PCAOB Staff Launches Firm Consultation Process to Enhance Clarity and to Support Application and Implementation of PCAOB Standards

The Public Company Accounting Oversight Board (PCAOB) today announced the establishment of a Firm Consultation Process, led by its Office of the Chief Auditor (OCA), designed to provide more timely and consistent guidance from PCAOB staff. The new process will allow registered public accounting firms to submit questions directly to OCA staff and receive informal staff views regarding the implementation of new standards and application of existing standards. 

“Delivering clear guidance is essential to the PCAOB’s efforts to drive further improvement in audit quality,” said Chairman Demetrios (Jim) Logothetis. “This staff-led consultation process is designed to help firms implement new standards and apply our standards more consistently, which will ultimately fulfill the PCAOB’s mission to protect investors.”  

As part of the Firm Consultation Process, registered firms may request a consultation with OCA on the interpretation and application of PCAOB auditing, attestation, and quality control standards and related rules and forms, as well as PCAOB standards and rules on ethics and independence. If the firm decides to proceed with a consultation under this new process, a request for consultation should be submitted by completing the Consultation Intake Form.  

OCA does not plan to make consultation requests public but may publish public guidance for questions that are frequently asked or may be of use more generally.

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About the PCAOB

The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect investors and further the public interest in the preparation of informative, accurate, and independent audit reports. The PCAOB also oversees the audits of brokers and dealers registered with the Securities and Exchange Commission, including compliance reports filed pursuant to federal securities laws.