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<h2>Introduction – The Impact of Other Auditors in a Global Audit</h2>
<p>The increasing integration of world economies and the resultant globalization of multinational public companies has led to increased use of, and more significant roles for, accounting firms and individual accountants other than the lead auditor (“other auditors”) on many issuer audit engagements. In 2021, for example, 26 percent of all issuer audit engagements and 57 percent of large accelerated filer audits involved the use of other auditors by the lead auditor. In some cases, engagements include the use of other auditors that may not even be registered with the Public Company Accounting Oversight Board (“PCAOB”) and that work in countries with different business cultures and languages from those of the lead auditor.</p>
As required by Sarbanes-Oxley Act, PCAOB keeps its investigations confidential and nonpublic until the matter is settled or otherwise finalized. PCAOB enforcement actions increased 61% in 2022 compared to 2021. The 29 PCAOB actions in 2022 were the highest since 2017.