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Public Company Accounting Oversight Board (PCAOB) Audits

Feb 12, 2018 10:07:20 AM / by Shanmugavel Sankaran posted in fixnix, Accounting, Oversight Board, PCAOB, Public Company, Public Company Accounting Oversight Board


The Public Company Accounting Oversight Board (“PCAOB” or “Board”) plays an important role in capital markets as an independent audit regulator. The PCAOB’s work furthers the public interest, including the protection of investors, through its oversight of the preparation of independent audit reports. On 23 Oct 2017, the Commission approved a PCAOB rule that requires significant enhancements to certain public company audit reports, including the communication of critical audit matters (“CAMs”) and the disclosure of auditor tenure. These changes are intended to make the auditor’s report more informative.

Post-Implementation Review

 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.

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