The US Public Company Accounting Oversight Board (PCAOB) has updated its standard-setting, research and rule-making agendas, outlining the board’s current priorities and incorporating feedback from stakeholders.
In a statement, the non-profit organisation said this was the “first time” it had sought public comment to help shape the agendas.
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It said the approach reflects chairman Demetrios Logothetis’ intention to ensure “all perspectives are considered during standard-setting and research activities”.
Logothetis said: “Feedback from investors, auditors, academics and other stakeholders is critical for the PCAOB to fulfil our mission. In this case, it helped inform our updated standard-setting, research and rule-making agendas and assisted us in refining our priorities.
“Under these updated agendas, we will continue to focus our efforts on projects that are practical, responsive to today’s capital markets, and ultimately, advance audit quality and investor protection.”
The update also sets out upcoming work tied to standards, including the development of a conceptual framework for standard setting.
In June, the board issued its first request for public comment on standard setting. The revised agendas set priorities across standards development and implementation, research and rule-making.
On the standard-setting side, the board identified projects covering negative assurance related to comfort letter engagements, auditor independence, fraud, non-compliance with laws and regulations, and going concern.
Its research agenda includes data and technology, firm and engagement performance metrics, and communications with audit committees.
The rule-making agenda includes a project to create a permanent broker-dealer inspection programme.
The PCAOB is a non-profit corporation established by the US Congress to oversee audits of public companies.
Its role is aimed at protecting investors and supporting the preparation of informative, accurate and independent audit reports.
It also oversees audits of brokers and dealers registered with the Securities and Exchange Commission, including compliance reports filed under federal securities laws.
