PCAOB Concludes 10th International Institute on Audit Regulation

The Public Company Accounting Oversight Board this week hosted its 10th annual International Institute on Audit Regulation, discussing topics including cybersecurity and emerging audit technology.

Nearly 90 officials from 36 non-U.S. audit regulators as well as 11 officials from four international organizations attended the Institute in Washington December 12–14. The event opened with a dinner address from political analyst, journalist, and American Enterprise Institute Resident Fellow Michael Barone, and featured remarks from the new Securities and Exchange Commission Chief Accountant Wesley R. Bricker and a keynote address from U.S. Treasury Deputy Secretary Sarah Bloom Raskin.

The Institute provides a forum for robust dialogue among regulators from all over the world on timely and relevant audit issues that affect investor protection and the health and stability of the global financial markets.

"We are honored to host this program for the 10^th year," said PCAOB Chairman James R. Doty. "The PCAOB's long-term strategy of collaborating with our international counterparts has delivered significant positive results for the investing public over the past decade."

Chairman Doty led a panel discussion with several heads of audit regulatory bodies from around the world on moving audit regulation forward in the current environment. The panel included the leaders of:

• The Canadian Public Accountability Board
• The Financial Reporting Council, United Kingdom
• The Independent Regulatory Board for Auditors, South Africa
• The Federal Audit Oversight Authority, Switzerland

In addition to the international participants, officials from a half dozen other U.S. regulatory and government agencies attended the event.

The Institute also featured panel discussions that covered a wide selection of other topics including investor perspectives and regulatory enforcement.

"It is always instructive to hear at every Institute a diverse mix of ideas and approaches on a wide range of issues that affect audit regulation," said PCAOB Director of International Affairs Bruce Wilson. "It was particularly interesting this year for these officials from around world to hear from the U.S. Treasury's top point person on cybersecurity, Deputy Secretary Raskin, about what our government is thinking in this area."

Approximately 900 audit firms currently registered with the PCAOB are located outside the United States in 89 jurisdictions. The PCAOB established the International Institute in 2007.