Post-implementation review is an important component of high-quality economic analysis of regulatory decision-making. The PCAOB has established a program under which the staff of the Office of Economic and Risk Analysis conducts post-implementation reviews of PCAOB rules and standards.
The objective of the post-implementation review program is to look back at significant rulemakings, after a reasonable period of time has passed, to evaluate the overall effect of the rule or standard. This includes:
- Evaluating whether a rule or standard is accomplishing its intended purpose, as identified in the rulemaking release;
- Identifying, wherever possible, costs and benefits; and
- Identifying unanticipated consequences, either positive or negative.