The US Public Company Accounting Oversight Board (PCAOB) has introduced a Firm Consultation Process to be administered by its Office of the Chief Auditor (OCA).
The process gives registered public accounting practices a direct channel to PCAOB staff.
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Businesses can submit queries to the OCA and receive “informal staff views” on implementing new standards and applying existing requirements.
PCAOB chairman Demetrios Logothetis said: “Delivering clear guidance is essential to the PCAOB’s efforts to drive further improvement in audit quality.
“This staff-led consultation process is designed to help firms implement new standards and apply our standards more consistently, which will ultimately fulfill the PCAOB’s mission to protect investors.”
Through the new mechanism, registered companies may request consultations with the OCA on interpreting and applying PCAOB auditing, attestation and quality control standards, along with related rules and forms.
They may also seek consultations on PCAOB ethics and independence standards and rules.
To initiate a consultation, companies are required to submit a request via the Consultation Intake Form.
The OCA does not plan to disclose individual consultation requests.
However, it may issue public guidance where questions recur or are considered broadly relevant.
The PCAOB is a non-profit entity established by the US Congress to oversee audits of public companies, with a mandate to protect investors and advance the public interest by supporting informative, accurate and independent audit reports.
Last month, the PCAOB created a new advisory group, called the Inspections Modernisation Council, and invited external stakeholders to join.
