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 seeks comments on auditing accounting estimates and fair value measurements 
PCAOB - 08/19/2014
The PCAOB issued for public comment a Staff Consultation Paper on standard-setting activities related to auditing accounting estimates and fair value measurements. The paper was prepared by the Office of the Chief Auditor as part of its outreach efforts to seek input on current audit practice, the potential need for changes to PCAOB standards, and possible alternative actions related to auditing accounting estimates and fair value measurements, as well as derivative instruments and securities.

PCAOB issues third report on interim inspection program for broker and dealer auditors
PCAOB - 08/18/2014
he PCAOB published the third progress report on its interim inspection program for auditors of brokers and dealers, covering the audit deficiencies and independence findings identified in audits selected for inspection during 2013 that had financial statement periods ended on June 30, 2012 through June 30, 2013.

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.

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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.

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