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 Updated Standard-Setting Agenda
PCAOB - 07/07/2014
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 releases staff guidance for auditors of SEC-registered brokers and dealers
PCAOB - 06/26/2014
The PCAOB released staff guidance (web link; Notes link) to help auditors of brokers and dealers registered with the SEC to plan and perform audits in accordance with PCAOB standards as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act and SEC rules.

PCAOB adopts auditing standard on related parties
PCAOB - 06/10/2014
The PCAOB adopted a new auditing standard and amendments to other auditing standards to strengthen auditor performance requirements in three critical areas of the audit: related party transactions, significant unusual transactions, and a company's financial relationships and transactions with its executive officers.

PCAOB to Consider Adopting an Auditing Standard on Related Parties, Amendments Regarding Significant Unusual Transactions, and Other Amendments
PCAOB - 06/04/2014
The PCAOB will meet on June 10 to consider adopting an auditing standard on related parties, amendments regarding significant unusual transactions, and other amendments.

PCAOB Issues a Supplemental Request for Comment on its Proposal for the Reorganization of Auditing Standards
PCAOB - 05/07/2014
The PCAOB issued a supplemental request for comment on its proposal for the reorganization of PCAOB auditing standards. The Board also released on its website an online demonstration version that presents the existing auditing standards as they would look if reorganized according to the proposed framework.

PCAOB Issues Updated FAQs on Registration Process for Non-US Firms
PCAOB - 04/1/2014
The PCAOB has published updated staff answers to frequently asked questions relating to registration of non-US firms. Specifically, question six was updated in light of the recently announced cooperative agreement between the PCAOB and Sweden’s Supervisory Board of Public Accountants.

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PwC Comment letters

PwC comments on the PCAOB's proposed framework to reorganize audit standards
PCAOB - 07/8/2014
PwC believes the proposed framework will help users navigate PCAOB standards more easily, but suggests some enhancements.

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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.

Auditing Standard No. 18, Related Parties
PCAOB - 06/10/2014
Auditing Standard No. 18 is intended to strengthen auditor performance requirements in three critical areas of the audit: (1) related party transactions, (2) significant unusual transactions, and (3) a company's financial relationships and transactions with its executive officers.

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Proposed Rules

For the full list of PCAOB proposed rules, please visit the PCAOB website.

Supplemental Request for Comment: Proposed Framework for Reorganization of PCAOB Auditing Standards and Related Amendments to PCAOB Auditing Standards and Rules
PCAOB - 5/7/2014
The PCAOB issued a supplemental request for comment on its proposed framework for reorganization of PCAOB auditing standards and related amendments to PCAOB auditing standards and rules and reopening the comment period on the proposed reorganization. This supplemental request for comment presents the proposed amendments to implement the proposed reorganization. [Comments due - July 8, 2014]

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Select Speeches

For a listing of all speeches visit the PCAOB website.

Remarks by James Doty at the 3rd Annual Ethics and Compliance Symposium
PCAOB - 06/17/2014
PCAOB Chairman James Doty discussed the new auditing standard and related amendments on related party and significant unusual transactions; how the vigilance of audit committees and compliance officials help to promote high quality audits; and the PCAOB's initiatives to bolster the audit to continue to stay abreast of financial reporting and auditing risks.

Remarks by James Doty at Northwestern University School of Law 34th Annual Ray Garrett Jr. Corporate and Securities Law Institute 
PCAOB - 05/02/2014
PCAOB Chairman James Doty discussed developments in the relationships between audit committees and auditors.

Remarks by James Doty at Baruch College 13th Annual Financial Reporting Conference 
PCAOB - 05/01/2014
PCAOB Chairman James Doty shared his views on the role and prospects of the auditing profession in preserving the American dream and discussed the PCAOB's initiatives to enhance the relevance and reliability of the audit.

Remarks by Steven Harris at the 2014 PCAOB Academic Conference
PCAOB - 04/25/2014
PCAOB Board Member Steven Harris discussed a few items that are of importance to investors based on input from his role as the Chair of both the PCAOB's Investor Advisory Group (IAG) and the Investor and Other Stakeholders Working Group of the International Forum of Independent Audit Regulators (IFIAR). I will also touch upon a few other issues.

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