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 Audit Committee Dialogue
PCAOB - 5/7/2015
The PCAOB issued a communication to audit committees titled Audit Committee Dialogue — the first in a series intended to provide insights from inspections of public company auditors that may be helpful to audit committee members in the oversight of their auditors. The publication highlights key areas of recurring concern in PCAOB inspections as well as certain emerging risks to the audit. It also provides targeted questions that committee members may ask their auditors on each topic.

PCAOB approves reorganization of auditing standards 
PCAOB - 3/31/2015
The PCAOB has approved the reorganization of its auditing standards to help users navigate the standards more easily. The board adopted amendments to its rules and standards to implement a topical system that integrates the existing interim and PCAOB-issued auditing standards. The amendments also remove references to superseded standards and inoperative language and references. They do not impose new requirements on auditors or change the substance of the requirements for performing and reporting on audits under PCAOB standards.

PCAOB updates standard-setting agenda
PCAOB - 3/31/2015
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.

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PwC Comment letters

PwC comments on PCAOB paper on estimates and fair value measurements
PCAOB - 11/3/2014
PwC is supportive of the project but offers recommendations to address what we see as potential practical challenges.

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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.

Reorganization of PCAOB Auditing Standards and Related Amendments to PCAOB Auditing Standards and Rules 
PCAOB - 03/31/2015
The PCAOB has adopted amendments to its rules and standards to implement a topical system that integrates the existing interim and PCAOB-issued auditing standards. Under the reorganization, the individual standards will be grouped into the following topical categories: (1) General Auditing Standards, (2) Audit Procedures, (3) Auditor Reporting, (4) Matters Relating to Filings Under Federal Securities Laws, and (5) Other Matters Associated with Audits.

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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Select Speeches

For a listing of all speeches visit the PCAOB website.

Remarks at the 2014 AICPA Conference on Current SEC and PCAOB Developments by PCAOB Board Member Jay Hanson
PCAOB - 12/9/2014
Shared his perspective on several concepts important to the PCAOB, including relevance, reporting, remediation and root cause analysis.

Remarks at the 2014 AICPA Conference on Current SEC and PCAOB Developments by PCAOB Chairman James Doty
PCAOB - 12/8/2014
Discussed (1) strategic opportunities and challenges for the auditing profession, (2) building on the audit's role in the financial markets, and (3) the PCAOB's work supporting a vibrant profession that can continue to meet society's expanding needs.

Remarks at the PCAOB Small Business Forum by PCAOB Board Member Jeanette Franzel
PCAOB - 10/30/2014
Discusses (1) inspection findings, (2) auditing revenue, (3) auditing issues at smaller audit firms in other difficult areas, (4) issues in audits of internal control over financial reporting, and (5) addressing deficiencies to improve audit quality.

Remarks at the PCAOB Broker-Dealer Auditing Forum by PCAOB Board Member Jeanette Franzel
PCAOB - 10/29/2014
Provides a brief overview of the regulatory changes currently taking effect for broker and dealer reporting and audits, recent inspection trends from our interim inspection program, as well as observations from the June 30, 2104 year-end broker dealer filings under the new rules and standards.

Remarks at the University of California – Irvine Audit Committee Summit by PCAOB Board Member Jay Hanson
PCAOB - 10/24/2014
Provides a brief overview of the PCAOB and its work, including the board's recent outreach to audit committees.

Opening remarks at the October 20 PCAOB Investor Advisory Group Meeting by PCAOB Board Member Jeanette Franzel
PCAOB - 10/20/2014
Discusses the importance of views and advice from the PCAOB's Investor Advisory Group (IAG) and outlines the framework for considering these views.

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