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 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.

PCAOB issues annual report on interim inspection program related to audits of brokers and dealers
PCAOB - 08/18/2016
The PCAOB issued an annual report on its interim inspection program for auditors of brokers and dealers. 

PCAOB Issues Staff Inspection Brief Detailing Scope and Objectives of 2016 Inspections of Auditors of Public Companies
PCAOB - 07/14/2016
The PCAOB issued a staff inspection brief detailing the scope, focus, and objectives of its ongoing 2016 inspections of auditors of public companies and other issuers.

PCAOB Issues Staff Inspection Brief Detailing Scope and Objectives of 2016 Inspections of Auditors of Broker-Dealers
PCAOB - 07/14/2016
The PCAOB issued a staff inspection brief detailing the scope, focus, and objectives of its ongoing 2016 inspections of auditors of brokers and dealers.

 

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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.

 

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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.

Improving Transparency Through Disclosure of Engagement Partner and Certain Other Participants in Audits
PCAOB - 12/15/2015
The PCAOB has adopted new rules and related amendments to its auditing standards that will improve transparency regarding the engagement partner and other accounting firms that took part in the audit. The rules will require disclosure of the name of the engagement partner and information about other accounting firms on new PCAOB Form AP, Auditor Reporting of Certain Audit Participants ("Form AP").

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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.

Proposed Amendments Relating to the Supervision of Audits Involving Other Auditors and Proposed Auditing Standards
PCAOB - 04/12/2016
The PCAOB issued for public comment a proposal to amend its auditing standards to strengthen the requirements that apply to audits that involve accounting firms and individual accountants outside the accounting firm that issues the audit report. The amendments are intended to improve the quality of audits in these circumstances and to align the applicable requirements with the PCAOB's risk-based, supervisory standards. Comments requested by July 29.

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Select Speeches

For a listing of all speeches visit the PCAOB website.

Remarks by Steven B. Harris at PCAOB Investory Advisory Group: Mission and accomplishments
PCAOB - 10/27/2016
PCAOB Board Member, Steven B. Harris spoke at the Investor Advisor Group Meeting about the Group's mission and it's accomplishments before starting on the meeting's agenda which included: Non-GAAP financial measures and their relevance to assessing company performance, recommendations of the 2008 Bush Administration Treasury Department's Advisory Committee on the Auditing Profession Report, and the Auditor's Reporting Model.

Remarks by Jeanette Franzel - Progress on protecting the interests of investors through audit regulation and gaining insights on emerging issues
PCAOB - 10/27/2016
PCOAB Board Member, Jeanette M. Franzel spoke at the October 27, 2016 Investor Advisory Group Meeting about the progress on protecting the interests of investors and gaining insights on emerging issues.

Remarks by James Doty at Investor Advisory Group meeting
PCAOB - 10/27/2016
PCAOB Chairman, James R. Doty spoke at the Investor Advisory Committee Meeting on October 27, 2016. He noted how independent oversight has changed the landscape for the better for investors and capital markets.

Remarks by Steven Harris at NYSSCPA SEC conference
PCAOB - 10/26/2016
PCAOB Board Member Steven B. Harris spoke at the New York State Society of Certified Public Accountants about the current priorities of the Board and outlined parts of its five-year strategic plan: Improving the Quality of the Audit for the Protection and Benefit of Investors 2015-2019 ("Strategic Plan").

Remarks by Jay Hanson on PCAOB and audit committes
PCAOB - 10/26/2016
PCAOB Board Member Jay D. Hanson spoke at the annual meeting of the Association of Audit Committee Members, Inc. in Philadelphia about the PCAOB's outreach to audit committees, inspection activities and the PCAOB's efforts around audit quality indicators and the related quality control standards.

Remarks by James Doty on role of the bar and the audit in shareholder-director relationships
PCAOB - 10/07/2016
PCAOB Chairman James Doty spoke at the Vanderbilt Law School annual law and business conference regarding the role of the bar and the audit in shareholder-director relationships.

Testimony by James Doty before the U.S. House Subcommittee on capital markets and government sponsored enterprises
PCAOB - 09/22/2016
PCAOB Chairman James R. Doty testified before the U.S. House Committee on Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises at a hearing entitled "Examining the Agenda of Regulators, SROs, and Standard-Setters for Accounting, Auditing and Municipal Securities."

Statement by Steven Harris on Auditor Independence and the Role of the PCAOB in Investor Protection
PCAOB - 06/28/2016
PCAOB Board Member Steven Harris addressed the importance of the role of the auditor to the capital markets; the role of the PCAOB in investor protection; and to highlight a few issues that the Board is considering.

 

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