Wednesday 25 November 2015

USA: PCAOB budget and strategic plan for 2015 to 2019

The Public Company Accounting Oversight Board has submitted its budget and strategic plan for 2015 to 2019 to the SEC for approval: see here. Copies will be published once approved by the SEC. Meanwhile, an indication of the contents of the plan can be gained from the short speeches delivered by the PCAOB board members at their meeting to approve the budget and plan: see here. Chairman Doty commented:

I believe we will be in a position very soon to finalize our rule to provide greater transparency in execution of the audit, through identification of the engagement partner and other accounting firms that participate in the audit. We should also, in 2016, see a new proposal to expand the standard form auditor's report, as well as new proposals on audit procedures related to using the work of other auditors, using the work of specialists, and auditing accounting estimates, including fair value measurements. We will also continue our outreach to audit committees in 2016, including by looking for ways to help them be effective in overseeing the audit, for example, through wider use and continued evaluation of appropriate audit quality indicators".

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