement opportunities
- Audit Oversight Support
- Establish audit oversight program in foreign jurisdictions, including registration, inspection, and enforcement programs
- Perform gap analysis of regulatory framework
- Provide policy recommendations regarding audit oversight
- Develop registration and inspection methodology and processes
- Inspect audits of entities subject to authority supervision
- Analyze and communicate results to stakeholders
- Analyze root cause analyses and remediation of observed audit or system of quality management deficiencies
- Identify enforcement and other monitoring actions
Our Latest Thinking
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The Ankura Difference
Our diverse team of professionals, includes former senior officials from the PCAOB and the SEC, certified public accountants, former audit partners, standard-setters, and regulatory officials from the PCAOB, SEC, and the Financial Accounting Standards Board. Our extensive experience in rulemaking, PCAOB inspections, quality control (or management), and enforcement uniquely positions us to assist audit firms in enhancing audit quality and navigating regulatory inquiries. We go beyond traditional audit services by offering access to other subject matter experts relevant to our audit clients. These experts specialize in areas such as valuations, digital assets (crypto), and data analytics, further reinforcing our commitment to delivering comprehensive and tailored solutions to our clients.
Key Contacts
- Steven E. Richards
Senior Managing Director
Washington, DC
- David Mardjanov
Senior Managing Director
Washington, DC
