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ARTICLE · 18 AUGUST 2022

PCAOB Requests Comment On Draft Strategic Plan

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The Public Company Accounting Oversight Board (PCAOB) recently released for public comment a draft five-year strategic plan for 2022-2026, setting forth targeted objectives that are ...

United StatesAccounting and Audit
Alan Wilson
Alan Wilson
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The Public Company Accounting Oversight Board (PCAOB) recently released for public comment a draft five-year strategic plan for 2022-2026, setting forth targeted objectives that are oriented around four primary goals: (1) modernizing standards, (2) enhancing inspections, (3) strengthening enforcement, and (4) improving organizational effectiveness. Much of the work to accomplish the proposed objectives is already underway, as PCAOB Chair Erica Williams noted in her comments on the draft plan.

Highlights with respect to each of the four primary goals include:

  1. Modernizing standards. Many of the PCAOB's current standards have not been changed since 2003 and need to adapt to keep pace with developments in auditing and the capital markets. As a start toward this goal, in May, the PCAOB released its updated standard-setting and research projects agenda, which Chair Williams described as "one of the most ambitious standard-setting agendas in the PCAOB's history."

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