The US Office of Internal Oversight and Performance Assurance (IOPA) has made eightrecommendations to improve the Public Company Accounting Oversight Board’s (PCAOB)procurement process.
The IOPA made the recommendations, which includes streamlining purchase approvalsand creating additional definitions regarding roles and responsibilities among the PCAOB’sOffice of Administration’s (OA) procurement staff, the Office of General Counsel and theFinance 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 saidthese issues were understandable given the boards rapid growth since inception, and statedthe OA had undertaken a significant effort to catalogue improvements to its procurementfunction and develop appropriate corrective action plans that were underway at the time ofthe review.
Based on the review, the IOPA concluded that OA should continue its ongoing efforts toenhance 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 assessingacquisition functions developed by the US Government Accountability Office (GAO), as wellas research conducted by nongovernment entities," the IOPA wrote in its report.
Related linksPublic Company Accounting Oversight Board