To protect investors, the PCAOB is working to modernize our standards to meet the challenges of today’s economy. Our standards provide the requirements auditors must satisfy when conducting their audits. They also serve as the basis for our inspection and enforcement activities. Effective standards set the foundation for high quality audits.

In 2022, we announced one of the most ambitious standard-setting agendas in PCAOB history. We are working actively to update more than 30 standards within 10 standard-setting projects. We strengthened our requirements to increase accountability and improve audit quality when audit firms plan and perform audits that involve other firms or individual accountants. We issued a proposal to overhaul our standard on quality control systems at audit firms. We also proposed to replace our standard on the confirmation process, which touches nearly every audit, to strengthen and modernize our requirements. 

Watch more videos on the PCAOB's 2022 accomplishments