The PCAOB is introducing a new digital outreach communication to audit committees with the Audit Committee Dialogue, issued May 7, 2015. The first Dialogue highlights insights from PCAOB inspections, and discusses recurring areas of concern, and emerging risks related to increases in M&A, falling oil prices, and undistributed foreign earnings. The Dialogue also offers targeted questions that committee members may want to ask their auditors.
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.
PCAOB resources in this section may be of particular interest to audit committee members.
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.
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.
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.
The links in this section provide information about accounting firms registered with and inspected by the PCAOB.