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ARTICLE · 31 OCTOBER 2023

Recent PCAOB Developments For Audit Committee And Companies

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The Public Company Accounting Oversight Board (PCAOB) has had one of its busiest years in recent memory, including with respect to standard setting, inspections and enforcement.

United StatesAccounting and Audit
Giuliana Green
Giuliana Green
Alan Wilson
Alan Wilson
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The Public Company Accounting Oversight Board (PCAOB) has had one of its busiest years in recent memory, including with respect to standard setting, inspections and enforcement. Below is a summary of notable developments that are worth bearing in mind as audit committees and companies turn to fiscal year 2023 annual reporting and beyond.

Standard Setting

  • Noncompliance with laws and regulations (NOCLAR). Perhaps the most remarkable development from the PCAOB this year is the proposal, commonly referred to as the NOCLAR proposal, to amend PCAOB auditing standards related to the auditor's responsibility for considering a company's noncompliance with laws and regulations, including fraud. While this remains a proposal that has no effect on current audits, if adopted, the proposed changes could have a material effect on many participants in the audit process, including auditors, audit committees, management, external counsel and others.

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