PCAOB Seeks Public Comment on its Draft Five-Year Strategic Plan

The Public Company Accounting Oversight Board today released a draft of its five-year strategic plan, for the first time inviting public comment on its areas of strategic focus in fulfilling its mission to protect investors and the public interest through high quality audit reports.

After its own careful study and a survey of PCAOB staff and the public, the new Board intends to:

• Broaden its approach to driving improvement in the quality of audit services and more clearly communicate how it is driving that improvement.
• Ensure that its inspections and standard-setting activities are responsive to and do not impede technological innovations.
• Engage proactively more often and directly with investors, audit committees, and other stakeholders to encourage relevant and timely conversations about the quality of audit services.
• Optimize PCAOB operations to more efficiently and effectively use resources.
• Reinforce the PCAOB's culture of integrity, excellence, effectiveness, collaboration, and accountability.

"This draft strategic plan is the product of significant engagement among PCAOB leadership, staff, investors, auditors, audit committee members, preparers, academics, and others interested in audit quality," said PCAOB Chairman William D. Duhnke. "We are grateful for the thoughtful responses we received on the survey, and with this draft, we are continuing that important conversation."

The PCAOB Draft Strategic Plan 2018-2022 includes a draft of the PCAOB's mission, vision, values, strategic goals and objectives, as well as key factors affecting the strategic outlook. The strategic plan is designed to align PCAOB programs, operations, and activities with its overall mission, goals, and objectives.

The PCAOB's strategic plan serves as a roadmap for the organization, as well as the basis for its budget each year. Comments are due September 10, 2018, and may be submitted by email, postal mail, or through the website.