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Information for Audit Committees 

Audit committees play a vital role in the capital markets' investor protection framework through their oversight of the audit engagement and the company’s financial reporting process. The Sarbanes-Oxley Act of 2002, as amended, enhanced the scope of the oversight role played by the public company audit committee, by, among other things, making audit committees of listed companies “directly responsible for the appointment, compensation, and oversight” of auditors, imposing stricter independence requirements, and promoting increased audit committee expertise in financial reporting matters.

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. 

Information of Particular Interest to Audit Committees

PCAOB resources in this section may be of particular interest to audit committee members.   

Board Public Reports

Information for Audit Committees About the PCAOB Inspection Process (Aug. 1, 2012) 
Observations Related to the Implementation of the Auditing Standard on Engagement Quality Review (Dec. 6, 2013)
Report on 2007-2010 Inspections of Domestic Firms that Audit 100 or Fewer Public Companies (Feb. 25, 2013)
Observations from 2010 Inspections of Domestic Annually Inspected Firms Regarding Deficiencies in Audits of Internal Control Over Financial Reporting (Dec. 10, 2012)

Staff Guidance

The Quality Control Remediation Process
Staff Audit Practice Alert No. 11, Considerations for Audits of Internal Control Over Financial Reporting (Oct. 24, 2013)

Standards

Auditing Standard No. 16, Communications with Audit Committees 

AS No. 16 was adopted by the Board in August 2012 and approved by the SEC in December 2012. The standard seeks to improve the audit by enhancing the relevance, timeliness, and quality of communications between auditors and audit committees. These enhancements should facilitate audit committees' financial reporting oversight, fostering improved financial reporting to the benefit of investors.   

Research and Analysis

Audit Quality Indicators

Speeches and Statements Related to Audit Committees

The speeches and statements below contain expanded discussion of PCAOB actions bearing on the critical role of audit committees and are the views of the Board or staff member providing the speech.

Information About PCAOB programs

In addition to the information above, the links below provide information on other aspects of PCAOB program areas that may be of interest to audit committee members.

Registered Accounting Firms

The links in this section provide information about accounting firms registered with and inspected by the PCAOB.  

Registered Firms
Inspections
Enforcement

Standards

Advisory Groups

International

 
 

Featured Upcoming Events

PCAOB News Releases

Inquiries

E-Mail: Office of Outreach and Small Business Liaison
Phone: 202-591-4135

Mary M. Sjoquist
Director
Office of Outreach and Small Business Liaison