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 Standing Advisory Group to meet on November 20-21
PCAOB - 11/06/2014
The PCAOB announced that it will hold a meeting of its Standing Advisory Group (SAG) on November 20-21 to discuss (1) fraud detection by auditors, (2) auditing revenue, and (3) a summary presentation of comments received on the staff consultation paper on auditing accounting estimates and fair value measurements.

PCAOB updates standard-setting agenda
PCAOB - 09/30/2014
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 Investor Advisory Group to meet on October 20
PCAOB - 09/29/2014
The PCAOB announced that its Investor Advisory Group is scheduled to meet on Monday, October 20. The agenda includes discussions on (1) audit firm business model and incentives, (2) how to improve audit quality and the relevancy of the audit, and (3) the relationship and role of the auditor with the audit committee.

PCAOB Issues Staff Audit Practice Alert on the Auditor’s Consideration of a Company’s Ability to Continue as a Going Concern
PCAOB - 09/22/2014
The PCAOB published Staff Audit Practice Alert No. 13, Matters Related to The Auditor's Consideration of a Company's Ability to Continue as a Going Concern, to remind auditors to continue to follow existing PCAOB standards when considering a company's ability to continue as a going concern. This alert is being issued in light of recent changes to U.S. GAAP about disclosure of uncertainties about a company's ability to continue as a going concern.

PCAOB Standing Advisory Group to meet on October 2
PCAOB - 09/18/2014
The PCAOB'S Standing Advisory Group (SAG) will meet on October 2 to discuss the potential need for changes to PCAOB standards for auditing accounting estimates and fair value measurements. The SAG meeting agenda includes panel discussions offering unique perspectives on the potential need for changes to the standards for auditing estimates and fair value measurements. The discussion also will include developments in the accounting rules and valuation practices that affect auditing in this area.

PCAOB Issues Staff Audit Practice Alert on Auditing Revenue in Light of Frequently Observed Significant Audit Deficiencies
PCAOB - 09/09/2014
The PCAOB published Staff Audit Practice Alert No. 12 to address the application of certain requirements in PCAOB standards when auditing revenue that are relevant to the significant audit deficiencies frequently found during inspections.

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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.

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 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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