Public Company Accounting Oversight Board (PCAOB)

Website: www.pcaob.org

The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, accurate and independent audit reports. The PCAOB also oversees the audits of broker-dealers, including compliance reports filed pursuant to federal securities laws, to promote investor protection.

Recent Developments – Past 90 days


Select News Releases

PCAOB issues Staff Questions and Answers about the audits of mainland China issuers
PCAOB - 12/30/2016
The PCAOB issued Staff Questions and Answers about the audits of mainland China issuers by PCAOB-registered firms outside of mainland China. The Q&A is not an official PCAOB position, but is intended to guide PCAOB staff when dealing with the relevant issues.

PCAOB 2015 Annual Report
PCAOB - 10/31/2016
The PCAOB 2015 Annual Report summarizes the activities of the board regarding (1) registration, (2) inspections, (3) standards, and (4) enforcement. It also includes the PCAOB’s audited financial statements.

PCAOB Investor Advisory Group to meet October 27
PCAOB - 10/11/2016
The PCAOB announced that it will hold a meeting of its Investor Advisory Group on Thursday, October 27, 2016. The agenda includes discussions on (1) current issues with the reporting of non-GAAP measurements, (2) status of recommendations from the Treasury Department's Advisory Committee on the Auditing Profession, and (3) auditor's reporting model.

PCAOB standard-setting agenda - September 30, 2016
PCAOB - 09/30/2016
This report describes the PCAOB's current standard-setting agenda, including a brief project overview, and outlines key milestones on various standard-setting projects.

 

Back to top


PwC Comment letters

PwC comments on PCAOB reproposal on changes to auditor's report
PCAOB - 08/15/2016
We support changes to the auditor’s report that maintain or improve audit quality. We offer suggestions for the PCAOB’s consideration as it moves to the next phase of this project.

PwC comments on PCAOB proposal for audits involving other auditors
PCAOB - 07/29/2016
PwC supports the PCAOB project considering the auditor’s supervisory responsibilities in audits involving other auditors.

PwC comments on PCAOB Post-Implementation review of AS 7
PCAOB - 06/30/16
PwC is supportive of AS 7 and PCAOB post-implementation reviews in general.

 

Back to top


Final Rules

All PCAOB rules adopted by the Board and approved by the Securities and Exchange Commission. For the full list of PCAOB bylaws and rules, please visit the PCAOB website.

Back to top


Proposed Rules

For the full list of PCAOB dockets open for public comment, please visit the PCAOB website.

Proposed Auditing Standard: The Auditor's Report on an Audit of Financial Statements when the Auditor Expresses an Unqualified Opinion and Related Amendments to PCAOB Standards
PCAOB - 05/11/2016
The PCAOB is reproposing a standard, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion, which would supersede portions of AS 3101, Reports on Audited Financial Statements, and related amendments to PCAOB standards.

Back to top


Select Speeches

For a listing of all speeches visit the PCAOB website.

Testimony by PCAOB Chairman James Doty at SEC Open Meeting on the PCAOB Budget
PCAOB - 12/14/2016
PCAOB Chairman James Doty spoke at the SEC's open meeting on the PCAOB 2017 budget and strategic plan and explained that the increase not only reflects administrative expenses including rent increases, recent hires and standard compensation adjustments, but also reflects actions the PCAOB has taken to increase savings and efficiencies such as reducing variable pay, savings in training costs and reduction of recruitment costs.

Remarks by Steven Harris at the 2016 International Institute on Audit Regulation
PCAOB - 12/13/2016
PCAOB Board Member Steven Harris spoke at the 2016 International Institute on Audit Regulation about recent enforcement findings, firm governance and transparency, Non-GAAP financial measures and more as a focus for global audit regulators.

Remarks by Lewis Ferguson at the 2016 International Institute on Audit Regulation
PCAOB - 12/13/2016
PCAOB Board Member Lewis Ferguson spoke about the importance of time management and planning during his remarks at the 2016 International Institute on Audit Regulation.

Remarks by Jeanette Franzel at the 2016 International Institute on Audit Regulation
PCAOB - 12/13/2016
PCAOB Board Member Jeanette Franzel spoke at the 2016 International Institute on Audit Regulation about the "gap" between what investors expect and what auditors deliver. She said it is necessary to break-down the gap in order to find solutions.

Statement by Claudius Modesti at the AICPA Conference on SEC and PCAOB Developments
PCAOB - 12/08/2016
PCAOB Director of Enforcement Claudius Modesti gave an overview on the Division of Enforcement and Investigations' work in 2016 and what is in store for the future.

Statement by James Doty at the AICPA Conference on SEC and PCAOB Developments
PCAOB - 12/05/2016
PCAOB Chairman James Doty spoke at the AICPA Conference on SEC and PCAOB Developments about the following: investor protection, the PCAOB's vital role, forging a constructive relationship with firms, and the PCAOB's role as a catalyst to help the profession achieve the full potential of its role in capital markets.

Back to top