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 Reproposes Auditing Standard, Related Parties, and Related Amendments, Including Amendments Regarding Significant Unusual Transactions
PCAOB - 05/7/2013
The PCAOB reproposed for public comment an auditing standard on related parties and related amendments to other standards to address areas that have been contributing factors in a number of financial reporting frauds.
PCAOB Standing Advisory Group to meet on May 15-16
PCAOB - 05/2/2013
The PCAOB will hold a meeting of its Standing Advisory Group (SAG) on May 15-16. The SAG agenda includes a discussion of recent PCAOB developments and the board's current standard-setting activities. Additionally, the SAG will discuss: (1) the PCAOB's Future General Reports, (2) audit quality indicators, (3) outreach with audit committees about PCAOB activities, (4) potential enhancements to the PCAOB's outreach to and interaction with members of audit committees, and (5) related parties.
PCAOB Announces Six Forums on Auditing in the Small Business Environment
PCAOB - 04/11/2013
The PCAOB announced the dates for six forums and the agenda for this year's first Forum on Auditing in the Small Business Environment. The forums are designed to share important information about PCAOB activities with registered public accounting firms that audit clients operating in the small business community. The forums also provide an opportunity for Board Members and PCAOB staff to hear the questions, comments and concerns of auditors.
PCAOB Issues Updated Standard-Setting Agenda
PCAOB - 04/9/2013
The PCAOB issued an updated standard-setting agenda, which provides a brief project overview of the board's current standard-setting agenda and outlines key milestones on various standard-setting projects.
PCAOB Issues a Proposal for the Reorganization of Auditing Standards
PCAOB - 03/26/2013
The PCAOB issued for public comment a proposal for the reorganization of PCAOB auditing standards, as well as certain related amendments to its rules and standards. The proposal provides a potential framework for reorganizing the Board's existing interim and PCAOB-issued auditing standards into a topical structure with a single integrated numbering system. The proposed reorganization is intended to present the standards in a logical order that generally follows the flow of the audit process.
PwC Comment letters
PwC Comments on PCAOB's Proposed Framework for Reorganizing PCAOB Auditing Standards
PwC - 05/24/2013
PwC believes the PCAOB's proposed framework will help users navigate the board's standards more easily but suggests certain enhancements.
Final Rules
Auditing Standard No. 16, Communications with Audit Committees; Related Amendments to PCAOB Standards; and Transitional Amendments to AU Sec. 380
PCAOB - 08/15/2012
The PCAOB has adopted Auditing Standard No. 16 and amendments to other PCAOB standards. The standard establishes requirements that enhance the relevance and timeliness of the communications between the auditor and the audit committee, and is intended to foster constructive dialogue between the two on significant audit and financial statement matters.
Proposed Rules
Proposed Auditing Standard: Related Parties, Proposed Amendments to Certain PCAOB Auditing Standards Regarding Significant Unusual Transactions
PCAOB - 05/7/2013
This proposed standard would strengthen existing auditing procedures associated with identifying, assessing, and responding to the risks of material misstatement associated with a company's relationships and transactions with its related parties. Comments are due by July 8, 2013.
Proposed Framework for Reorganization of PCAOB Auditing Standards and Related Amendments to PCAOB Auditing Standards and Rules
PCAOB - 03/26/2013
The PCAOB is proposing (1) a framework for reorganizing the existing interim and PCAOB-issued auditing standards into a topical structure with a single integrated numbering system; (2) certain conforming amendments to Rule 3101, Certain Terms Used in Auditing and Related Professional Practice Standards, and Rule 3200T, Interim Auditing Standards; and (3) certain related amendments to the PCAOB auditing standards and proposing to rescind certain interim auditing standards that the Board believes are no longer necessary under the proposed reorganization. Comments are due by May 28, 2013.
Select Speeches
For a listing of all speeches visit the PCAOB website.
Protecting Investors through Reliable Audits - Remarks by Jeanette Franzel
PCAOB - 02/26/2013
PCAOB Board Member Jeanette Franzel (1) provided an update on the basic mission activities of the PCAOB in our four oversight areas — registration, inspections, enforcement, and standards, and (2) detailed the Board's progress in the areas of broker-dealer audits and international inspections.
Remarks by James Doty at the Florida Bar Association 31st Annual Federal Securities Institute
PCAOB -02/14/2013
PCAOB Chairman James Doty discussed some of the PCAOB's initiatives to enhance the relevance, credibility and transparency of the audit to promote high quality financial reporting.
Remarks by James Doty at the 35th Annual Conference on Securities Regulation and Business Law
PCAOB - 02/08/2013
PCAOB Chairman James Doty (1) provided an overview of how global audits are performed, who the various players are, and what challenges may exist for investors and (2) discussed the work regulators around the world are doing together to improve the quality of global audits, to promote the investing public's — and companies' — interest in accurate reporting.