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 to meet June 30 to consider alternative for improving audit transparency and concept release on audit quality indicators
PCAOB - 06/25/2015
The PCAOB will meet on June 30 to consider issuing a supplemental request for comment on its 2013 proposal 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 will consider seeking comment on 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. The board will also consider issuing for public comment a concept release on the content and possible uses of a group of potential audit quality indicators, quantitative measures that may provide new insights about how to evaluate the quality of audits.

PCAOB issues staff consultation paper seeking comment on the auditor using the work of specialists
PCAOB - 05/28/2015
The PCAOB issued for public comment a staff consultation paper on potential standard-setting activities related to the auditor using the work of specialists. The staff consultation paper discusses the increased use and importance of specialists in recent years due, in part, to the increasing complexity of business transactions reported in a company’s financial statements. The paper also raises questions about whether PCAOB standards adequately address the auditor's use of the work of an auditor’s or a company’s specialists, and whether more rigorous standards and specific procedures are needed in this regard to help the auditor respond to the risks of material misstatement in financial statements.

PCAOB Standing Advisory Group to meet on June 18
PCAOB - 05/28/2015
The PCAOB announced that it will hold a meeting of its Standing Advisory Group (SAG) on June 18 to discuss (1) the staff consultation paper on using the work of specialists, and (2) an update on the staff's work in developing a new standard on auditing accounting estimates, along with a discussion of three areas where the staff is seeking SAG member views: emphasizing professional skepticism, addressing significant measurement uncertainty, and using third parties.

PCAOB issues Audit Committee Dialogue
PCAOB - 05/7/2015
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 - 03/31/2015
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 - 03/31/2015
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.

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Select Speeches

For a listing of all speeches visit the PCAOB website.

Remaks 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.

Remarks by Steven Harris at Kennesaw State University
PCAOB - 05/14/2015
PCAOB Board Member Steven Harris shared his views on the background and priorities of the PCAOB.

Remarks by Jay Hanson at the Citadel Directors’ Institute
PCAOB - 05/01/2015
PCAOB Board Member Jay Hanson provided some background information on the PCAOB and shared his views on the PCAOB's work related to public company directors and management.

Remarks by Jeanette Franzel at the Institute of Internal Auditors 2015 General Audit Management Conference
PCAOB - 03/09/2015
PCAOB Board Member Jeanette Franzel shared her perspective on the relationships between investors, audit committees, CFOs and other business leaders, and external auditors, and the contributions that internal auditors make to the assurance process. She also discussed the PCAOB inspection results involving the external auditor's use of the work of internal audit.

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