PCAOB Outlines Priorities For 2016

As part of its annual budget process for 2016, the Public Company Accounting Oversight Board reviewed the priorities set forth in its 2015-2019 Strategic Plan.

Commenting on the adoption of its $257.7 million budget for 2016, which remains subject to SEC approval, PCAOB Chairman James Doty noted that, among other priorities for 2016, the Board expects to issue new proposals to expand the form of auditor's report, on audit procedures related to using the work of other auditors, on using the work of specialists, and on auditing accounting estimates, including fair value measurements. Chairman Doty also remarked that the PCAOB plans to "continue [its] outreach to audit committees in 2016, including by looking for ways to help them be effective in overseeing the audit, for example, through wider use and continued evaluation of appropriate audit quality indicators."