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.
PCAOB Extends Comment Period for Reproposed Amendments to Improve Transparency by Requiring Disclosure of the Engagement Partner and Certain Participants in the Audit
PCAOB - 01/30/2014
The PCAOB has extended until March 17, 2014, the comment period on the reproposed amendments to PCAOB auditing standards that would provide greater transparency into audits of public companies, brokers, and dealers about the engagement partner and certain other participants in the audit.
PCAOB Posts Updated Standard-Setting Agenda
PCAOB - 12/31/2013
The PCAOB published 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 issues report on implementation of AS 7 on engagement quality review
PCAOB - 12/6/2013
The PCAOB released a report that provides information about registered audit firms' implementation of, and compliance with, Auditing Standard No. 7, Engagement Quality Review , based on its 2011 inspections of registered public accounting firms. The engagement quality review is an important aspect of an audit, because it can serve as an important safeguard against erroneous or insufficiently supported audit opinions and, accordingly, can contribute to audit quality.
PCAOB proposes amendments to improve audit transparency through disclosure of engagement partner and certain other participants in audits
PCAOB - 12/4/2013
The PCAOB has reproposed for public comment amendments to its auditing standards that aim to provide transparency into audits of public companies, brokers, and dealers about the engagement partner and certain other participants in the audit. This most recent proposal is a follow-up to one issued by the PCAOB in an October 2011.
PCAOB Approves Dodd-Frank Conforming Amendments for Broker-Dealer Audits and Certain Other Updates and Clarifications
PCAOB - 12/04/2013
The PCAOB approved amendments, as well as certain updates and clarifications, to tailor certain of its rules to the audits and auditors of brokers and dealers registered with the SEC, as authorized by the Dodd-Frank Act.
PwC comments on PCAOB's reproposal to disclose name of engagement partner and certain other participants in the audit
PCAOB - 02/04/2014
PwC supports transparency about the engagement partner and audit participants through means other than the audit report.
PwC comments on PCAOB's proposed auditor reporting and other information standards
PCAOB - 12/11/2013
PwC supports changes to the audit report and auditor's responsibilities for other information that are responsive to user feedback yet maintain or improve audit quality.
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.
Amendments to Conform the Board's Rules and Forms to the Dodd-Frank Act and Make Certain Updates and Clarifications
PCAOB - 12/4/2013
The PCAOB has approved amendments, as well as certain updates and clarifications, to tailor certain of its rules to the audits and auditors of brokers and dealers registered with the SEC, as authorized by the Dodd-Frank Act.
Standards for Attestation Engagements Related to Broker and Dealer Compliance or Exemption Reports Required by the U.S. Securities and Exchange Commission and Related Amendments to PCAOB Standards
PCAOB - 10/10/2013
The PCAOB has adopted two attestation standards pertaining to audits of brokers and dealers that will help protect customer funds by enhancing the quality of compliance information provided to the SEC and used in its regulatory oversight of broker-dealers. The attestation standards cover the auditor's examination of compliance reports and the auditor's review of exemption reports.
For the full list of PCAOB proposed rules, please visit the PCAOB website.
Proposed Rule: Improving the Transparency of Audits: Proposed Amendments to PCAOB Auditing Standards to Provide Disclosure in the Auditor's Report of Certain Participants in the Audit
PCAOB - 12/4/2013
The PCAOB is reproposing amendments to its standards that would improve the transparency of public company audits. The amendments would require (1) disclosure in the auditor's report of the name of the engagement partner and (2) disclosure in the auditor's report of the names, locations, and extent of participation of other independent public accounting firms that took part in the audit and the locations and extent of participation of other persons not employed by the auditor that took part in the audit. Comments are due by March 17, 2014.
For a listing of all speeches visit the PCAOB website.
Remarks by Jay Hanson at the SEC Institute 29th Annual SEC Reporting & FASB Forum
PCAOB - 12/16/2013
PCAOB Board Member Jay Hanson provided an update on current PCAOB activities and discussed (1) the relevance of the audit, (2) future audit standards, and (3) audit committees.
Remarks by Greg Jonas at the 2013 AICPA National Conference on SEC and PCAOB Developments
PCAOB - 12/10/2013
Greg Jonas, PCAOB Office of Research and Analysis Director, provided an update on the Board's audit quality indicator (AQI) project.
Remarks by Martin Baumann at the 2013 AICPA National Conference on SEC and PCAOB Developments
PCAOB - 12/10/2013
PCAOB Chief Auditor Martin Baumann provided an update on PCAOB auditing standard setting and discussed a number of very important projects underway at the PCAOB Office of the Chief Auditor.
Remarks by James Doty at the 2013 AICPA National Conference on SEC and PCAOB Developments
PCAOB - 12/09/2013
PCAOB Chairman James Doty discussed PCAOB initiatives aimed (1) at dispelling the notion that the audit largely irrelevant to the investment process today and (2) raising awareness about how critical the audit is to our economic success, and buttressing investor interest and confidence in it.