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PCAOB to Redesign Inspections Program and Overhaul Standard-Setting Process

"To help us navigate the complexities of redesigning our inspections program, I am excited to announce that the PCAOB will soon seek experts from across the financial reporting ecosystem to form an inspections task force."
Demetrios Logothetis, PCAOB Chair
"To help us navigate the complexities of redesigning our inspections program, I am excited to announce that the PCAOB will soon seek experts from across the financial reporting ecosystem to form an inspections task force."
Demetrios Logothetis, PCAOB Chair

The new head of the Public Company Accounting Oversight Board ("PCAOB,") laid out a reform agenda including strategic planning, standard-setting, inspections modernization, and a more responsive relationship with outside advisers.

At a PCAOB's Standards and Emerging Issues Advisory Group meeting, Chair Demetrios Logothetis committed to (i) a June release of the first standard-setting agenda consultation; (ii) the creation of a new inspections task force aimed at modernizing the inspections program around QC 1000 and AI; and (iii) meaningfully incorporating advisory group feedback going forward, noting the open comment period on strategic priorities (closing May 15).

Mr. Logothetis said the standard-setting agenda consultation will seek input on: how to improve the process; how to better engage with international standard-setters; and which projects to prioritize. On the inspections task force, he said that ideal candidates will have deep knowledge of the PCAOB quality control standard, inspection regimes, and emerging technologies.

 

Primary Sources

  1. PCAOB: Chairman Logothetis Delivers Remarks at Standards and Emerging Issues Advisory Group Meeting

Tags

Regulated Activities
Accounting and Audit
Regulated Entities
Accountants / Attorneys
Body of Law
Accounting Matters Securities Law
Jurisdiction
US - Federal
Organization
Other Author Organizations
Sub-Author
PCAOB