Stay Connected: Twitter Facebook Flickr RSS E-Mail
Skip navigation links
About the PCAOB
Rules of the Board
Registration & Reporting
Standards
Inspections
Enforcement
International
Research & Analysis
News & Events
Skip navigation links
The Board
Senior Staff
Mission, Structure & History
Operations
Advisory Groups
Center for Economic Analysis

PCAOB History 

Feb. 27, 2014 Board solicits candidates for inaugural fellowships in the Center for Economic Analysis
Dec. 6, 2013  Board releases Observations Related to the Implementation of the Auditing Standard on Engagement Quality Review
Dec. 4, 2013  Board adopts Dodd-Frank conforming amendments for Broker-Dealer Audits and certain other updates and clarifications 
Nov. 6, 2013 Board announces establishment of a Center for Economic Analysis to study the role and relevance of the audit in capital formation and investor protection 
Oct. 24, 2013 Board publishes Staff Audit Practice Alert No. 11: Considerations for Audits of Internal Control Over Financial Reporting
Oct. 10, 2013 Board adopts Attestation Standard No. 1, Examination Engagements Regarding Compliance Reports of Brokers and Dealers; Attestation Standard No. 2, Review Engagements Regarding Exemption Reports of Brokers and Dealers; and AS No. 17, Auditing Supplemental Information Accompanying Audited Financial Statements
Aug. 19, 2013 Board releases Second Report on the Progress of the Interim Inspection Program Related to Audits of Brokers and Dealers
May 24, 2013 Board enters into an agreement with Chinese regulators marking an important step toward cross-border enforcement cooperation
March 26, 2013  Board introduces a proposal for the reorganization of the existing interim and PCAOB-issued auditing standards into a topical structure with a single integrated numbering system
Feb. 25, 2013  Board releases Report on 2007-2010 Inspections of Domestic Firms that Audit 100 or Fewer Public Companies  
Dec. 10, 2012  PCAOB issues Report on Observations from 2010 Inspections of Domestic Annually Inspected Firms Regarding Deficiencies in Audits of Internal Control over Financial Reporting
Dec. 4, 2012 Board publishes Staff Audit Practice Alert No. 10: Maintaining and Applying Professional Skepticism in Audits
Aug. 20, 2012  Board issues Report on the Progress of the Interim Inspection Program Related to Audits of Brokers and Dealers
Aug. 15, 2012 Board adopts AS No. 16: Communications with Audit Committees
July 30, 2012 Board recognizes 10 year anniversary of the passage of the Sarbanes-Oxley Act

March 21, 2012

Board holds its first of several public meetings throughout the country to explore ways to enhance auditor independence, objectivity, and professional skepticism, including through consideration of audit term limits and mandatory audit firm rotation
March 16, 2012 Phoebe W. Brown is named Secretary of the Board, taking over for General Counsel J. Gordon Seymour who was serving in both roles 
Feb. 3, 2012 Jeanette M. Franzel is appointed to the Board, taking the seat left vacant by Daniel L. Goelzer
Dec. 6, 2011 Board issues Staff Audit Practice Alert No. 9: Assessing and Responding to Risk in the Current Economic Environment
Oct. 28, 2011 First Forum on Auditing Smaller Broker-Dealers, Jersey City, N.J.
Oct. 3, 2011 Board publishes Staff Audit Practice Alert No. 8: Audit Risks in Certain Emerging Markets
Sept. 15, 2011 PCAOB Roundtable: Auditor’s Reporting Model
July 6, 2011 Board announces establishment of the PCAOB Scholarship Program and names the graduate and undergraduate institutions that will receive the inaugural awards
June 14, 2011 Board adopts a temporary rule to establish an interim inspection program for registered public accounting firms' audits of brokers and dealers. The Board also adopts rules for assessing and collecting a portion of its accounting support fee from brokers and dealers to fund PCAOB oversight of audits of brokers and dealers, consistent with the Dodd-Frank Act. The Board also adopts certain amendments to existing funding rules for issuers.
March 15, 2011 Board issues Activity Summary and Audit Implications for Reverse Mergers[1] Involving Companies from the China Region[2]: January 1, 2007 through March 31, 2010, marking the first public release of a PCAOB Research Note prepared by the Office of Research and Analysis
Jan. 7, 2011 James R. Doty is appointed Chairman and Lewis R. Ferguson and Jay D. Hanson are appointed as Board members, filling seats left vacant by Bill Gradison and Charles D. Niemeier
Dec. 20, 2010 Board issues Staff Audit Practice Alert No. 7: Auditor Considerations of Litigation and Other Contingencies Arising from Mortgage and Other Loan Activities
Dec. 14, 2010 Board proposes interim inspection program for broker-dealer audits and broker and dealer funding rules
Oct. 7, 2010 Board issues Consideration of Registration Applications from Public Accounting Firms in Non-U.S. Jurisdictions where there are Unresolved Obstacles to PCAOB Inspections
Sept. 29, 2010 Board issues Report on Observations of PCAOB Inspectors Related to Audit Risk Areas Affected by the Economic Crisis
Sept. 21, 2010 Roundtable: Communications with Audit Committees, Washington, D.C.
Aug. 5, 2010 PCAOB Staff directed to develop proposal to ask Congress to make public disciplinary hearings and related proceedings
Aug. 5, 2010 Board issues Release on Failure to Supervise
Aug. 5, 2010 Board Adopts AS Nos. 8-15: Auditing Standards Related to the Auditor's Assessment of, and Response to, Risk
July 12, 2010 Board issues Staff Audit Practice Alert No. 6: Auditor Considerations Regarding Using the Work of Other Auditors and Engaging Assistants from Outside the Firm
July 21, 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act is signed, expanding the PCAOB's oversight of the audits of brokers and dealers to include inspections, enforcement and standard setting authority
June 28, 2010 U.S. Supreme Court issues decision in case of Free Enterprise Fund v. PCAOB permitting the PCAOB to continue its operations
June 18, 2010 Board issues Staff Questions and Answers: Annual Reporting on Form 2
May 4, 2010 First Investor Advisory Group meeting
April 7, 2010 Board issues Staff Audit Practice Alert No. 5: Auditor Considerations of Significant Unusual Transactions
Feb. 19, 2010 Board issues Staff Questions and Answers: Auditing Standard No. 7, Engagement Quality Review
Jan. 12, 2010 Board issues Staff Questions and Answers: Special Reporting on Form 3 and Staff Questions and Answers: Succession to Registration Status – Form 4
Dec. 22, 2009 PCAOB establishes an academic fellowship program
Sept. 30, 2009 Board changes effective date of PCAOB rules requiring reporting by registered firms to December 31, 2009
Sept. 24, 2009 Board issues Report on First Year Implementation of AS No. 5
Sept. 17, 2009 PCAOB announces members of inaugural Investor Advisory Group
Aug. 1, 2009 Board Member Daniel L. Goelzer is named Acting Chairman, following Chairman Olson's resignation
July 28, 2009 PCAOB adopts AS No. 7: Engagement Quality Review
June 25, 2009 Board adopts rule amendments on the timing of certain non-U.S. inspections
June 8, 2009 Chairman Mark W. Olson announces his resignation
April 21, 2009 Board issues Staff Audit Practice Alert No. 4: Auditor Considerations Regarding Fair Value Measurements, Disclosures, and Other-Than-Temporary Impairments
Jan. 8, 2009 Board issues statement on the PCAOB registration process for auditors of nonpublic broker-dealers
Dec. 5, 2008 Board issues Staff Audit Practice Alert No. 3: Audit Considerations In the Current Economic Environment
Dec. 5, 2008 Board issues Report on the PCAOB's 2004, 2005, 2006, and 2007 Inspections of Domestic Annually Inspected Firms
Dec. 4, 2008 Board adopts rule amendments on the timing of certain non-U.S. inspections
July 29, 2008 Board adopts rules for succeeding to registration status of a predecessor firm
June 10, 2008 Board adopts rules for annual and special reporting by firms
June 4, 2008 Steven B. Harris is appointed to the Board
June 25, 2008 Roundtable: Proposed Policy Statement regarding PCAOB Rule 4012, Washington, D.C.
April 22, 2008 Board adopts new ethics and independence rule concerning communications with audit committees, and amends its existing tax services rule
Jan. 29, 2008 Board adopts AS No. 6: Evaluating Consistency of Financial Statements
Dec. 10, 2007 Board issues Staff Audit Practice Alert No. 2: Matters Related to Auditing Fair Value Measurements of Financial Instruments and the Use of Specialists
Oct. 22, 2007 Board issues Report on the PCAOB’s 2004, 2005, and 2006 Inspections of Domestic Triennially Inspected Firms
Sept. 18, 2007 Board Member Kayla J. Gillan announces her resignation
July 2, 2007 Board Member Daniel L. Goelzer is reappointed
May 24, 2007 Board adopts AS No. 5, superseding AS No. 2: An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements
May 2, 2007 Board hosts first International Auditor Regulatory Institute, Washington, D.C.
April 18, 2007 Board issues Report on the Second-Year Implementation of AS No.2
Jan. 22, 2007 Board issues Observations on Auditors’ Implementation of PCAOB Standards Relating to Auditors’ Responsibilities with Respect to Fraud
July 28, 2006 Board issues Staff Audit Practice Alert No. 1: Matters Relating to Timing and Accounting for Option Grants
June 19, 2006 Board Member Kayla J. Gillan is reappointed
June 19, 2006 Mark W. Olson is appointed Chairman
May 10, 2006 PCAOB/SEC Roundtable: Second-Year Experiences with Internal Control Reporting and Auditing Provisions, Washington, D.C.
March 21, 2006 Board issues Observations on the Initial Implementation of the Process for Addressing Quality Control Criticisms within 12 months after an Inspection Report and The Process for Board Determinations Regarding Firms’ Efforts to Address Quality Control Criticisms in Inspection Reports
Dec. 2, 2005 Board Member Bill Gradison is named Acting Chairman, following Chairman McDonough’s resignation
Nov. 30, 2005 Board issues Report on the Initial Implementation of AS No.2: An Audit of Internal Control Over Financial Reporting Performed in Conjunction with an Audit of Financial Statements
July 26, 2005 Board adopts AS No. 4: Reporting on Whether a Previously Reported Material Weakness Continues to Exist
May 16, 2005 Board issues Policy Statement Regarding Implementation of AS No. 2: An Audit of Internal Control over Financial Reporting Performed in Conjunction with an Audit of Financial Statements
Nov. 30, 2004 - Dec. 1, 2004 First Forum on Auditing in the Small Business Environment, Costa Mesa, Calif.
Aug. 26, 2004 Board issues reports on 2003 limited inspections of Big Four firms
Aug. 5, 2004 Board Member Bill Gradison is reappointed
July 19, 2004 Registration requirement takes effect for non-U.S. audit firms
July 14, 2004 Roundtable: Auditor Independence and Tax Services, Washington, D.C.
June 21, 2004 First Standing Advisory Group meeting
June 9, 2004 Board adopts rules relating to the oversight of non-U.S. audit firms
June 9, 2004 Board adopts AS No. 3: Audit Documentation
March 9, 2004 Board adopts AS No. 2: An Audit of Internal Control over Financial Reporting Performed in Conjunction with an Audit of Financial Statements
Dec. 17, 2003 Board adopts AS No. 1: References in Auditors’ Reports to the Standards of the Public Company Accounting Oversight Board
Oct. 23, 2003 Board Member Charles D. Niemeier is reappointed
Oct. 22, 2003 Registration requirement takes effect for U.S. audit firms of public companies
Oct. 7, 2003 Board adopts inspection rules
Sept. 29, 2003 Board adopts rules on investigations and adjudications
Sept. 29, 2003 Roundtable: Audit Documentation, Washington, D.C.
July 29, 2003 Roundtable: Reporting on Internal Controls, Washington, D.C.
July 17, 2003 Accounting firm registration system is activated online
June 30, 2003 Board adopts rules related to auditing and related professional practice standards as well as advisory groups
May 21, 2003 William J. McDonough is appointed Chairman
May 6, 2003 Board adopts audit firm registration rules
April 25, 2003 PCAOB receives SEC determination, as required by the Sarbanes-Oxley Act, that it is appropriately organized, with the capacity to carry out the Act’s requirements
April 16, 2003 Board adopts AICPA standards as Interim Auditing Standards
March 31, 2003 Roundtable: Non-U.S. Auditor Registration, Washington, D.C.
Jan. 9, 2003 First open board meeting
Jan. 8, 2003 Board Member Charles D. Niemeier is named Acting Chairman
Jan. 6, 2003 Washington, D.C. office opens
Oct. 25, 2002 Founding board members are appointed to staggered terms including: Kayla J. Gillan, Daniel L. Goelzer, Bill Gradison, and Charles D. Niemeier
July 30, 2002 Sarbanes-Oxley Act of 2002 is enacted, establishing the PCAOB

[1] In this note, the term reverse merger is broadly used to describe any acquisition of a private operating company by a public shell company that typically results in the owners and management of the private operating company having actual or effective voting and operating control of the combined company. Through a reverse merger transaction, although the public shell company is the surviving entity, the private operating company's shareholders control the surviving entity or hold shares that are publicly traded. In a reverse merger transaction, the entity whose equity interests are acquired (the legal acquiree) is the acquirer for accounting purposes. Through such a transaction, the private company, in effect, becomes a SEC reporting company with registered securities without filing a registration statement under the Securities Act of 1933 or the Exchange Act of 1934.

[2] The term "China Region" refers to the People's Republic of China ("PRC"), Hong Kong Special Administrative Region ("SAR"), and Taiwan.

 
 

Related Information