PCAOB Releases Summary Of 2023 Conversations With Audit Committee Chairs

One of the stated goals of the Public Company Accounting Oversight Board (PCAOB) is to preserve external audit quality. To further this priority, the PCAOB regularly invites public company audit committee chairs to have informal discussions with its Division of Registration and Inspections. During these one-on-one conversations, the PCAOB gathers direct observations and perspectives from the audit committee chairs and shares resources to help audit committees enhance audit quality.

The PCAOB has reviewed and published its overall learnings from these discussions over the past several years, and the latest spotlight report was released earlier this week. The findings provide helpful data points for audit committees interested in understanding what is on the minds of other audit committee members. The findings for 2023 were derived from PCAOB staff conversations with 230 audit committee chairs, 69% of whom had not spoken directly with the PCAOB during previous years.