Public Company Accounting Oversight Board (PCAOB)


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 publishes first staff inspection brief on broker-dealer inspection program for 2015
PCAOB - 09/1/2015
The PCAOB published a staff inspection brief that details the objectives, focus, and scope of its ongoing inspections in 2015 of auditors of brokers and dealers, the first full year of these inspections in which all of the audits inspected were governed by PCAOB standards. It is the first edition in a series of staff inspection briefs that will provide additional detail about the PCAOB inspection process, from scope documents to results and summaries of inspection findings.

PCAOB Investor Advisory Group to meet on September 9
PCAOB - 08/19/2015
The PCAOB announced that its Investor Advisory Group is scheduled to meet on Wednesday, September 9. The agenda topics include (1) an investor survey on matters the PCAOB should consider, (2) investor perspectives on certain PCAOB publications, and (3) the auditor's evaluation of going concern. The PCAOB Investor Advisory Group is a forum for the investor community to provide the board with views and advice on matters affecting investors and the work of the PCAOB.

PCAOB issues annual report on interim inspection program for broker and dealer auditors
PCAOB - 08/18/2015
The PCAOB issued an annual report on its interim inspection program for auditors of brokers and dealers registered with the SEC that identified high levels of independence findings and audit deficiencies, similar to reported findings and deficiencies in previous years. For inspections conducted in 2014, PCAOB staff identified independence findings in 26 of the 106 audits selected for inspection, primarily related to assisting with the preparation of financial statements. Twenty of those audits were performed by firms that did not also audit public companies or other issuers.

PCAOB publishes public portion of 2014 inspection report of PwC
PCAOB - 07/21/2015
The PCAOB issued the public version of its "Report on 2014 Inspection of PricewaterhouseCoopers LLP," which generally covered calendar 2013 audit engagements.

PCAOB updates standard-setting agenda
PCAOB - 07/2/2015
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.

PCAOB Seeks Public Comment on Indicators That May Improve Understanding of Audit Quality
PCAOB - 06/30/2015
The PCAOB issued a concept release seeking comment on the content and possible uses of audit quality indicators, measures that may provide new insights into audit quality. Taken together with qualitative context, AQIs may inform and enhance discussions among those concerned with the financial reporting process, such as audit committees, audit firms, investors, and regulators. Enhanced discussions could improve audits and stimulate competition among audit firms based on the quality of work.

PCAOB Solicits Public Comment on Disclosure of the Engagement Partner and Other Participants in the Audit on a New PCAOB Form
PCAOB - 06/30/2015
The PCAOB issued a supplemental request for comment on whether to require firms to file a new PCAOB form to make public the name of the audit engagement partner and information about certain other participants in the audit. The Board is seeking comment on the proposed form, PCAOB Form AP, as a potential alternative to the Board's 2013 proposal to promote audit transparency by providing these disclosures in the auditor's report.

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PwC Comment letters

PwC comments on the PCAOB's identification of partner and others on new form
PCAOB - 8/31/2015
PwC is supportive of the proposal in the Supplemental Request to disclose the name of the engagement partner and information about certain other audit participants in a newly created PCAOB form (Form AP), rather than the auditor's report.

PwC comments on the PCAOB's use of specialists paper
PCAOB - 8/4/2015
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.

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Proposed Rules

For the full list of PCAOB dockets open for public comment, please visit the PCAOB website.

Supplemental Request for Comment: Rules to Require Disclosure of Certain Audit Participants on New PCAOB Form
PCAOB - 06/30/2015
The PCAOB is issuing this supplemental request for comment on its 2013 reproposal to require auditors to disclose in the auditor's report the name of the engagement partner and information about certain other participants in the audit. The Board is considering an alternative to disclosure of this information in the auditor's report, whereby the information would be required to be disclosed on a new PCAOB form. This supplemental request for comment seeks commenters' views on disclosure on a new PCAOB form.

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Select Speeches

For a listing of all speeches visit the PCAOB website.

Remarks by Jeanette Franzel at the American Accounting Association Annual Meeting
PCAOB - 08/08/2015
PCAOB Board Member Jeanette Franzel shared her views on what the PCAOB is seeing in its inspections of internal control over financial reporting (ICFR) and what the data show about ICFR audit opinions. In addition, she discussed the possible effect of ICFR audits and inspections on audit fees and highlighted potential areas for research and inquiry in these areas.

Remarks by James Doty at the 2015 FEE Audit Conference
PCAOB - 06/22/2015
In his remarks at the 2015 FEE Audit Conference in Belgium, PCAOB Chairman James Doty discussed the role of regulators and the PCAOB in ensuring that the audit remains critical to robust capital formation and economic growth. Mr. Doty indicated that the PCAOB plans to seek public comment on a new form that an auditor would file with the PCAOB identifying the engagement partner for a particular audit. In addition, Mr. Doty mentioned that the board plans to consider issuing a concept release on a set of audit quality measures that could be tracked by firms, audit committees or markets.

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