Barnes Dennig recently received a “clean” inspection report from the Public Company Accounting Oversight Board (PCAOB). This means the inspection of the firm’s SEC audit practice did not identify any audit performance issues or quality control defects (“clean report”). Barnes Dennig is the only firm headquartered in the area that currently holds the rare designation. The results provide our clients and the community with the assurance that our approach, policies and processes result in strength through quality in our audit work.
Each year, the PCAOB conducts periodic inspections of registered firms to assess compliance with rules, laws and professional standards governing public company audits. The inspections include a review of audit files as well as a firm’s practices, policies and procedures related to audit quality and quality control. In late December of 2015, Barnes Dennig received a clean report from the PCAOB in the firm’s first reporting period. A recent empirical study has demonstrated that increased reporting credibility, which is achieved by using a PCAOB inspected firm, has resulted in companies having greater access to capital.
Quality is at the heart of our assurance practice. We are pleased that the results of our PCAOB inspection are consistent with our values. Our SEC auditing practice serves an important role in the public capital markets and we will continue to work diligently to meet our responsibilities.
Steven P. Hube, the firm’s Managing Director, remarked that “A tenet of our firm, noted in our ‘Barnes’ Beliefs’ is that, ‘Success is the sum of efforts repeated day in and out.’ I’d also say the same holds true for quality.”
Barnes Dennig has been a respected and successful public accounting firm based on 50 years of experience auditing companies in the Greater Cincinnati and Northern Kentucky regions that have a wide variety of public and private capital transactions.
About the PCAOB: