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PCAOB

Summary
The Public Company Accounting Oversight Board (PCAOB) is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect investors and the public interest by promoting informative, accurate, and independent audit reports.

Proposed rules
EY comment letters
Selected PCAOB speeches
Selected news releases

Proposed rules

4 December 2013

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
The PCAOB reproposed for public comment 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. Comments on the reproposed amendments are due by 3 February 2014. On 30 January 2014, the PCAOB announced it extended the comment period until 17 March 2014.

13 August 2013

Auditor's report and the auditor's responsibilities regarding other information and related amendments
The PCAOB proposed a new auditing standard and related amendments to enhance the auditor's reporting model. The proposed standard would retain the pass/fail model in the existing auditor's report, but would provide additional information to investors and other financial statement users about the audit and the auditor. Comments are due 11 December 2013. A fact sheet (pdf, 54.2kb) on the proposal is also available.

7 May 2013

Re-proposed exposure draft on related parties
The PCAOB reproposed for public comment an auditing standard, Related Parties, and related amendments to other standards to address areas that have been contributing factors in a number of financial reporting frauds. The reproposed standard, if adopted, would increase the auditor's focus on the evaluation of a company's identification of, accounting for, and disclosure of its relationships and transactions with related parties. Comments are due 8 July 2013.

26 March 2013

Proposed framework for reorganization of PCAOB auditing standards
The PCAOB proposed a framework for reorganizing the existing interim and PCAOB-issued auditing standards into a topical structure with a single integrated numbering system.

28 February 2012

PCAOB proposes to amend rules and forms related to auditors of brokers and dealers
The PCAOB today proposed amendments to its rules and forms to apply them to auditors of brokers and dealers registered with the SEC, as authorized by the Dodd-Frank Act.

28 February 2012

Proposed auditing standard - Related parties
The PCAOB has issued for public comment a proposed auditing standard on related parties. The PCAOB believes the proposed standard would improve the auditor's evaluation of a public company's identification of, accounting for, and disclosure about its relationships and transactions with related parties. The PCAOB also is proposing amendments to enhance the auditor's identification and evaluation of a company's significant unusual transactions. Comments are due 15 May 2012.

20 December 2011

Proposed auditing standards related to communications with audit committees
The PCAOB re-proposed for comment an auditing standard on communications with audit committees. The standard was initially proposed on March 29, 2010. Like the original proposal, the re-proposed standard would establish requirements that enhance the relevance and quality of the communications between the auditor and the audit committee.

11 October 2011

Proposed amendments to improve transparency through disclosure of engagement partner and certain other participants in audits
The PCAOB's proposal would require the disclosure of the engagement partner’s name along with certain key participants in public company audits. James Doty, Chairman of the PCAOB, said the proposal would improve the transparency of audits. Comments are due by 9 January 2012.

16 August 2011

Concept release on auditor independence and audit firm rotation
The PCAOB's concept release outlines its thoughts on possible ways to enhance auditor independence, objectivity and professional skepticism, including mandatory audit firm rotation. Comments are due 14 December 2011.

12 July 2011

Attestation engagements related to broker and dealer compliance or exemption reports required by the SEC and related amendments to PCAOB standards
The PCAOB's proposed attestation standards would describe the auditor's responsibilities for the examination report and the review report required by SEC proposed Rule 17a-5. Comments are due 12 September 2011.

12 July 2011

Auditing supplemental information accompanying audited financial statements and related amendments to PCAOB standards
The PCAOB's proposal would establish the auditor's responsibilities when the financial statement auditor is engaged to audit and report on supplemental information that accompanies the audited financial statements.

21 June 2011

Possible revisions to PCAOB standards related to reports on audited financial statements and related amendments to PCAOB standards
The PCAOB's concept release provides approaches to changing the content and form of the auditor's report on financial statements. The Board said it intends to retain the current pass-fail aspect of the auditor's report but also seek ways to enhance the report to address the needs of investors.

5 August 2010

Application of the “Failure to Supervise” provision of the Sarbanes-Oxley Act of 2002
The PCAOB's proposal (1) highlights the scope of section 105(c)(6) of the Sarbanes-Oxley Act of 2002 that authorizes the PCAOB to impose sanctions on registered public accounting firms and their supervisory personnel for failing to reasonably supervise.

13 July 2010

Confirmation and related amendments to certain PCAOB auditing standards
The PCAOB's proposal would introduce certain limitations on the involvement of internal auditors in the confirmation process.

29 March 2010

Communications with audit committees
The PCAOB's proposal would enhance auditors’ communications with audit committees including audit committee members, investors, auditors, issuers and others.

28 July 2009

Concept release on requiring the engagement partner to sign the audit report
The concept release was issued to solicit public comment on the effects of a potential requirement for the auditor with final responsibility for the audit to sign his or her name on the audit report in addition to the signature of the audit firm.

EY comment letters

18 December 2013

Comment Letter - Proposed auditing standards on the auditor's report and the auditor's responsibilities regarding other information and related amendments
In our comment letter, we supported the PCAOB's effort to enhance the auditor’s report. However, we believe that certain elements of the proposal may be difficult to apply in practice. We also expressed concerns that the proposed requirements for other information would significantly expand the auditor’s performance responsibilities and result in increased liability risks for audit firms. In addition, while we support more transparency about auditor tenure, we believe that these disclosures can be made outside the auditor’s report. We recommended changes to the proposal to address these concerns.

8 July 2013

Comment letter - PCAOB reproposal on related party transactions
In our comment letter, we express our support for the reproposal. We have one concern with the reproposal regarding the proposed effective date. The Board proposes that the reproposal would be effective, subject to approval by the Securities and Exchange Commission (SEC), for audits of financial statements for fiscal years beginning on or after 15 December 2013. We believe that this effective date is operational only if the SEC approves the reproposal before 31 October 2013.

28 May 2013

Comment letter - PCAOB’s proposed framework for reorganizing its auditing standards
In our comment letter, we say that we do not support the proposed reorganization at this time. While we agree that reorganizing the standards may help users navigate them more easily, we disagree with the PCAOB’s assertion that the proposed reorganization would help avoid confusion between the PCAOB’s standards and the recently reorganized standards of the ASB or that the proposed structure would facilitate comparison of PCAOB and IAASB standards.

31 May 2012

Comment Letter - Proposed PCAOB auditing standard on related parties
Our comment letter supports the Board’s efforts to update the requirements of AU Section 334, Related Parties, and adopt other proposed amendments. We believe these actions have the potential to improve audit quality. However, we have some concerns with certain aspects of the proposal that are addressed in our letter.

30 April 2012

Comment Letter - PCAOB proposal on rules and form amendments related to broker dealers
Our letter to the PCAOB generally supports the proposed changes to the Board’s rules and forms to conform to the Dodd-Frank Act. The proposed amendments include references to audits and auditors of brokers and dealers in relevant Board rules and forms and other technical changes.

29 February 2012

Comment Letter - PCAOB proposal on communications with audit committees
Our letter supports the PCAOB's efforts to enhance communication with audit committees and provide additional information to help audit committees fulfill their oversight responsibilities. We believe the proposal will help enhance audit quality. Our comment letter also offers suggestions to improve the final standard.

9 January 2012

Comment Letter - PCAOB proposal to disclose engagement partner and certain other participants in audits
In our letter to the PCAOB on its proposal to improve the transparency of audits by disclosing the engagement partner and certain other participants in audits, we support additional disclosure of other participants but suggest modifications that would make the information more useful to users of financial statements and simpler for firms to compile.

18 November 2011

Comment letter - PCAOB concept release on auditor independence and audit firm rotation
In our letter, we affirm our view that auditor independence, objectivity and professional skepticism are of paramount importance, but state that we do not believe mandatory audit firm rotation would improve audit quality or auditor skepticism. In fact, we believe it would harm corporate governance, investor interests and the objective of maintaining a robust, highly skilled independent accounting profession performing high-quality audits. In addition, we outline our ideas on measures that should be considered by the PCAOB to achieve its objectives and our views on other ideas presented in the concept release.

18 November 2011

Summary of key messages - PCAOB concept release on auditor independence and mandatory firm rotation
This document provides a summary of Ernst & Young's key messages to the PCAOB as expressed in our comment letter on the concept release on auditor independence and audit firm rotation.

30 September 2011

Comment Letter - Concept release on possible revisions to PCAOB standards related to reports on audited financial statements
Our comment letter to the PCAOB supports responsible change to the auditor reporting model and outlines a possible approach to revising the auditor’s reporting model.

12 September 2011

Comment Letter - PCAOB’s proposed attestation standards for broker-dealer engagements
Our comment letter support the PCAOB’s proposed effective date and recommends that the PCAOB (1) provide guidance for auditors when evaluating material non-compliance with the Financial Responsibility Rules, (2) provide guidance on specific engagement quality reviewer procedures to be performed in the contemplated engagements and (3) clarify certain concepts included in the proposing release and related existing PCAOB standards.

12 September 2011

Comment Letter - Proposed auditing standard related to auditing supplemental information
Our comment letter to the PCAOB supports its effort to update its interim standard and we agree that an “in relation to” report is the appropriate level of reporting for supplemental information. However, we state in our letter that we believe some of the enhancements are not consistent with the “in relation to” reporting model that was retained in the proposed standard.

12 November 2010

Comment Letter - Application of the “failure to supervise” provision of the Sarbanes-Oxley Act of 2002
Our comment letter provides our views on the PCAOB Concept Release with regard to sanctions on registered public accounting firms for failing reasonably to supervise.

13 September 2010

Comment Letter - PCAOB proposed auditing standard–confirmation
Our comment letter provides our views on the PCAOB's proposed rule on audit confirmations.

27 May 2010

Comment Letter - Communications with Audit Committees
Our comment letter provides our views on the PCAOB's proposal on communications to audit committees.

9 September 2009

Comment Letter - Concept release on requiring the engagement partner to sign the audit report
Our comment letter provides Ernst & Young views on the PCAOB concept release on engagement partner sign-off of an audit report.

Selected PCAOB speeches

31 March 2014

Jay D. Hanson, PCAOB board member, remarks at the 2014 Beta Alpha Psi midwest regional meeting
PCAOB Board Member Jay D. Hanson gave a speech entitled, A Call to Action for Future Auditors, at the 2014 Beta Alpha Psi midwest regional meeting to a group of young people preparing to enter the accounting profession.

26 March 2014

Jeanette M. Franzel, PCAOB board member, remarks as part of the Institute of Internal Auditors' 2014 General Audit Management Conference
PCAOB Board Member Jeanette M. Franzel gave a speech entitled, Effective Audits of Internal Control in the Current "Perfect Storm," as part of the Institute of Internal Auditors’ 2014 General Audit Management Conference.

20 March 2014

Steven B. Harris, PCAOB board member, remarks at the American University Kogod School of Business
PCAOB Board Member Steven B. Harris gave a speech entitled, The Importance of Auditing and Audit Regulation to the Capital Markets, at the American University Kogod School of Business. He discussed the enactment of the Sarbanes-Oxley Act with an overview of the PCAOB and some priorities for the coming year.

18 March 2014

Remarks by PCAOB board member Jay D. Hanson as part of the CBI 10th annual pharma/biotech accounting & reporting congress in Philadelphia
PCAOB board member Jay D. Hanson discussed the role of the PCAOB and some of its current activities that may affect the pharmaceutical, biotechnology, medical device and healthcare industries.

13 March 2014

Jeanette M. Franzel, PCAOB board member, remarks at the eighth annual Washington Women Speak: How Women Leaders Succeed
On 13 March 13, PCAOB Board Member Jeanette M. Franzel participated in the Eighth Annual Washington Women Speak conference with a talk entitled, "Leadership in Public Accounting Firms: Why So Few Women?" The conference was designed to highlight and promote women's leadership in government, business, and the accounting profession.

10 December 2013

Remarks by PCAOB Chief Auditor Martin Baumann as part of the AICPA National Conference on SEC and PCAOB Developments in Washington, DC.
Martin Baumann, PCAOB Chief Auditor, delivered a speech entitled, "Update on PCAOB auditing standard setting," at the AICPA National Conference on SEC and PCAOB Developments.

9 December 2013

Speech by James R. Doty as part of the AICPA National Conference on SEC and PCAOB Developments in Washington, DC.
James R. Doty, PCAOB Chairman, delivered a speech entitled, "Enhancing capital formation, investor protection and our economy," at the AICPA National Conference on SEC and PCAOB Developments.

19 November 2013

Jay Hanson, PCAOB board member, remarks as part of the Financial Executives International’s 32nd annual Current Financial Reporting Issues Conference
Jay Hanson, PCAOB Board member, delivered a speech at the Financial Executives International’s 32nd annual Current Financial Reporting Issues Conference. He gave a PCAOB update for those on the front lines of financial reporting.

25 October 2013

Jay Hanson, PCAOB board member, remarks at the Brigham Young University accountancy alumni conference
Jay Hanson, PCAOB Board member, gave a speech at the Brigham Young University accountancy alumni conference. He discussed the PCAOB's past projects and current activities.

13 October 2013

Address by PCAOB Board Member, Jeanette M. Franzel at NACD Board Leadership Conference 2013
Ms. Franzel, PCAOB Board member, delivered a speech at the NACD Board Leadership Conference 2013 in National Harbor, MD entitled, "Achieving High Quality Audits to Promote Integrity and Investor Protection."

13 September 2013

Jay Hanson, PCAOB board member, speech at the AICPA National Audit Committee Forum
Jay Hanson, PCAOB Board member, discussed his views on how the PCAOB can enhance transparency and communications with stakeholders, including, in particular, investors and audit committees.

19 August 2013

Statement regarding the second report on the progress of the interim inspection program related to audits of brokers and dealers
Jay Hanson, PCAOB Board member, made a statement on the release of the second report on the progress of the interim inspection program related to audits of brokers and dealers.

13 August 2013

Statement by James R. Doty on proposed auditing standards regarding the auditor’s report and the auditor’s responsibilities regarding other information
James R. Doty, PCAOB Chairman, made a statement at the open meeting on the proposed auditing standards regarding the auditor's report and the auditor's responsibilities regarding other information. Statements were also made by Board members Lewis Ferguson, Jeanette Franzel, Jay Hanson, and Steven Harris.

5 August 2013

PCAOB Board member Jeanette M. Franzel presentation at the American Accounting Association annual meeting
PCAOB Board member, Ms. Franzel delivered a presentation on the topic "Auditor objectivity and skepticism - What’s next?" as part of the American Accounting Association’s annual meeting in Anaheim, California.

2 May 2013

Jay Hanson, PCAOB board member, remarks at the Baruch College 12th annual financial reporting conference
Jay Hanson, PCAOB Board member, gave the keynote address at the Baruch College 12th annual financial reporting conference. He discussed the PCAOB's evolution over the last ten years and shared some personal observations about challenges faced by the audit profession today.

18 April 2013

Speech by James R. Doty, PCAOB Chairman, as part of the ICAS Aileen Beattie Memorial Lecture in London
As part of the ICAS Aileen Beattie Memorial Lecture in London, Mr. Doty discussed the role of the audit in the global economy.

28 February 2013

Jay Hanson, PCAOB board member, remarks at the University of Alabama Culverhouse School of Accountancy Beta Alpha Psi meeting
Jay Hanson, PCAOB Board member, discusses his views on (1) PCAOB, audit regulation and investor protection, (2) careers, professionalism, professional skepticism as auditors, and (3) a few of the ongoing projects at the PCAOB.

26 February 2013

Remarks by board member Jeanette M. Franzel, as part of the Wayne State University George R. Husband distinguished lecture series
At the lecture series, Ms. Franzel provided an update on the basic mission activities of the PCAOB in the four oversight areas - registration, inspections, enforcement, and standards.

14 February 2013

Keynote address by James R. Doty, PCAOB Chairman, at the Florida Bar Association 31st annual federal securities institute
At the conference, Mr. Doty discussed some of the PCAOB's initiatives to enhance the relevance, credibility and transparency of the audit to promote high quality financial reporting.

8 February 2013

Remarks by James R. Doty, PCAOB Chairman, before the University of Texas at Austin 35th annual conference on securities regulation and business law
At the conference, Mr. Doty discussed the work regulators around the world are doing together to improve the quality of global audits, to promote the investing public's - and companies' - interest in accurate reporting.

18 January 2013

PCAOB Board member Jeanette M. Franzel makes speech at the American Accounting Association midyear conference
PCAOB Board member, Ms. Franzel delivered a speech at the American Accounting Association midyear conference entitled, "Protecting investors by seizing the opportunity to strengthen audit quality."

4 December 2012

Remarks by Martin Baumann at the AICPA Conference on Current SEC and PCAOB Developments
At the Conference, Mr. Baumann, Chief Auditor of the PCAOB, discussed AS 16, Communications with Audit Committees, two standard-setting projects, the Auditor's Reporting Model and Going Concern and discussed professional skepticism.

3 December 2012

Remarks by James R. Doty, PCAOB Chairman, before the AICPA National Conference on Current SEC and PCAOB Developments
At the conference, Mr. Doty discussed the importance of high quality, independent auditing, how audit firm culture supports the auditor's work, how the PCAOB's inspection process has improved financial reporting and new initiatives to be undertaken by the PCAOB's Office of Research and Analysis.

1 November 2012

PCAOB Chairman James R. Doty keynote address at the Association of Audit Committee Members annual meeting in Philadelphia
Chairman James R. Doty delivered the keynote address at the Association of Audit Committee Members annual meeting in Philadelphia entitled, "Governments and the motion men give them."

14 October 2012

PCAOB Board member Jeanette M. Franzel makes speech at the NACD 2012 Board Leadership Conference
Ms. Franzel, PCAOB Board member, delivered a speech to the National Association of Corporate Directors (NACD) 2012 Board Leadership Conference. The speech is entitled: "Protecting Investors through Independent, High Quality Audits."

21 September 2012

PCAOB Board member, Lewis H. Ferguson, makes speech at SEC financial reporting conference
Mr. Ferguson, PCAOB Board member, delivered a speech at the California State University Fullerton Center for Corporate Reporting & Governance’s 11th Annual SEC Financial Reporting Conference. The speech is entitled: "Investor Protection through Audit Oversight."

13 September 2012

PCAOB Board member, Jeanette M. Franzel makes speech at The American Law Institute Continuing Legal Education Group conference
Ms. Franzel, PCAOB Board member, delivered the keynote address at The American Law Institute Continuing Legal Education Group conference on Accountant’s Liability: Litigation and Issues in the Wake of the Financial Crisis. The speech is entitled: "PCAOB: Protecting Investors and the Public Interest."

19 June 2012

PCAOB Board member, Lewis Ferguson, makes speech at SEC conference on investor protection through audit oversight
PCAOB Board member, Lewis Ferguson, delivered remarks at the SEC Conference 2012: An Accounting & Reporting Update for U.S. Listed Companies, entitled, “Investor Protection through Audit Oversight.”

4 June 2012

PCAOB Chairman James R. Doty makes remarks at Compliance Week event in DC
The PCAOB added to its website a speech delivered today by Chairman James R. Doty at Compliance Week 2012, entitled, “Compliance and the Audit: Of Relevance and Investor Protection.”

31 May 2012

PCAOB Chairman James R. Doty makes remarks at the 31st Annual SEC and Financial Reporting Institute Conference
Chairman James R. Doty delivered a speech at the USC Leventhal School of Accounting 31st Annual SEC and Financial Reporting Institute Conference in Pasadena, C.A., entitled, “The Relevance of Audits and the Needs of Investors.”

3 May 2012

Address by PCAOB Board Member, Jeanette M. Franzel, at Baruch College Financial Reporting Conference
Ms. Franzel, PCAOB Board member, delivered the following keynote address at the Baruch College 11th Annual Financial Reporting Conference in New York, N.Y., entitled, “Driving Change to Achieve Independent and High Quality Audits.”

28 March 2012

PCAOB Chairman James R. Doty makes remarks before the U.S. House of Representatives Committee on Financial Services, Subcommittee on Capital Markets and Government Sponsored Enterprises
Chairman Doty provided testimony to the House Subcommittee on Capital Markets and Government Sponsored Enterprises on accounting and auditing oversight and emerging PCAOB issues.

21 March 2012

PCAOB Board member opening statements on the public meeting on auditor independence and audit firm rotation
The PCAOB published to its website Board member opening statements on the Public Meeting on Auditor Independence and Audit Firm Rotation.

5 December 2011

What the PCAOB expects for the current year and beyond - speech by James Doty, PCAOB Chairman
PCAOB Chair James R. Doty delivered a speech at the AICPA’s National Conference on Current SEC and PCAOB Developments in Washington, D.C., entitled, “What the PCAOB expects for the current year and beyond."

10 November 2011

Keynote address by James Doty at the 43rd Annual Securities Regulation Institute meeting
In his address, PCAOB Chair, James Doty, discusses the globalization of securities offerings and the singular implications for audit integrity.

3 November 2011

PCAOB Chairman delivers speech to NYSSCPA on the importance of keeping investors properly informed
PCAOB Chairman, James Doty, delivered a speech at the New York State Society of Certified Public Accountants Auditing Conference in New York City, entitled, "Prizes Captured, Shops Sold, Et Cetera": the Importance of Keeping Investors Properly Informed.

27 October 2011

Myths and realities - the PCAOB and its role in broker-dealer auditor regulation
In his remarks at the AICPA/SIFMA National Conference on the Securities Industry, PCAOB Chairman James Dotyovides some context on some of our current standard-setting initiatives, and what the PCAOB's role will be in regulating the audits of brokers and dealers.

24 October 2011

A fresh look at auditing - remarks by James Doty - NASBA 104th annual meeting
In his remarks at the NASBA 104th Annual Meeting, PCAOB Chairman James Doty discussed some of the challenges facing auditing profession and outlined some of the Board's initiatives to maintain and restore the public's faith in the financial system.

14 October 2011

What's changed: new frontiers for auditors without borders - remarks by PCAOB Chairman James Doty
In his remarks at the 19th Annual SMU Corporate Counsel Symposium, PCAOB Chairman James Doty provided some background information on the PCAOB's work and discussed the PCAOB's current policy and legislative initiatives, including (1) the auditor's reporting model, (2) auditor independence, and (3) audit transparency.

11 October 2011

Statement by James Doty on proposed amendments to improve transparency through disclosure of engagement partner and certain other participants in audits
PCAOB Chairman James Doty provided an overview of the Board's proposal to improve transparency through disclosure of engagement partner and certain other participants in audits.

4 October 2011

Daniel L. Goelzer, PCAOB Board member, discusses audit committees and the work of the PCAOB at the 2011 NACD Board Leadership Conference
Daniel Goelzer, PCAOB Board member, addresses the three ongoing PCAOB initiatives that could make fundamental changes in auditing and have a significant impact on audit committees and their responsibilities: (1) ways to promote auditor independence, including mandatory audit firm rotation; (2) changes to the auditor's reporting model, including a possible Auditor's Discussion and Analysis requirement; and (3) increasing audit transparency by requiring disclosure the name the engagement partner and all audit firms that participated in the audit.

4 October 2011

James Doty, PCAOB Chairman, provides the keynote address: Which way next? Future thinking at the PCAOB at the NACD board leadership conference
PCAOB Chairman Doty provided an overview of the PCAOB's current initiatives and discussed why the PCAOB's work can help independent directors and their audit committees.

23 September 2011

Jay Hanson, PCAOB board member, makes the keynote address at the 10th annual SEC Financial Reporting Conference of the Center for Corporate Reporting and Governance
Jay Hanson, PCAOB Board member, discusses his views on the audit profession and the issues faced by accountants and auditors today. He also addressed the role of the PCAOB in responding to these issues.

15 September 2011

James Doty, PCAOB Chairman, makes remarks on the auditor's reporting model at the PCAOB roundtable
PCAOB Chairman Doty introduced the 15 September PCAOB roundtable, whose purpose will be to elicit the views of 32 experts on the Proposed Concept Release on the auditor's reporting model.

16 August 2011

Statement by James Doty on issuance of a concept release on auditor independence and audit firm rotation
PCAOB Chairman James Doty provided an overview of the concept release on auditor independence and audit firm rotation.

12 July 2011

Statement by James Doty on proposed standard on auditing supplemental information accompanying audited financial statements
PCAOB Chairman James Doty provided an overview of the Board's new proposed standard on auditing supplemental information that would apply to audits of brokers, dealers and issuers, when the auditor is engaged to audit and report on supplemental information that accompanies the audited financial statements.

12 July 2011

Statement by James Doty on proposed standards for attestation engagements related to broker and dealer compliance or exemption reports
PCAOB Chairman James Doty provided an overview of the Board's proposed new standards, which are designed to address the SEC's proposed requirements that brokers and dealers file with their annual financial reports certain supporting schedules required by the current SEC Rule 17a-5 as well as one of two new reports - either a compliance report or an exemption report.

30 June 2011

Keynote address by James Doty at the global dimension conference on audit policy
PCAOB Chairman James Doty discussed how cross-border oversight and auditing can improve the quality, reliability and transparency of financial information.

Selected news releases

2 April 2014

Statements from the public meeting on the auditor's reporting model
The PCAOB posted to its website written statements from panelists who addressed the Board’s Public Meeting on the Auditor's Reporting Model.

31 March 2014

PCAOB enters into cooperative agreement with Swedish audit regulator
The PCAOB announced that it has entered into a cooperative agreement with the Supervisory Board of Public Accountants (RN) of Sweden relating to the oversight of audit firms subject to the regulatory jurisdictions of both regulators. The agreement takes effect immediately.

20 March 2014

PCAOB announces 2014 forums on auditing in the small business environment
The PCAOB announced the dates for seven 2014 Forums on Auditing in the Small Business Environment and the agenda for this year's first forum, which will be held in Dallas, Texas, on Thursday, 8 May. The forum agenda, which is updated every year, is designed to share important information about PCAOB activities with registered accounting firms that audit public companies operating in the small business community.

20 March 2014

PCAOB announces 2014 forums on auditing smaller broker-dealers
The PCAOB announced the dates for four 2014 Forums on Auditing Smaller Broker-Dealers, and the agenda for the first meeting, which will be held in Chicago, Illinois, on Wednesday, 28 May. The forums are designed to share important information about Board activities with PCAOB-registered public accounting firms that audit smaller broker-dealers that are registered with the SEC.

20 March 2014

PCAOB announces panelists and agenda for April public meeting on the auditor's reporting model proposal
The PCAOB announced the panelists and agenda for its 2-3 April public meeting to obtain further input on a proposal to enhance the auditor's reporting model. The meeting will be held in Washington, DC, and the panelists will include investors and investor advocates, senior executives and audit committee chairs of major corporations, representatives from audit firms, academicians, and other interested parties.

20 March 2014

Steven Richards named senior advisor to the director of enforcement and investigations
The PCAOB announced that Steven Richards has been named the Senior Advisor to the Director of the Division of Enforcement and Investigations. Richards has served as Special Advisor to PCAOB Chairman James R. Doty since March 2011. In that role, Richards advised the Chairman on all matters that came before the Board and worked with the other Board members on the Board's priorities.

27 February 2014

PCAOB to host a public meeting 2-3 April on the auditor's reporting model proposal
The PCAOB announced that it will host a public meeting on Wednesday and Thursday, 2-3 April to obtain further input on a proposal to enhance the auditor's reporting model. The meeting will be organized as panel discussions and held in Washington, DC. Panelists will be invited to present their views on the matters raised in the proposal and the Board will have the opportunity to ask questions

31 December 2013

PCAOB posts updated standard-setting agenda
The PCAOB posted an updated Standard-Setting Agenda that outlines milestones on various standard-setting projects.

6 December 2013

PCAOB issues report on implementation of auditing standard on engagement quality review
The PCAOB released a report that provides information about registered audit firms' implementation and compliance with Auditing Standard No. 7, Engagement Quality Review. According to the report, while firms' methodologies generally were consistent with the requirements of Auditing Standard No. 7, they did not always result in an appropriately executed engagement quality review. The report notes that in a number of engagements in which the PCAOB Inspection staff identified audit deficiencies, the staff concluded that the audit deficiency should have been identified by the engagement quality reviewer.

4 December 2013

PCAOB approves Dodd-Frank conforming amendments for broker-dealer audits and certain other updates and clarifications
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 Securities and Exchange Commission, as authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

3 December 2013

PCAOB announces Standing Advisory Group members
The PCAOB announced 17 new and reappointed members to its Standing Advisory Group (SAG). These members will serve three-year terms beginning in January 2014. The advisory group includes experts in the fields of accounting, auditing, financial reporting, corporate finance and corporate governance, as well as experts in investing in public companies. With the new and reappointed members, the SAG now stands at 42 members.

27 November 2013

PCAOB to consider reproposal on improving transparency through disclosure of engagement partner and certain other participants in audits
The PCAOB announced that it has scheduled an open meeting for 9:30 a.m. on Wednesday, 4 December to consider reproposing for public comment amendments to PCAOB auditing standards that would require the disclosure in the auditor's report of the engagement partner and certain other participants in the audit. Also, the Board will consider adoption of proposed amendments that conform PCAOB rules and forms to the Dodd-Frank Act requirements, particularly those establishing PCAOB oversight over audits of brokers and dealers, as well as amendments to certain rules based on the Board's administrative experience.

25 November 2013

PCAOB approves 2013 budget and 2012-2016 Strategic Plan
The PCAOB approved its 2014 fiscal-year budget of approximately $258.4 million and its 2013-2017 strategic plan. The budget is $12.8 million, or 5 percent, above the Board's 2013 budget of $245.6 million.

19 November 2013

PCAOB adds a new "Information for Audit Committees" page
As part of its mission to protect the interests of investors and further the public interest in the preparation of informative, accurate and independent audit reports, the PCAOB is committed to constructive engagement with audit committees in areas of common interest, including auditor independence and audit quality. The PCAOB added a new page to its website: Information for Audit Committees.

6 November 2013

PCAOB announces Center for Economic Analysis
The PCAOB announced that it is establishing a Center for Economic Analysis to study the role and relevance of the audit in capital formation and investor protection. The Center is expected to hire staff and begin operations in early 2014. It will advise the PCAOB on how economic theory, analysis, and tools can be better used to enhance the effectiveness of PCAOB program areas, including standard setting, inspections and other oversight activities.

24 October 2013

Staff Audit Practice Alert No. 11: Considerations for audits of internal control over financial reporting
The PCOAB issued a Staff Audit Practice Alert in light of a significant number of audit deficiencies observed in the past three years related to audits of internal control over financial reporting (ICFR). The Alert discusses the application of certain requirements of Auditing Standard No. 5 and other PCAOB standards to specific aspects of audits of internal control.

21 October 2013

PCAOB Standing Advisory Group meeting
The PCAOB announced that it will hold a meeting of its Standing Advisory Group on Wednesday and Thursday, 13-14 November 2013. The Board also announced that it has scheduled the following SAG meetings for 2014: 28-29 May and 12-13 November.

16 October 2013

Investor Advisory Group meeting materials
The PCAOB added to its website slide presentations and briefing papers from the Investor Advisory Group meeting held on 16 October 2013: report from the Working Group: audit quality indicators; PCAOB communications: general and inspection reports; report from the Working Group: audit firm governance and incentives; and report from the Working Group: auditor interaction with audit committees.

10 October 2013

PCAOB adopts standards for broker-dealer audits and for auditing supplemental information
The PCAOB 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 Board also adopted an auditing standard applicable when auditors are engaged to perform audit procedures and report on supplemental information that broker-dealers and others file with the SEC. Finally, the Board adopted related amendments to other PCAOB standards.

4 October 2013

PCAOB to consider adopting standards for broker-dealer audits and auditing supplemental information
The PCAOB has scheduled an open meeting for 10 October to consider adopting attestation standards for auditors of brokers and dealers, an auditing standard for supplemental information, and related amendments to other PCAOB standards. At the open meeting, the Board will consider two attestation standards related to the auditor's examination of compliance reports and review of exemption reports of broker-dealers.

25 September 2013

PCAOB Investor Advisory Group to meet 16 October 2013
ThePCAOB announced that it will hold a meeting of its Investor Advisory Group on Wednesday, 16 October 2013. Topics that will be discussed at the meeting include: audit quality indicators; auditor interaction with audit committees; audit firm governance and incentives; and PCAOB communications: general and inspection reports.

19 August 2013

PCAOB announces two forums on auditing smaller broker-dealers
The PCAOB announced the dates for its two 2013 Forums on Auditing Smaller Broker-Dealers and the agenda for the first session. The forums are designed to share important information about Board activities with PCAOB-registered public accounting firms that audit brokers and dealers. The first forum this year will be held in Jersey City, N.J., on Thursday, 31 October.

19 August 2013

PCAOB second progress report on the interim inspection program for broker and dealer auditors
The PCAOB released its second progress report on its interim inspection program for auditors of brokers and dealers, covering the audit deficiencies and independence findings identified in inspections performed from March 2012 to December 2012.

13 August 2013

PCAOB proposes a new auditing standard to enhance the auditor's reporting model
The PCAOB proposed for public comment a new auditing standard and related amendments to enhance the auditor's reporting model. The proposed standard would retain the pass/fail model in the existing auditor's report, but would provide additional information to investors and other financial statement users about the audit and the auditor.

12 August 2013

PCAOB annual report
The PCAOB has published its 2012 annual report, which summarizes the activities of the board in 2012 regarding (1) registration, (2) inspections, (3) standards, and (4) enforcement. It also includes the PCAOB’s audited financial statements.

8 August 2013

PCAOB to consider a new auditing standard to enhance the auditor's reporting model
The PCAOB has scheduled an open meeting for 9:30 a.m. on Tuesday, 13 August, to consider proposing for public comment a new auditing standard and related amendments to enhance the auditor's reporting model.

30 June 2013

PCAOB posts standard-setting agenda
The PCAOB posted its standard-setting agenda to its website. The agenda is determined based on Board priorities, results of the PCAOB's oversight of registered public accounting firms, monitoring of the environment, consultation with the Board's Standing Advisory Group ("SAG"), input from the Board's Investor Advisory Group ("IAG"), and discussion with the SEC, among other factors.

24 May 2013

PCAOB enters into enforcement cooperation agreement with Chinese regulators
The PCAOB has entered into a Memorandum of Understanding (MOU) on Enforcement Cooperation with the China Securities Regulatory Commission and the Ministry of Finance. The MOU establishes a cooperative framework between the parties for the production and exchange of audit documents relevant to investigations in both countries’ respective jurisdictions.

7 May 2013

PCAOB reproposes auditing standard, Related parties, and related amendments
The PCAOB reproposed for public comment an auditing standard, Related Parties, and related amendments to other standards to address areas that have been contributing factors in a number of financial reporting frauds. The reproposed standard and amendments include revisions to respond to public comments on the Board's initial proposal issued on 28 February 2012. Comments are due by 8 July 2013.

2 May 2013

PCAOB announces Standing Advisory Group meeting on 15-16 May 2013
The PCAOB announced that it will hold a meeting of its Standing Advisory Group on Wednesday and Thursday, 15-16 May 2013. The meeting agenda includes a discussion of recent PCAOB developments and the Board's current standard-setting activities.

30 April 2013

PCAOB board member Lewis H. Ferguson elected chair of the IFIAR
The PCAOB announced that Board Member Lewis H. Ferguson has been elected Chair of the International Forum of Independent Audit Regulators (IFIAR). IFIAR, comprised of 46 independent audit regulators from around the world, also agreed to a work plan and charter revisions designed, in part, to facilitate IFIAR's role as a global leader in audit quality through comments on standards and through interaction with international organizations.

24 April 2013

PCAOB issues policy statement on extraordinary cooperation in connection with board investigations
The PCAOB published a formal statement concerning the benefits that may be available to registered public accounting firms and individuals who provide extraordinary cooperation in PCAOB investigations.

11 April 2013

PCAOB announces six forums on auditing in the small business environment
The PCAOB announced the dates for six forums and the agenda for this year's first Forum on Auditing in the Small Business Environment. The forums, which are updated every year, are designed to share important information about PCAOB activities with registered public accounting firms that audit clients operating in the small business community.

31 March 2013

PCAOB posts updated standard-setting agenda
The PCAOB posted an updated Standard-Setting Agenda which outlines milestones on various standard-setting projects. The agenda is determined based on consideration of the results of the PCAOB's oversight of registered public accounting firms, monitoring of the environment, consultation with the Board's Standing Advisory Group, input from the Board's Investor Advisory Group, and discussion with SEC staff, among other factors.

26 March 2013

PCAOB issues a proposal for the reorganization of auditing standards
The PCAOB issued for public comment a proposal for the reorganization of PCAOB auditing standards, as well as certain related amendments to its rules and standards. The proposal provides a potential framework for reorganizing the Board's existing interim and PCAOB-issued auditing standards into a topical structure with a single integrated numbering system.

21 March 2013

PCAOB to consider a proposal for the reorganization of auditing standards
The PCAOB has scheduled an open meeting for 26 March to consider issuing for public comment a proposal for the reorganization of PCAOB auditing standards. The proposed reorganization is intended to present the standards in a logical order that generally follows the flow of how one conducts an audit. The proposed reorganization also is intended to help users navigate the standards more easily.

1 March 2013

PCAOB announces Investor Advisory Group members
The PCAOB announced 20 new and reappointed members of its Investor Advisory Group (IAG). These members will serve three-year terms ending in October 2015. The Board established the IAG in July 2009 as a forum for the investor community to provide views and advice on matters affecting investors and the work of the PCAOB.

4 February 2013

PCAOB enters into cooperative agreement with Finnish audit regulator
The PCAOB has entered into a cooperative agreement with the Auditing Board of the Central Chamber of Commerce (AB3C) of Finland relating to the oversight of audit firms subject to the regulatory jurisdictions of both regulators. The agreement takes effect immediately.

4 February 2013

PCAOB enters into cooperative agreement with French audit regulator
The PCAOB has entered into a cooperative agreement with the French High Council for Statutory Auditors (H3C) relating to the oversight of audit firms subject to the regulatory jurisdictions of both regulators. The agreement takes effect immediately.

10 December 2012

PCAOB issues report on inspection observations related to audits of internal control over financial reporting
The PCAOB released a report summarizing inspection observations related to deficiencies in registered public accounting firms' audits of the internal control over financial reporting (ICFR) at public companies.

4 December 2012

PCAOB publishes Staff Audit Practice Alert on maintaining and applying professional skepticism in audits
The PCAOB published a Staff Audit Practice Alert to remind auditors of their requirement to exercise professional skepticism throughout their audits.

30 November 2012

PCAOB announces Standing Advisory Group members and 2013 SAG meeting dates
The PCAOB Board announced 12 new and re-appointed members to its Standing Advisory Group (SAG). These members will serve three-year terms beginning in January 2013. The Board also announced that it has scheduled the following SAG meetings for 2013: May 15-16 and November 13-14 in Washington, D.C.

28 November 2012

PCAOB approves 2013 budget and 2012-2016 Strategic Plan
The PCAOB approved its 2013 fiscal-year budget of approximately $245.6 million and its 2012-2016 Strategic Plan. The budget also needs to be approved by the SEC.

9 November 2012

PCAOB regulatory initiatives
PCAOB Chairman James R. Doty delivered a speech at the Practising Law Institute’s 44th Annual Securities Regulation Institute in New York on recent PCAOB initiatives.

8 November 2012

Upcoming PCAOB SAG meeting on 15-16 November 2012
The PCAOB will be holding a meeting of its Standing Advisory Group (SAG) on 15-16 November 2012. The SAG agenda includes an update on recent PCAOB developments as well as an update on the PCAOB’s current standard-setting activities. The SAG also is expected to discuss the following the auditor's reporting model and the auditor’s approach to detecting fraud.

26 October 2012

PCAOB announces Standing Advisory Group meeting to discuss the auditor’s reporting model and the auditor’s approach to detecting fraud
The PCAOB announced that it will hold a meeting of its Standing Advisory Group on 15-16 November 2012. The meeting agenda includes a discussion of recent PCAOB developments and the Board's current standard-setting activities. Additionally, the SAG will discuss a potential approach to the auditor's reporting model and consideration of engaging in outreach and research regarding the auditor's approach to detecting fraud.

18 October 2012

PCAOB Board member opening statements on the public meeting on auditor independence and audit firm rotation
The PCAOB published to its website Board member opening statements on the Public Meeting on Auditor Independence and Audit Firm Rotation.

18 October 2012

PCAOB posts panelist statements from public meeting
The PCAOB posted to its website written statements from a variety of panelists who are scheduled to address the Board’s Public Meeting on Auditor Independence and Audit firm Rotation.

15 October 2012

PCAOB panelists and schedule for meeting on auditor independence and audit firm rotation on 18 October in Houston
The PCAOB announced the panelists and schedule of appearances for its 18 October public meeting on ways to enhance auditor independence, objectivity, and professional skepticism, including through mandatory rotation, or term limits, for audit firms.

17 September 2012

PCAOB to host third public meeting on auditor independence and audit firm rotation on 18 October in Houston
The PCAOB will host its third public meeting on ways to enhance auditor independence, objectivity, and professional skepticism, including through mandatory rotation, or term limits, for audit firms. The meeting, being held on 18 October in Houston, will consist of panel discussions, during which panelists will be invited to present their views on the matters raised in the PCAOB concept release and board members will have the opportunity to ask panelists follow-up questions.

17 September 2012

PCAOB to host third public meeting on auditor independence and audit firm rotation on 18 October in Houston
The PCAOB will host its third public meeting on ways to enhance auditor independence, objectivity, and professional skepticism, including through mandatory rotation, or term limits, for audit firms. The meeting, being held on 18 October in Houston, will consist of panel discussions, during which panelists will be invited to present their views on the matters raised in the PCAOB concept release and board members will have the opportunity to ask panelists follow-up questions.

21 August 2012

PCAOB soliciting nominations for Investor Advisory Group
The PCAOB is soliciting nominations for members of its Investor Advisory Group (IAG) for the 2012-2014 three-year term. The deadline for submissions is Tuesday, 4 September 2012. Members of the IAG represent a broad spectrum of the investment community, as well as individuals who have a demonstrated history of commitment to investor protection.

20 August 2012

PCAOB issues report on the interim inspection program for broker and dealer auditors
The PCAOB released its first report on the progress of the interim inspection program for auditors of brokers and dealers, providing an overview of the new program and the audit deficiencies identified in the initial group of inspected audits of brokers and dealers.

15 August 2012

PCAOB Adopts Auditing Standard No. 16, Communications with Audit Committees, and Amendments to other PCAOB Standards
The PCAOB adopted Auditing Standard No. 16, Communications with Audit Committees, and amendments to other PCAOB standards. The standard establishes requirements that enhance the relevance and timeliness of the communications between the auditor and the audit committee, and is intended to foster constructive dialogue between the two on significant audit and financial statement matters.

10 August 2012

PCAOB to consider final standard on Communication with Audit Committees
The PCAOB scheduled an open meeting for 15 August to consider adopting an auditing standard, Communications with Audit Committees, and other amendments to PCAOB standards.

1 August 2012

PCAOB issues release concerning its inspection process
The PCAOB issued a release to provide information to audit committees about its inspection process and the meaning of reported inspection results. The goal is to better equip audit committees of public company boards of directors to engage in meaningful discussion with PCAOB-registered audit firms about the results of inspections.

30 July 2012

PCAOB issues statement on 10-year anniversary of Sarbanes-Oxley Act
Since the 2002 Sarbanes-Oxley Act created the Public Company Accounting Oversight Board, the U.S. system of auditor oversight has been fundamentally reformed to better protect investors, serving as a model for the rest of the world, according to a July 31 PCAOB statement on the 10-year anniversary of the law.

28 June 2012

PCAOB posts board member opening statements
The PCAOB published to its website Board member opening statements on the Public Meeting on Auditor Independence and Audit Firm Rotation.

28 June 2012

PCAOB posts panelist statements from public meeting
The PCAOB posted to its website written statements from a variety of panelists who are scheduled to address the Board’s Public Meeting on Auditor Independence and Audit firm Rotation.

14 June 2012

PCAOB extends nomination solicitation period for Standing Advisory Group
The PCAOB announced it has extended the nomination period for its Standing Advisory Group for the 2013-2015 three-year term. The new deadline for submissions is July 15, 2012.

12 June 2012

PCAOB to host second public meeting on auditor independence and audit firm rotation on 28 June in San Francisco
The PCAOB announced that on June 28 it will host its second public meeting to discuss ways to enhance auditor independence, objectivity, and professional skepticism, including through mandatory rotation for audit firms. The meeting will consist of panel discussions, during which panelists will be invited to present their views on the matters raised in the PCAOB’s concept release and PCAOB members will have the opportunity to ask panelists follow-up questions.

3 May 2012

PCAOB announces Standing Advisory Group meeting
The PCAOB will hold a meeting of the Standing Advisory Group (SAG) and will discuss the various projects of the PCAOB.

1 May 2012

PCAOB publishes its annual report
The PCAOB has published its 2011 annual report, which summarizes the activities of the board in 2011 regarding (1) registration, (2) inspections, (3) standards, and (4) enforcement. It also includes the PCAOB’s audited financial statements.

1 May 2012

PCAOB solicits nominations for Standing Advisory Group
The PCAOB is soliciting nominations for its Standing Advisory Group for the 2013-2015 three-year term. The deadline for submissions is June 15, 2012. The Board is seeking nominations of individuals who have expertise in accounting, auditing, corporate finance, corporate governance, and/or investing in public companies. Additionally, the Board is seeking nominations of individuals with experience related to auditing or financial reporting related to broker-dealers and smaller public companies.

13 April 2012

PCAOB enters into cooperative agreement with German Audit Regulator
The PCAOB has entered into a cooperative arrangement with the German Auditor Oversight Commission (AOC) relating to the oversight of audit firms subject to the regulatory jurisdictions of both regulators. The arrangement is effective immediately and provides a framework for conducting joint inspections and the exchange of confidential information.

26 March 2012

PCAOB posts standard-setting agenda
The PCAOB posted its standard-setting agenda to its website. The agenda is determined based on Board priorities, results of the PCAOB's oversight of registered public accounting firms, monitoring of the environment, consultation with the Board's Standing Advisory Group ("SAG"), input from the Board's Investor Advisory Group ("IAG"), and discussion with the SEC, among other factors.

21 March 2012

Statements from panel participants at PCAOB roundtable on auditor independence and mandatory rotation
The PCAOB posted to its website written statements from a variety of panelists who addressed the Board’s public meeting on auditor independence and audit firm rotation this morning.

20 March 2012

PCAOB Investor Advisory Group to meet 28 March 2012
The meeting will focus on the PCAOB‘s mission to protect investors as described in the Sarbanes-Oxley Act, which marks its 10-year anniversary in July 2012. The agenda includes discussions of the role, relevancy and value of the audit; auditor assessments of a company's ability to continue as a going concern and related global initiatives; independence, objectivity and professional skepticism of auditors; and, audit firm practice and transparency.

7 March 2012

PCAOB announces panelists and schedule of appearances for 21-22 March 2012 public meeting on auditor independence and audit firm rotation; concept release comment period extended until 22 April 2012
The PCAOB announced the panelists and schedule of appearances for its March 21-22 public meeting on ways to enhance auditor independence, objectivity, and professional skepticism, including through consideration of audit firm term limits. The Board issued a concept release on 16 August 2011 inviting public comments on these issues. In light of the public meeting, the Board is reopening until 22 April 2012 the comment period on the concept release.

1 March 2012

PCAOB addresses emerging audit issues in the 2012 Forum on Auditing in the Small Business Environment
The PCAOB announced the 2012 schedule and agenda for its first Forum on Auditing in the Small Business Environment. These forums are designed to share important information about PCAOB activities with registered public accounting firms that have clients operating in the small business community. The first of seven events will be held in San Francisco, Calif., on Wednesday, May 2.

1 March 2012

PCAOB invites auditors of brokers and dealers to participate in its 2012 Forum on Auditing Smaller Broker-Dealers
The PCAOB announced that it will host the Forum on Auditing Smaller Broker-Dealers in Chicago, Houston, Jersey City, and San Diego in 2012. These forums provide an opportunity for PCAOB-registered public accounting firms auditing brokers and dealers to interact with PCAOB Board members and staff and to learn more about the PCAOB. They are hosted by a Board member of the PCAOB.

22 February 2012

PCAOB to consider proposed standard on related parties, significant unusual transactions and broker-dealer matters
The PCAOB has scheduled an open meeting for Tuesday, 28 February 2012 to consider issuing for public comment a proposed auditing standard on related parties and proposed amendments to other auditing standards to address certain related issues, including significant unusual transactions.

2 February 2012

PCAOB to host a public meeting March 21-22 on auditor independence and audit firm rotation
The Public Company Accounting Oversight Board announced that it will host a public meeting to obtain further input on ways to enhance auditor independence, objectivity, and professional skepticism, including through mandatory rotation, or term limits, for audit firms. The meeting will be held over two days, Wednesday and Thursday, March 21- 22, 2012.

20 December 2011

PCAOB reproposes standard on communications with audit committees
The PCAOB reproposed for comment an auditing standard on communications with audit committees. The standard was initially proposed on March 29, 2010. Like the original proposal, the reproposed standard would establish requirements that enhance the relevance and quality of the communications between the auditor and the audit committee.

15 December 2011

PCAOB to consider reproposal of auditing standard on communications with audit committees
The PCAOB has scheduled an Open Meeting for 20 December 2011 to consider reproposing an auditing standard on communications with audit committees, and other amendments to PCAOB standards.

6 December 2011

PCAOB publishes Staff Audit Practice Alert on assessing and responding to risk in the current economic environment
The PCAOB today published a Staff Audit Practice Alert to assist auditors in identifying matters related to the current economic environment that might affect the risk of material misstatements in financial statements and, therefore, require additional audit attention.

30 November 2011

PCAOB approves 2012 budget and related strategic plan
The PCAOB approved its 2011-2015 Strategic Plan and 2012 fiscal-year budget of approximately $227.7 million. The Board approved its strategic plan for 2011-2015 to serve as the foundation for the 2012 budget, as required by the SEC.

30 November 2011

PCAOB details its strategic plan
The PCAOB approved its 2011-2015 Strategic Plan and provided details related to its future priorities.

29 November 2011

PCAOB announces Standing Advisory Group members and also increases SAG size and terms
The PCAOB announced 28 new and re-appointed members to its Standing Advisory Group (SAG), as the Board expands the size of the advisory group and increases SAG members' terms from two years to three years. This brings the total SAG membership to 42.

22 November 2011

PCAOB to consider 2012 budget and strategic plan
The PCAOB has scheduled an open meeting for Wednesday, Nov. 30, at 9:30 a.m., to consider adoption of the PCAOB budget for the 2012 fiscal year and the related strategic plan.

3 November 2011

PCAOB posts materials for the 9-10 November Standing Advisory meeting (SAG) meeting
The Standing Advisory Group (SAG) is holding a meeting on 9-10 November 2011. Topics to be discussed include recent PCAOB developments, auditor independence and audit firm rotation, fair value pricing issues and year-end audit risk.

31 October 2011

PCAOB enters into cooperative agreement for the exchange of confidential information with the Israel securities authority
The Public Company Accounting Oversight Board announced today that it has entered into a cooperative agreement for the exchange of confidential information with the Israel Securities Authority (ISA) to enhance the supervisory oversight of auditors and accounting firms that practice in the two regulators’ respective jurisdictions.

27 October 2011

PCAOB announces standing advisory group meeting on 9-10 November 2011 and 2012 SAG meeting dates
The PCAOB announced that the next meeting of the Standing Advisory Group (SAG) will be held on Wednesday and Thursday, Nov. 9-10, 2011. The SAG agenda includes an update on recent PCAOB developments and the Office of Chief Auditor's standard-setting agenda.

17 October 2011

Board statement regarding publication of inspection report quality control criticisms
The PCAOB, in anticipation of questions about the publication of previously nonpublic portions of its May 19, 2008 inspection report on Deloitte & Touche LLP, issued a special statement.

12 October 2011

PCAOB enters into exchange of letters with Japan
The PCAOB announced a cooperative arrangement with the Japan Financial Services Agency (JFSA) and Certified Public Accountants and Auditing Oversight Board (CPAAOB) of Japan for the oversight of auditors that practice in the regulators' respective jurisdictions.

6 October 2011

PCAOB to consider disclosure of engagement partners and other participants in audit
The PCAOB will meet 11 October 2011 at 9:30 a.m. Eastern time to consider issuing for comment proposed amendments to its standards that would require registered public accounting firms to disclose in the audit report the name of the engagement partner along with other accounting firms and certain other participants that took part in the audit.

3 October 2011

PCAOB issues practice alert on audit risks in certain emerging markets
The PCAOB issued Staff Audit Practice Alert (Practice Alert) No. 8, Audit Risks in Certain Emerging Markets, to increase auditor’s awareness of risks when performing audits of companies with operations in emerging markets. Practice Alert No. 8 notes that although the conditions, situations, and fraud risks described have been observed in audits of companies in certain emerging markets, they may also be present at companies in developed markets as well.

19 September 2011

PCAOB enters into cooperative agreement with Norway
The cooperative agreement provides a basis for the resumption of joint inspections of PCAOB-registered accounting firms that are located in Norway and that audit, or participate in audits, of companies whose securities trade in US markets.

25 August 2011

PCAOB to host roundtable on the auditor's reporting model
The objective of the roundtable is to obtain insight from investors and other financial statement users, preparers of financial statements, audit committee members and auditors on the alternatives presented in the concept release for changing the auditor's report.

16 August 2011

PCAOB issues concept release on auditor independence and audit firm rotation
The Public Company Accounting Oversight Board today voted to issue a concept release to solicit public comment on ways that auditor independence, objectivity and professional skepticism can be enhanced, including through mandatory rotation of audit firms. Comments are due 14 December 2011.

11 August 2011

PCAOB to consider concept release on auditor independence and audit firm rotation
The PCAOB has scheduled an open meeting for 18 August to consider a concept release soliciting public comments on ways that auditor independence, objectivity, and professional skepticism could be enhanced, including mandatory audit firm rotation.

12 July 2011

PCAOB proposes standards for broker-dealer audits and auditing supplemental information
The PCAOB has published for public comment proposed audit and attest standards for audits of broker-dealer and issuer engagements. The proposals consist of two attestation standards related to the auditor's examination of compliance reports and review of exemption reports of broker-dealers. The proposals also include a new standard on auditing supplemental information accompanying audited financial statements that broker-dealers and issuers file with the SEC.

7 July 2011

PCAOB to consider proposing standards for broker-dealer audits and auditing supplemental information
The PCAOB has scheduled an open meeting for 12 July to consider issuing for public comment proposed audit and attest standards for broker-dealer and public company engagements. The Board also will consider whether to propose amendments to PCAOB standards for auditing supplemental information that accompanies the audited financial statements of an issuer, broker, or dealer.

21 June 2011

PCAOB issues concept release on auditor's reporting model
The PCAOB has issued a concept release to discuss alternatives for changing the auditor's reporting model.

16 June 2011

PCAOB to consider issuing concept release on the auditor's reporting model
The PCAOB will consider issuing for public comment a concept release on alternative approaches to changing the content and form of reports on audited financial statements.

14 June 2011

PCAOB adopts interim inspection program for broker-dealer audits and broker and dealer funding rules
The PCAOB has adopted certain rules to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act related to audits of securities brokers and dealers. Specifically, the Board adopted a temporary rule to establish an interim inspection program for registered public accounting firms' audits of brokers and dealers.

22 March 2011

PCAOB discussed changes to the auditor's reporting model in preparation for concept release
On March 22, the PCAOB heard a presentation from the PCAOB Office of the Chief Auditor (OCA) on its outreach to investors and others about potential changes to the auditor's reporting model.

15 March 2011

PCAOB issues first research note on Chinese reverse mergers
This research note provides new data on the growth of reverse merger transactions involving companies from the China region. The research note was prepared by the PCAOB Office of Research and Analysis (ORA) to provide further context to the issues discussed in Staff Audit Practice Alert No. 6 issued on July 12, 2010

8 March 2011

PCAOB to discuss auditor's reporting model
The Public Company Accounting Oversight Board (PCAOB) has scheduled an open meeting for 22 March for a presentation from the Office of the Chief Auditor on its outreach efforts to investors and others about potential changes to the auditor's reporting model

10 January 2011

PCAOB enters into cooperative agreement with United Kingdom audit regulator
The PCAOB has entered into a cooperative agreement with the Professional Oversight Board in the United Kingdom to facilitate cooperation in the oversight of auditors and public accounting firms that practice in the two regulators' respective jurisdictions.