The US Office of Internal Oversight and Performance Assurance (IOPA) has made eight
recommendations to improve the Public Company Accounting Oversight Board’s (PCAOB)
procurement process.

The IOPA made the recommendations, which includes streamlining purchase approvals
and creating additional definitions regarding roles and responsibilities among the PCAOB’s
Office of Administration’s (OA) procurement staff, the Office of General Counsel and the
Finance Office, as part of its annual review of the oversight body’s 2011-2015 Strategic Plan.

The IOPA also called for the PCAOB to make some technology upgrades, however, it said
these issues were understandable given the boards rapid growth since inception, and stated
the OA had undertaken a significant effort to catalogue improvements to its procurement
function and develop appropriate corrective action plans that were underway at the time of
the review.

Based on the review, the IOPA concluded that OA should continue its ongoing efforts to
enhance the stature and effectiveness of the procurement function. According to the PCAOB,
the OA has agreed with the recommendations and intends to implement as the IOPA has said.

IOPA’s review consisted of an analysis of the PCAOB’s existing procurement processes;
limited transaction testing; interviews with OA procurement staff, procurement customers,
and other PCAOB staff; and a survey of procurement best practices.

"We consulted a number of professional resources, including a framework for assessing
acquisition functions developed by the US Government Accountability Office (GAO), as well
as research conducted by nongovernment entities," the IOPA wrote in its report.

Related links
Public Company Accounting Oversight Board

Office of Internal Oversight and Performance Assurance